Removing someone from a property title in Ontario requires a transfer of title or transfer of ownership. This process involves transferring ownership rights to the new owners, effectively removing the unwanted individual(s) from the title.
Legal Guidance
It’s important to note that removing someone from a property’s title can be a complex legal process. It’s crucial to seek guidance from a lawyer or notary public with experience in real estate transactions. They can help guide you through the process and ensure all the necessary legal documents are in order.
Transfer of Title Fees
The fees associated with transferring ownership of a property depend on the property value and specific circumstances of the transfer. These may include legal fees, land transfer taxes, and registration fees. Your lawyer, notary public, or mortgage broker can help you further understand the costs associated with the transfer of ownership.
Financial Interests & Responsibilities
When the person being removed from the property title has a financial interest, they must actively participate in the transfer process. In addition, their consent is necessary to ensure a smooth transfer of ownership, especially if there is a joint mortgage. This makes the process more complicated, meaning you may need the help of a legal professional to navigate the situation.
It’s important to note that removing someone from the property title does not remove their financial responsibility for the property. For example, with a joint mortgage, they may still be responsible for making mortgage payments even if they are no longer on the title.
Removing someone from a property’s title in Ontario can be a complex process requiring legal guidance. Working with a lawyer with experience in real estate transactions can help ensure the process is complete with minimal complications. Prepare for associated fees and understand that removing someone from the title doesn’t release their financial responsibilities towards the property.
