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Transfer title of Property/ownership occurs when a person is put on or removed from ownership of the property or title by the landowner. Assets may change hands without a Sale and Purchase Agreement. Sometimes parents will give their children a property as gift or the business owner may want to change the property from their personal ownership to an incorporated company.
The subject of property transfer/ownership can create income tax consequences such as capital gains tax. Many documents are required for the transfer of title procedure, such as property insurance, ownership documents, bank confirmation, property tax bills, and much more. If the property owner would like to add or remove someone from the property/title you will need a law firm to assist you with your work.
In cases of common law violation and divorce cases, you will need a separation agreement or court order. Land Transfers that are tax-free if the transfer is a direct result of a written agreement or court order as the parties live separately and apart.
Any transfer of land between former spouses is subject to a land transfer tax without certain exemptions. Any transfer where both spouses live together is exempt if done with love and affection.
If the Land is transferred to the beneficiaries by the trustees then the tax can be saved. There are some transactions where the transaction is done can be considered:
Beneficiary owner to trustee transfer: If the organization wishes to establish a mutually beneficial relationship with the nominee by transferring the official title to the designated title holder.
Trustee: in this case, the designated titleholder transfers the legal title from him to another designated title holder with the title of the beneficiary.
Beneficiary Owners: In this case, both the beneficiary owner and the designated title holder become the holders of the legal title.
In the above cases, an additional affidavit needs to be submitted, signed by the transferor and the transferor. The affidavit also states that the estimated value of the transfer is non-existent and the market value should not be determined. Registered transfers in the above cases need to complete the certain Teraview statements.
Ontario’s survival right is a legal process in which the surviving spouse or partner becomes the sole owner of the home in the event of the death of another spouse while both are joint owners of the home.
This principle also applies in the case of joint employment. Therefore, if one employer dies, the remaining employer becomes one owner. This law applies unless the deceased uses it as a marriage home with another person.
It is important that the name of the deceased spouse be removed from the title to ensure good local relations in the future.
In each case, throughout the various stages of transfer title of property, you need a professional lawyer to look after your interests.
At Law Wise, our experienced real estate attorneys understand your specific circumstances and offer customized and tailored solutions. We guarantee fast communication and professional approach to achieving successful results.
Feel free to contact us. We speak languages such as English, Urdu, Hindi and Punjabi.