- Transfers of Title -
In time, situations may arise when you wish to transfer all
or part of your ownership of a home to another person, this is
known as transferring title.
One such situation might be a parent wishing to put their
child's name on the title of their home so that it will go
directly to that child when that parent passes away, thereby
lowering the amount of the estate and the probate tax
payable. Another situation might be a spouse transferring
his or her interest in a home to an estranged spouse as part of a
separation or divorce settlement. In this case I will require
that a signed separation agreement or court judgement be provided
before acting on the matter.
When these transfers are between spouses they are not subject
to Land Transfer Tax. In situations
where a transfer occurs between other family members, Land
Transfer Tax is payable on the amount of money paid or on the
value of the outstanding mortgage, if any.
Consult a lawyer to draft the proper documents and register
the deed transferring ownership.
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