# Changing name of registration on condo (title transfer?)



## tendim (Nov 18, 2010)

Hi.
I recently got married and we are looking to put my wife's name on the ownership docs for my condo, which was previously only registered under my name (since I bought it before I met her). Does anyone know what this would involve, and what the cost would be? Is this a "title transfer"? Are there benefits to combining or keeping separate?


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## Mortgage u/w (Feb 6, 2014)

This would be considered a title transfer where you would sell 50% of your shares of the home to your spouse. There are indeed fees for that (title transfer fees) which will be done by a lawyer (or notary if in Quebec).

If you have a mortgage, you may also want to add your spouse to the mortgage. Again, more fees to change the covenants on the mortgage which will also be charged by lawyer/notary.

Benefits? None really. Once married, what's your's is her's anyways....._and what is her's is her's._ LOL!


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## AltaRed (Jun 8, 2009)

It depends on the province and probably whether you are changing title to Joint Tenancy or Tenants-in-Common. Google Land Transfer and/or Title Transfer for your province. Some provinces waive everything other than a small administration fee for title changes involving a new spouse (especially Joint Tenancy).

If you don't understand the difference between Joint Tenancy and Tenants-in-Common, google the definitions. The former is most common and works best with young couples just starting off together and creating wealth together over the years, or couples with generally equivalent net worths. The latter is more important with later marriages (and/or common law), with or without pre-nups or cohabitation agreements, and/or with disparate wealth and/or disparate contributions to the marital residence.


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## Just a Guy (Mar 27, 2012)

Yeah, don't go to a lawyer, go down to land titles and do it yourself. It's a couple of forms with "complicated" information like name, address and phone number and a fee. It varies by province, but it's not hard to do.


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## MRT (Apr 8, 2013)

Mortgage u/w said:


> This would be considered a title transfer where you would sell 50% of your shares of the home to your spouse. There are indeed fees for that (title transfer fees) which will be done by a lawyer (or notary if in Quebec).
> 
> ...


The OP would only be 'selling shares' of their ownership if they specify a 'Tenants in Common' ownership structure. 'Joint Tenancy' does NOT involve % ownership - the owners jointly possess an indivisible interest in the property. 

The other critical distinction between joint tenancy and tenancy in common pertains to survivorship situations. In joint tenancy, if one owner passes away, the surviving joint tenant(s) AUTOMATICALLY assume ownership of the property. In a tenants-in-common situation, the % ownership falls to the estate of the owner who passes. 

As mentioned, property and estate law differs between provinces, so the OP would be wise to consult your local Land Titles office or seek a free consultation with an experienced real estate or estate lawyer. *The process for amending title may not be complicated...but the consequences of one structure vs. the other can be very significant down the road...*

Also, the lender may require the mortgage to be amended, particularly in a tenants-in-common scenario (and DEFINITELY for someone other than a spouse being added). For example, a lender who loans 80% of the value of the property is NOT going to let an owner turn around and sell a 50% interest to someone else who is not attached to the mortgage agreement.

*** disclaimer: I am not a lawyer and am not qualified to dispense legal advice - talk to a lawyer (or notary, in some provinces) for comprehensive advice. My understanding is based upon employment with a real estate law firm and ~10 years in mortgage sales and admin.


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## AltaRed (Jun 8, 2009)

I agree with what MRT has said. As I suggested, one needs to become conversant with the type of title wanted, and why.


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## tendim (Nov 18, 2010)

Thanks everyone. Silly me - I always thought I had filled in the location section of my bio, but I did not; I am in Ontario.

Had no idea about the different types; as we are newly married Joint Tenancy is most likely the most applicable.

Does anyone have any recommendations on firms/practices in Toronto/Mississauga free consults on this?

Thanks,
-10d


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## Just a Guy (Mar 27, 2012)

I've always found the staff at land titles to be quite knowledgeable...the process, as I said isn't hard, and joint tenancy is the usual way to go when married. But, if you really want, Google is a good way to educate yourself. Make sure you read province specific articles and more than one...

I read somewhere once that the average person only considers three sources on average and tends to follow the one that suited their personal bias. I tend to read at least 10 or more sources on a subject to make sure I understand. I also make sure that those sources are not just cut and pasted from one another (which is very common on the Internet).


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