Posted on: 04-02-05 13:09:52
Hi,
My borther and I are going to buy a home soon together...this one home with seperate everything...mean this home is Live & Rent concept. Now I am going to take the small side mean the Rental side of the home mean I have space of approximate 40% of the home.
Anybody have suggestion how should we do Title on property and should we add wife to the title ?
thanks
u have to go through a lawyer who does the closing for u. ask him
he is best trained for that. dont take amature advise on such manners . its being penny wise pound foolish
our advised us the whole way she was great.
Sobash is right, the lawyer is the best person to advise you on this vital topic.
I would still like to explain the 2 types of ownerships which are very common in Canada. These are Tenants in Common and Joint Tenancy.
What you are asking might be related to the Tenancy in Common where it is quite possible to have two tenants in common each owning 1/4 of the property and the third tenant in common owning the balance, namely 1/2 of the property. In Tenancy in Common the ownership of land by two or more persons, however, unlike joint tenancy the interest of a deceased person does not pass to the survivor, but is treated as an asset of the deceased’s estate.
Normally A husband and wife often obtain title to a family home as joint tenants. On the death of either spouse, the survivor automatically receives full title to the property because of the right of survivorship. Joint tenancy is an advantage to the surviving spouse because the house does not form part of the deceased’s estate thereby avoiding problems of administering and settling the estate.
Consult your LAWYER and now after reading the above you should be better informed.
Good luck,
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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/
