Amending a Purchase Agreement

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Dec 9th, 2020 1:33 pm

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Dec 9th, 2020 1:06 pm

NathanP29246 [OP]: Newbie; Feb 18, 2020; 37 posts; 41 upvotes

Dec 9th, 2020 1:06 pm

Amending a Purchase Agreement

Hello everyone,

I was not sure if this was the place I can ask this question.

The closing for a condo i purchased is coming up in about 4 months. I want to add my sister to the title of the home. I was advised that the only way to do it is if I get a mortgage approval with both our names and the builder can complete an amendment to add her name to the home title as well. Is this the only way or does anyone else know of other methods?

Thank you for your help

4 replies

Dec 9th, 2020 1:29 pm

GrumpyOne1: Member; Apr 10, 2019; 365 posts; 604 upvotes; Ottawa

Dec 9th, 2020 1:29 pm

NathanP29246 wrote: ↑ Hello everyone,

I was not sure if this was the place I can ask this question.

The closing for a condo i purchased is coming up in about 4 months. I want to add my sister to the title of the home. I was advised that the only way to do it is if I get a mortgage approval with both our names and the builder can complete an amendment to add her name to the home title as well. Is this the only way or does anyone else know of other methods?

Thank you for your help

It would've taken you less time to call your lawyer than type this. Seller doesn't care as long as they get the money. Lawyer doesn't care who they register on title, as long as they get money for the seller and are aware before closing.

+1

Dec 9th, 2020 1:30 pm

Toukolou: Deal Fanatic; Dec 4, 2009; 5031 posts; 1358 upvotes

Dec 9th, 2020 1:30 pm

GrumpyOne1 wrote: ↑ It would've taken you less time to call your lawyer than type this. Seller doesn't care as long as they get the money. Lawyer doesn't care who they register on title, as long as they get money for the seller and are aware before closing.

What would be the issue doing it the way suggested?

"I'm a bit upset. I've been grab by the back without any alert and lubrification"
Lucky

+1

Dec 9th, 2020 1:31 pm

NathanP29246 [OP]: Newbie; Feb 18, 2020; 37 posts; 41 upvotes

Dec 9th, 2020 1:31 pm

GrumpyOne1 wrote: ↑ It would've taken you less time to call your lawyer than type this. Seller doesn't care as long as they get the money. Lawyer doesn't care who they register on title, as long as they get money for the seller and are aware before closing.

Thats a good point thank you.

Dec 9th, 2020 1:33 pm

GrumpyOne1: Member; Apr 10, 2019; 365 posts; 604 upvotes; Ottawa

Dec 9th, 2020 1:33 pm

Toukolou wrote: ↑ What would be the issue doing it the way suggested?

Nothing wrong. I just offered advice on how to save a few steps, phone calls, time and dealing with people.

EDIT to add:
It's actually quite common where a parent(s) purchase a house for their kids and act as the lender. The purchase agreement is 100% in the parents name (since their child might not qualify) and they add their child to the title on closing. Another way they could do it in this case (not in OP's case) would be to register a mortgage on the property and not be on title but it gets a little more complicated.

I'm not an accountant but I'm sure there are tax implications whichever way you do it so it's important to do it when the lawyer registers the title not after the fact.

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