Transferring Title To A Surviving Joint Tenant
Surviving joint tenants have a right of survivorship in Alberta. This means that when one of the joint tenants passes away, the surviving joint tenant(s) become owners of the deceased persons share. The asset that has joint tenants does not enter probate or the deceased person’s estate. That asset can be directly transferred at a low cost. The transfer of land lawyers at Kahane Law Office in Calgary can help transfer land title to a surviving joint tenant. Call for quick service at low flat fees 403-225-8810.
How To Tell If Land Title Is Held As A Joint Tenants
Determining if a land title is held as joint tenants is simple. If there is more than one person on title, the title should clearly state if the land is held as joint tenants or tenants in common. There are times where land is held by multiple parties. Sometimes smaller groups of individuals in the larger group hold their share as joint tenants while the title is held as joint tenants between the larger group. In this case, land title should also be clear as to whom is a joint tenant.
Is There A Right Of Survivorship In Alberta For Tenants in Common?
There is no right of survivorship for tenants in common. In order to transfer title of a surviving tenants in common, the estate of the deceased person must go through probate. The probate process in Alberta is much more complex, time consuming and costly than dealing with land title transfers of a surviving joint tenant. Our wills and estates lawyers in Calgary can help with this process.
Cost of Transferring Title to Surviving Joint Tenants
The cost of transferring title to a surviving joint tenants is nominal. Generally the surviving joint tenants looking to transfer title into his or her name is looking at about $200-$300 including all the lawyer fees and land title fees. Transferring under a right of survivorship does not attract land transfer tax or probate fees.
How Long Does It Take To Transfer Land Title To Surviving Joint Tenant?
The process of transferring the title to the surviving joint tenant is quick. Kahane Law Office is usually able to draft the required documents within a day or two. Once you sign the document, we will send it for land title registration. This process usually takes 4-5 business days but historically has taken as long as three weeks. Once we receive the updated title demonstrating that the land title is in the name of the surviving joint tenant (and the right of survivorship exercised) we will send it to you.
What Documents are Required For exercising a Right Of Survivorship in Alberta
When you need to transfer title to a surviving joint tenant, you will require three documents. In addition, you can save money when transferring title by having a copy of title. This is not required as we can order a new one if yours is lost for a nominal amount. When you come in to sign the documents that we prepare, we will need you to bring in:
- One piece of government issued photo ID (of yourself)
- A second piece of ID, either photo or with a signature (Credit card, SIN card, Health Care Card)
- An original death certificate
Land Title Transfer Lawyers in Calgary
The Lawyers at Kahane Law Office can help with your land title related legal needs. If you are a surviving joint tenant or wish to exercise a right of survivorship and need to transfer land title call today. CONNECT NOW. We can be reached at 403-225-8810 or toll-free at 1-877-225-8817 or email us directly here.