When you’re doing a title transfer in Toronto, things can get complicated. Without the support of an expert lawyer for title transfers in Toronto, there’s a risk that a costly mistake could be made. That’s why you should work with a top real estate lawyer in Toronto to minimize the possibility of errors and to ensure that your title transfer goes smoothly.
Below, we’ll enumerate just a few of the title tips that’ll you can use to guarantee a successful, error-free transfer.
Transferring title can trigger serious tax consequences which you should consider before completing the transfer. Always, always check with your lawyer or accountant before transferring title.
Mistakes in How Ownership Is Held
An error on a public record can have a profound impact on your transaction. These issues can be costly and difficult to solve—it’s far better to catch it early. You really need to make sure you’re holding title in the correct manner, and joint tenants or as tenants in common and that names are correct.
An Unknown Heir Appears
If the property was handed down, there may be a chance that an unknown heir could step forward and lay claim to the property, even long after you’ve made the purchase and closed on the house. That’s because heirs are sometimes missing or unknown at the time of death, while other times, there may be a contestation of the will for the property rights. Ensuring that your home is free of these potential burdens is critical. Your lawyer should check for any subject to interests on the parcel page.
Speaking of unknown burdens, a lien is essentially a legal claim of ownership on the title of the home due to some unpaid debt. This debt can occur as the result of unpaid taxes, bank loans or mortgages, or from a government or business entity which is owed money. Typically, the lien will remain until the debt is repaid. Worse yet, there have been times where liens have even been incorrectly filed due to similar names being confused for one another and other simple mistakes. Even if you’re receiving title from someone you know you want to make sure that all liens are at least known, even if not removed completely.
Illegal Deeds, Forgery, and Fraud
It can often be difficult to tell if a title has been documented illegally. For instance, if the deed includes undocumented people, minors, people of unsound mind, or a married person who claimed to be single, that could invalidate the deed. And fraud, of course, where someone claims to own the house or uses a forgery of the deed to sell the house, could be devastating. Here’s where you want to make sure that you consider title insurance on the title transfer.
Contact Zinati Kay – Real Estate Lawyers for Title Transfer Tips
If you’re looking for a top lawyer for a title transfer in Toronto, Zinati Kay – Real Estate Lawyers has over 50 years experience helping buyers and sellers in the Greater Toronto Area with all their real estate needs. In that time, we have closed over 21,000 transactions.
Zinati Kay – Real Estate Lawyers is a full-service residential real estate law firm that provides fixed closing costs to our clients when they refinance, buy, sell, mortgage, or title transfer their property.
Work with some of the best real estate lawyers in Toronto and get reliable advice and counselling. If you want a professional real estate lawyer on your side, contact us at (416) 321-8766 for more information about our services.