Real Estate

Can I transfer ownership of a pre-construction condo?

  • Last Updated:
  • Feb 13th, 2019 1:42 am
[OP]
Jr. Member
Nov 15, 2006
100 posts

Can I transfer ownership of a pre-construction condo?

Not selling it but planning to transfer to one of my family members, is it possible to do that?
6 replies
Deal Addict
Nov 22, 2004
1533 posts
636 upvotes
bsinsan wrote: Not selling it but planning to transfer to one of my family members, is it possible to do that?
Yes, you would do an amendment with "Insert/Delete" clause that will be signed by all parties (you, the family member, the builder) and the title will be transferred to the family member.
Realtor @ Royal LePage Ignite Realty
[OP]
Jr. Member
Nov 15, 2006
100 posts
Clueless Fox wrote: Yes, you would do an amendment with "Insert/Delete" clause that will be signed by all parties (you, the family member, the builder) and the title will be transferred to the family member.
Where can I acquire such amendment document? Directly from the builder or I need a lawyer to do that?
Deal Addict
Nov 22, 2004
1533 posts
636 upvotes
bsinsan wrote: Where can I acquire such amendment document? Directly from the builder or I need a lawyer to do that?
You can contact the builder and let them know that you'd like to transfer the name and they will explain you the process. Usually builders don't have an issue with this (sometimes they can be strict, or charge you legal fees, or ask for similar documentation of the family member as they did with you).
Realtor @ Royal LePage Ignite Realty
Deal Fanatic
User avatar
Feb 2, 2014
9913 posts
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Toronto
bsinsan wrote: Not selling it but planning to transfer to one of my family members, is it possible to do that?
Just a heads-up, do it ASAP. Once you get closer to closing, builders may not do it or charge you $$$.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Jr. Member
Apr 28, 2009
126 posts
25 upvotes
I tried to do this with Daniels and Pemberton and both said it was not a problem but they will do it on occupancy / closing. If you have any tips, please DM me.
Member
Nov 24, 2015
371 posts
221 upvotes
Toronto, ON
Contact the builder ASAP, and request for this amendment.

They will need the info about the family member including name, employer, and a copy of driver's license. Then they will prepare the amendment for signature by all three parties.

Your name will not be deleted at this time. They will only add the new name as a co-owner. At the time of closing you will need to request the lawyer to prepare the title only on your family member name.

Hope it helps.

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