Hi everyone,
Welcome back to Three Bullet Thursdays, part of our Title Tips series, from Zinati Kay – Real Estate Lawyers.
As a valued past client or partner, you’ll continue to receive our weekly newsletter, your fast track to essential Ontario Real Estate Law updates. Read three points quickly, or click for more.
With nearly 30 years of experience navigating Ontario Real Estate Law, almost 30,000 transactions closed without a Title Claim, and having been featured in numerous publications, we’re committed to bringing you clear, concise, and relevant information every Thursday.
To know this Thursday:
1. You can NOT just “add” someone to Title in Ontario.From the government’s perspective, “Adding” someone to title is always a Transfer of at least part of the title from one person to another. This attracts Land Transfer Tax, except in limited circumstances. Similarly, “Removing” someone from title is also considered a transfer, except in some circumstances, such as the death of a “joint tenant” owner.
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2. You can NOT transfer title to a family member for “natural love and affection”, or no money, to save land transfer tax, if a mortgage is owed on the property. Even for free to a family member, “adding” or “removing” them from title will attract Land Transfer Tax, unless there is no mortgage owed on the property.
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See “Gifts” : https:/
3. You CAN transfer title tax free between spouses, even with a mortgage owed on the property. Friends and family who help someone qualify a mortgage to buy a home can also transfer the property back to the true owner tax free, provided they paid no money on the property and declare they only held the property in trust.
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We’re always here to answer your questions and provide guidance. Feel free to reach out to us by phone or email.