A transfer of title is a process in which a person is added to or removed from a property’s title by the existing owner. They are used for several purposes, including adding or removing a spouse from title (upon marriage or separation), adding a child (for estate planning purposes), and adding a parent (to qualify for a mortgage).
There are several things to be considered when completing a Transfer, such as what value of consideration should be shown on the Transfer, and should the titled parties be listed as Joint Tenants or Tenants in Common. Depending on the specific circumstances, the Transfer may trigger land transfer tax and/or capital gains. Speak to one of our real estate lawyers to get more information about these matters, as they relate to your particular situation.