Why would you want to take any risks with a purchase as big and as life-changing as a property purchase? At Pace Law Real Estate, we help our clients prevent unpaid property taxes and mortgage fraud with the simple purchase/completion of a title transfer. A one-time purchase of a title transfer protects your property title for the entire duration of your ownership.
WHY YOU NEED A TITLE TRANSFER
A title transfer is an official document one must acquire to ensure the documentation of the change of ownership. In Ontario, a title transfer can only be completed by a lawyer. At Pace Law Real Estate, our well-versed attorneys and associates will ease the complexity of the process by completing the title transfer on your behalf with the utmost attention to every detail.
TYPES OF PROPERTY OWNERSHIP
You own the property and can live there as long as you complete your payments with a mortgage lender. An example of free hold ownership are detached houses which have been mortgaged.
You do not own the property/land but have the right of use and occupation. It is up to the owner as to whether or not they want to renew a lease once it has ended. Examples of leasehold ownerships are condos and townhouses.
You have legal ownership of this property for the rest of your life. This ownership ends when the owner dies and can be appointed to the original owner or a new specified owner.
If a property title is held by two or more people, they are each considered a “joint tenant” or a “tenant in common.” In the case of “joint tenants,” each tenant must own equal percentages of the property. Whenever a tenant dies, the ownership is passed on to the surviving tenant(s) and only the last surviving tenant will be able to write a will to whom they want to assign the property to. In the case of “tenant in common,” each tenant has different ownership percentages and when one dies, that tenant’s property automatically passes on to the beneficiary of their estate. At Pace Law Real Estate, our attorneys and legal associates can ensure a successful completion of your title transfer– contact us today!