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Canadian Real Estate/transfering title deed on house
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Question
Hi My Mom wants to give me her house in Miramichi,NB Canada for a $1.00. We are both from US. What are the Canadian laws re: transferring title deed?How do we do this?
Thank-you
Phyllis
Hi there. My expertise lies in all aspects of obtaining a mortgage for a property in Canada...however, I have checked with a solicitor in NB, and this is what he has to say (without predjudice):
If the transfer is being made for no consideration (a gift), then the transfer would be exempt from conversion to land titles, so a full title search would not be required by the province (and could therefore be avoided if the transferee was willing to take that risk). However, land transfer tax equal to ¼% of the assessed value would still be payable. Registration fees are $65/parcel.
I would strongly recommend you go to a solicitor in NB with your specific property details and situation, to ensure you have all the facts before going ahead with your plan.
Hope this was helpful,
Warm regards,
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Answers by Expert:
Cinzia Dalgarno
Expertise
I can provide information and assistance on all aspects of obtaining a mortgage in Canada. I can clarify the requirements for both resident and non-resident borrowers, and address virtually any question or concern regarding financing your purchase of a Canadian property. I have access to a wide variety of lenders, and will obtain the mortgage product that best suits your needs. My considerable experience, coupled with an extensive network of industry professionals will serve to make buying a home in Canada a simpler and more comfortable experience. mortgagebycinzia@gmail.com;
Experience
During my 26 years in the mortgage industry I have gathered a wide range of business contacts; from A-level banks to private lenders, realtors, lawyers and notaries, and am very familiar with the numerous products offered. An extensive understanding of Canadian lending practices has shown me the importance of having an Accredited Mortgage Professional working for you.
Organizations
Member of CAAMP;
Member of MBABC
Education/Credentials
A.I.C.B. (Associate Degree, Institute of Canadian Bankers);
AMP (Accredited Mortgage Professional)
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