Real Estate

Adding/changing title

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  • Apr 22nd, 2020 7:49 am
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[OP]
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Jul 17, 2008
11042 posts
3841 upvotes

Adding/changing title

Would a notary be sufficient to add someone to the house title or replace the title all together? (want to add a family member and thinking in the end of just having that family member on the house title(parent)).

The property is our principal residency.

Would adding / removing myself and replacing the title with them have any tax implications? Would a notary be the cheapest while does the same solid job? (compared to a real estate lawyer?)

Province is BC if it matters.
7 replies
Deal Addict
Mar 22, 2010
3011 posts
888 upvotes
To my knowledge, you need to contact your lawyer to change title on your property. (Also what do you mean by "solid job"? Only job there will be done is to change a title on someone's property = pretty straight-forward job)

Definitely a tax implication when you sell the property.
Deal Addict
Jan 15, 2017
3930 posts
3393 upvotes
Notary may be the cheapest, but call around as we recently used a Real Estate lawyer for a sale and the fees were low.

Before you call though - does this property have a mortgage? Mortgage lenders will not take kindly to any change in title without their consent.

And why do you want to add a parent to your home's title? Adding someone to your title can be easy - removing them very difficult. There are risks involved when adding someone to a home title as you now create ownership rights. http://estatelawcanada.blogspot.com/201 ... house.html
Deal Addict
Nov 24, 2013
1384 posts
738 upvotes
Toronto
Yes, check with the mortgage lender as having a mortgage could complicate title changes.
Deal Addict
Dec 6, 2006
2402 posts
788 upvotes
The family member should also seek independent legal advice as to the implications of being added on title to the property.
[OP]
Banned
User avatar
Jul 17, 2008
11042 posts
3841 upvotes
rapashoo wrote: To my knowledge, you need to contact your lawyer to change title on your property. (Also what do you mean by "solid job"? Only job there will be done is to change a title on someone's property = pretty straight-forward job)

Definitely a tax implication when you sell the property.
Even for principal residence?
skeet50 wrote: Notary may be the cheapest, but call around as we recently used a Real Estate lawyer for a sale and the fees were low.

Before you call though - does this property have a mortgage? Mortgage lenders will not take kindly to any change in title without their consent.

And why do you want to add a parent to your home's title? Adding someone to your title can be easy - removing them very difficult. There are risks involved when adding someone to a home title as you now create ownership rights. http://estatelawcanada.blogspot.com/201 ... house.html
I have 110% trust in my family. Divorces instead are 50% and it doesn't even matter who is on the title for a matrimonial home
Deal Addict
May 23, 2006
1025 posts
237 upvotes
Vancouver
1) You might need to file a property transfer tax return.

2) Adding a family member to title can be viewed as a disposition for yourself triggering capital gain or loss. then offset by principle resident exemption.

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