Real Estate Property Transfer

Summary

Switching property ownership with your parents in Alberta involves transferring the title, renegotiating the mortgage to include your partner, and considering tax implications like property transfer tax and potential capital gains tax. Check if your mortgage is portable and consult with your lender for approval. Its advisable to seek legal and financial advice to ensure compliance with Alberta laws and to understand any additional costs or taxes involved.

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Real estate in Canada.
Hey Kai! Could you please provide more details about your real estate issue in British Columbia? For example, are you dealing with a property purchase, lease, or a dispute?
Alberta Calgary, specifically legal ways of switching houses with my parents. Currently I live in their house, and they live in mine. I still have say 200k left in my mortage to pay but my parents are done with theirs. I like us to switch our names but also include my partner into this mortgage.
Switching properties with your parents and including your partner on the mortgage involves several steps:
- Transfer of Title: You need to legally transfer the ownership of the properties. This usually involves deeds and possibly paying property transfer taxes.
- Mortgage Agreement: You'll need to renegotiate your mortgage to include your partner, possibly requiring a new mortgage application.
- Legal Advice: Consider consulting a real estate lawyer to ensure compliance with Alberta laws.
Have you consulted any financial institutions about the mortgage changes yet?
No, is it possible to move the mortagage over to the new property?
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In British Columbia, transferring a mortgage to a new property involves a process known as "porting" the mortgage. Here's what you need to consider:
- Portability: Check if your current mortgage is portable. Not all mortgages allow transferring to a new property.
- Approval: Even if portable, lender approval is needed for the new property.
- Additional Costs: Be aware of potential fees or penalties.
It's advisable to contact your lender for specific terms and consult a real estate professional for tailored advice.
is there any tax implication we might need to pay even if we're switching names?
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Switching names or ownership of property in British Columbia may have tax implications, such as:
- Property Transfer Tax: This tax is generally payable when transferring property ownership in BC.
- Capital Gains Tax: If the property is not your principal residence, selling or transferring may trigger capital gains tax.
Consult a tax advisor for specifics related to your situation.