If you are interested in transferring ownership rights to another person, it is important to understand the process and to have someone who understands the complexities of property law. Title and ownership rights can be transferred to nearly anyone for nearly anything, from a small item of no consequence to a large real estate property that costs millions. The complexity of transferring title or ownership rights increases the more expensive the item being transferred is.
Basic Property
Some basic items, such as groceries or small supplies, often do not need a separate agreement signed. Transfer of ownership for such items are informal and are typically “formalized” when the property exchanges hands and the other party obtains the item. As the monetary value of the item increases, a legal document is required to ensure that transfer of ownership has been done properly and that title has transferred.
Transfer of Real Property
When purchasing a home, a “title transfer” needs to be completed. This is an official document that transfers title and ownership from the seller to the buyer. It is important to note that in Ontario, a title transfer can only be completed by a lawyer.
When you buy real estate, it is important to have the title of the real property so that you have legal ownership of said property. The type of title ownership that you have over the property will influence how long you have legal title and what specifically you have ownership over, whether it is the land, the structure or both.
Your possessions are valuable assets that can have a highly personal value. Our lawyers understand the importance these items can have for you and will help ensure they are properly cared for.
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