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How to Transfer Real Estate Title from Parent to Child

This presentation discusses the different ways to transfer real estate titles from a parent to a child. It covers the following topics: the title transfer process, selling a home to your child, gifting your property, bequeathing your property, deed/title transfer, and avoiding attribution rules. The presentation is designed to help parents understand their options and make an informed decision about how to transfer titles to their children. It is important to consult with an attorney to discuss your specific situation.

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How to Transfer Real Estate Title from Parent to Child

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  1. How to Transfer Real Estate Title from Parent to Child 416-321-8766 john@zinatikay.com

  2. Title Transfer Process • Title transfer: Transferring Property Ownership from One Person to Another • Reasons Why Parents Transfer Property to a Child • To provide a financial gift • To help their child get a mortgage • To ensure that the property stays in the family • Different Ways Parents Transfer Property to a Child

  3. Sell Home to Your Child • One way to transfer title is to sell the home to your child. • The child will need to qualify for a mortgage. • The child will also be responsible for property taxes and other expenses. 2. Gift Your Property • Another way to transfer title is to gift the property to your child. • This will involve a gift deed. • There are no taxes due on a gift of real estate if the value of the gift is less than the annual gift tax exemption.

  4. 3. Bequeath Your Property • The third way to transfer title is to bequeath the property to your child in your will. • There are no taxes due on the transfer of property at death. 4. Deed/Title Transfer • Once you have decided how you want to transfer title, you will need to prepare a deed. • The deed must be signed by the current owner of the property and must be recorded with the local land registry.

  5. 5. Title Transfer with Mortgage • If the property has a mortgage, the parent can add the child as a co-signer or transfer the mortgage entirely to the child. • Adding the child as a co-signer means both parents are responsible for payments. • Transferring the mortgage entirely to the child means the parent is no longer responsible for payments. • Land transfer taxes may apply.

  6. Title Transfer Related Links • How To Transfer a Real Estate Title in Toronto • 7 Interesting Facts to Know About Property Titles • Most Common Real Estate Title Transfer Problems • What Is a Title Transfer and Why Do You Need One? • Beware Of These Points While Doing a Title Transfer • What Are the Risks of Adding Someone to Your Property Title?

  7. Contact Us 100 Cowdray Ct suite 320, Scarborough, ON M1S 5C8 381 Front St W, CityPlace near the Skydome,Toronto, ON M5V 3S1 416-321-8766 john@zinatikay.com | info@zinatikay.com

  8. Thank you

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