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The transfer of ownership rights from one person to another is a legal process that can be carried out with the help of a real estate lawyer in North York. Transferring your title rights to someone can be done at the price you arrive at. You should, however, note that the price has a direct influence on the complexity of the transfer process.
The higher the cost of the property, the more complex and detailed the process will be. Transfer of title entails the passing of ownership rights of an item or property from one person to another.
Title transfers are marked using a legal document known as a property deed. The deed is a written document recorded in the presence of a legal counsel that secures the transfer. It is mostly mistaken for a title, but there is a difference between the two. A title is a legal term for possession of the real property at any point in time. You can use it to prevent other people from claiming your property. A deed is the tangible form of the title giving evidence of ownership of a property.
In some Canadian provinces, including Ontario, a lawyer is required to complete a title transfer. You can also secure title insurance to ensure your property is protected at all costs.
Types of Property Ownership
Real estate continues to be a valuable commodity as people keep buying property to satisfy their own needs. Having the appropriate type of title for your property is vital during a title transfer. The kind of title taken will influence some crucial aspects of your property. One of these aspects is the determination of future ownership rights regarding who will sign the documents at any given time.
There are generally four types of property ownership in Canada—namely strata, freehold, leasehold, and co-operative. Co-ownership also exists, though it is a less common form of ownership. It involves two or more members, most of the same family, sharing one piece of property. Each type has its unique factors and applies to different sorts of real property.
You should seek assistance from a lawyer when it comes to choosing the appropriate property title. If an agent is involved, you should get a credible and trustworthy one to ensure the process runs smoothly.
Importance of a Title Transfer
A title transfer legally marks the sale of the property at the end of a transaction.
It is also essential during certain occurrences, such as:
- Separation between two property owners
- Refinancing of property by an owner
- Addition or removal of a name from the title by an owner
It is equally important to have a title deed as proof of possession of a property. A title deed carries all information on the authenticity of a transfer and the liabilities in a property. The title deed also enables you to carry out other transactions with your property as you might please. It will allow you to mortgage, sell, transfer, or gift the property to any other person. It also serves as collateral when requesting a loan from any bank.