Adding/changing title

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Apr 22nd, 2020 7:49 am

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Apr 20th, 2020 1:40 am

Messerschmitt [OP]: Banned; Jul 17, 2008; 11042 posts; 3841 upvotes

Apr 20th, 2020 1:40 am

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

Apr 20th, 2020 8:09 am

rapashoo: Deal Addict; Mar 22, 2010; 3011 posts; 888 upvotes

Apr 20th, 2020 8:09 am

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.

Apr 20th, 2020 9:08 am

skeet50: Deal Addict; Jan 15, 2017; 3930 posts; 3393 upvotes

Apr 20th, 2020 9:08 am

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

+1

Apr 20th, 2020 10:02 am

lpin14: Deal Addict; Nov 24, 2013; 1384 posts; 738 upvotes; Toronto

Apr 20th, 2020 10:02 am

Yes, check with the mortgage lender as having a mortgage could complicate title changes.

Apr 20th, 2020 3:11 pm

webworm: Deal Addict; Dec 6, 2006; 2402 posts; 788 upvotes

Apr 20th, 2020 3:11 pm

The family member should also seek independent legal advice as to the implications of being added on title to the property.

Apr 21st, 2020 11:55 pm

Messerschmitt [OP]: Banned; Jul 17, 2008; 11042 posts; 3841 upvotes

Apr 21st, 2020 11:55 pm

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

Apr 22nd, 2020 12:05 am

Fantastical: Deal Addict; May 23, 2006; 1025 posts; 237 upvotes; Vancouver

Apr 22nd, 2020 12:05 am

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.

Apr 22nd, 2020 7:49 am

rapashoo: Deal Addict; Mar 22, 2010; 3011 posts; 888 upvotes

Apr 22nd, 2020 7:49 am

Messerschmitt wrote: ↑ Even for principal residence?

Yes, even for principal residence.

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