How to Transfer a Real Estate Title in Toronto

A real estate title or deed is a physical legal document that indicates a specific individual or party has ownership rights to a property. In the event that property is sold, the title is then transferred to the buyer during the sales transaction. A real estate lawyer is typically the one who fills out and files the official paperwork on behalf of their client. Keep reading if you have questions or need clarification on how real estate title transfers in Toronto work.

Why Do You Need a Real Estate Closing Lawyer for a Title Transfer in Toronto?

Real estate title transfers in Toronto are fairly basic processes that involve transferring legal ownership of a property from one party to another. They’re a common component of selling a residential or commercial property. In Ontario you must be a licensed Lawyer to perform a transfer of title.

So why do you need a real estate closing lawyer in Toronto to complete this process for you?

Real estate lawyers have the expertise to ensure that your entire transaction goes off without a hitch from start to finish. That includes accurately filing the appropriate paperwork and preventing the potential for fraudulent transactions to occur. All in all, real estate lawyers do their homework and inform you if there are any financial restrictions on a property that you’re planning on buying, ensure that outstanding property taxes are paid off, find out if there are any liens or collateral registered against the property, and so much more.

Title transfers are legally necessary any time certain ownership changes are made to a property. For instance, if you get married and your spouse moves into the home that you already own or vice versa, you may want to add their name to the deed. That counts as a partial title transfer since they now own a portion of your asset.

5 Methods of Transferring a Real Estate Title in Toronto

Title transfers can take anywhere from five to 10 business days in Ontario. If you’re on a strict timeline, it’s important to get the process started as quickly as possible.

Here are five methods that can be used.

• Sale deed. This is a standard deed that’s transferred over to the new property owner.
• Gift deed. You can gift a property title to your next-of-kin, another family member, or a friend. Once the property is put in their name, that person will be responsible for capital gains based on the property’s appreciated value when the time comes to sell.
• Quitclaim deed. The property is transferred to the buyer without any reassurance that the deed is in good standing. This is typically used in cases of divorce or separation as a means of quickly dividing up the couple’s assets.
• Inheritance deed. Beneficiaries that are named in a deceased person’s legal will are entitled to inherit the property they leave behind along with any outstanding financial debts linked to said property.

Paying Land Transfer Taxes in Ontario

A land transfer tax is a standard fee that’s paid to the province of Ontario whenever a property is purchased, or a title transfer is processed. It’s calculated based on the amount that the land or property was purchased for along with the remaining mortgage payment or other applicable debts on the property.

Get a Quote from a Toronto Real Estate Lawyer

With over 25 years of experience practicing real estate law in Toronto, Zinati Kay – Real Estate Lawyers know a thing or two about closing real estate deals for our clients. Let us worry about completing property title transfers on your behalf, so that you can spend more time enjoying your new property rather than being tied up with legal matters. Contact us today to learn more!