Personal Finance

Change the home owner within the family

  • Last Updated:
  • Apr 29th, 2015 11:55 pm
Newbie
Jan 2, 2015
17 posts
Brampton, ON

Change the home owner within the family

My house has my dad and sister's name (Unmarried) in the mortgage. We are looking to change the ownership of the house to me and my dad during the upcoming renewal of the mortgage. Will we will have to pay some kind of taxes to do so, or since the transfer is within the family, there won't be any charges. How would this work?
1 reply
Deal Addict
Oct 29, 2010
4475 posts
811 upvotes
Are they also on the title?
If they are then you will need to hire a lawyer to do it for you, he will need to change the people on the title and once that is done you should be able to apply for a mortgage with different people on it.
Since i just bought a house and i have something similar where i need my parents on the mortgage as part of the condition to get the mortgage, i asked a lawyer about it because i plan to remove them in a few months.
He told me that it's relatively simple and will cost ~$500.

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