DID YOU KNOW?
Did
you know that the Government of Ontario keeps records of every piece of property in the province? These records are
called "title documents". The document (called "deed" or "transfer") tells us who owns
the property.
HOLDING TITLE - WHAT'S THE DIFFERENCE?
- Sole Ownership: Ownership simply goes in the person's name.
- Joint Ownership: When two people each will own 100 per cent of the property. If one
passes, the remaining party would retain the other party's portion without tax or title transfer.
For example: Peter and Jane have joint tenancy to their home. Peter passes. Jane would retain
Peter's portion. - Tenants in Common: When two people each will own
50 percent of the property. If one passes, the remaining party would not retain the other party's portion. The
portion of the party that passed would go to his/her estate.
For example:
Sam and Alice have tenants in common to their home. Alice passes. Alice's 50% would go to her estate to be
handled accordingly.
Buying your home is an important life event. You will have decisions to make that may have legal
impact and just as many questions that need answering. We can help. Our goal is to ensure that your transaction
proceeds smoothly.
