Title Transfer & Insurance
Transferring Title With Lawyers In Edmonton And Calgary
Transferring Your Land Title
Title transfers involve the transfer of land ownership from one person to another. These transfers tend to occur between family members, adding a spouse / common law partner to title or removing a mortgage co-signer from title. The lawyers at Kahane Law Office in both Edmonton and Calgary, Alberta make the process simple and easy for you. There are several important aspects that you need to know if you are thinking of changing title to your property through a title transfer. We urge you to consider them to both protect you, your property and the person you add to title.
Title transfer lawyers help you with Alberta land title changes in ownership as registered at the Land Titles Office. Alberta has one of the best land title ownership systems in the world. All land title ownership is registered at the Alberta Land Title Office run by Service Alberta. The process is quick and easy. We often prepare the change of ownership documents in a day or two (same day if needed). We then attend to the actual change in ownership registration at the Land Titles Office. Lastly, we send you the confirmation of change when it arrives from Land Titles.
Types Of Title / Ownership You Can Change In Alberta
Land ownership occurs in various forms. Land title can be transferred for differing types of properties and properties held in a variety of ways. Firstly, land title transfers of properties held in the following ways can have ownership changed:
- Freehold ownership: This is where you own the property outright, only subject to the interest of the Crown. This is the normal type of ownership that people think about in Alberta.
- Leasehold ownership: This is where you only have ownership that last as long as your lease on the land or property. The land titles system allows the registration of leases of over three years on title to protect the leasehold interest.
- Life estate ownership: You own property for the duration of your life. On your passing the title will revert to the freehold owner. People most often use this in estate planning, especially with blended families. This allows someone to remain in their home for the rest of their life or until they need to move.
The Type of land that is owner by people in Alberta, all of which can have title transferred; For example, this includes the following types of properties:
- Fee simple ownership;
- Condominiums (called a strata in British Columbia);
- Bareland Condominiums; and lastly
- Crown Land (land held by the province or federal government)
Changing Land Ownership If You Have A Mortgage
If you have a mortgage, there is an important first step prior to a title transfer. You lawyer should remind you of the “due on sale” clause in your mortgage. This means that a lender can call in the mortgage loan if they do not approve of a transfer of title. This occurs when the lender becomes aware that you changed ownership. Your first step should be to get approval from your lender prior to a title transfer. With that approval in hand, contact your title transfer lawyer. We then draft the transfer of land to start the change in land ownership.
Our law firm is able to transfers ownership for you without this approval. We do not require confirmation of the approval. However, when you come in to sign, you acknowledge that we reminded of you this term in your mortgage. We are not obligated to report the change of ownership to your mortgage lender. However, to best protect yourself, always ask and receive this permission before making a change on title.
The Title Transfer Process Lawyers Follow
Transfer title lawyers will, when asked to transfer land, submit a request for a current copy of title. This allows us to ensure the right person is changing ownership and reduces the risk of fraud. To do this we need the legal description of your property. If you do not know your legal description, we can find it for you. We will then draft a transfer of land document and then book and appointment for you to come in a sign the transfer document.
One of the transferees, a person who is getting title in their name, swears an Affidavit of Value. All land title transfers in Alberta require this affidavit. The Land Titles Office uses the Affidavit of Value to determine the fees they charge to change ownership. Please note that we require a witness verifying the signature of the transforor. That the witness will also have to swear an affidavit of execution. If signing in our office, we supply the witness. Our lawyers prepare all these documents and affidavits for you. Once signed, we will submit the Transfer of Land to the Land Titles Office for registration. The Land Titles Office takes time to register transfers. The wait time changes over time. In Alberta, we see waits ranging from days to several weeks.
Ways Of Holding And Transferring Title
Title can be held as either joint tenants or tenants in common. Click on the link to learn more about each type of ownership. Briefly, joint tenancy is absolutely equal. In addition, if one owner passes away, their share automatically reverts to the surviving joint tenants. With tenants in common, the ability to specify the exact ownership percentage of each tenant in common exists. For example, 50:50, 40:60, 30:70). On passing, a tenant in common’s share becomes a part of that person’s estate. Their will then determines who then receives ownership of that land. Land title ownership can be changed for both type of tenants. It is also possible to change ownership of just one of the tenants in common, without other tenants in common approving the change. One joint tenant requires the other joint tenant to make any change. This protects the people registered on title equally.
How Long Does Transferring Title Take?
A land title transfer does not have to take a long time. Our land title transfer law firm can usually have documents prepared and ready to be signed in a day or two. We can often accommodate same day signings.The actual registration process can take a day or two or a few weeks depending on the Land Title Office. Usually the transfer of land process takes 3-7 days (but in past years took as long as 3 months) but we can let you know how long Alberta Land Titles is taking when you come in. We are able to search the wait time but there is no way to speed up the time they take. It is a first in line, first to have title registered process.
What Is The Cost Of A Title Transfer
At Kahane Law Office, we believe in making the law easy to understand. This includes being clear and transparent with respect to legal fees. Avoid surprises with “plus disbursements” billing models. Please use this link for our flat rate fees for land transfers. If you are a surviving joint tenant, the process for transferring the right of survivorship to the surviving joint tenant is quick and easy. We can help when you need us! We are also able to help if you are moving or other wise need a change of registered address at land titles. Call us if you value reasonable flat rate fees.
Land Title Transfer Lawyers In Calgary And Edmonton
The Lawyers at Kahane Law Office help with your land title related legal needs. Avoid stress or errors and let us attend to your property transfer when needed. Errors in how clients’ transfered land have cost them thousands, stress and significant time. Feel free to email us with any legal questions you have. CONNECT NOW. Feel free to reach us toll-free from anywhere in Alberta at 1-877-225-8817 (or 403-225-8810 locally in Calgary, Alberta and in Edmonton please Phone (780) 571-8463), or email us directly here.