Ring on the finger, name on the deed? Adding your spouse to your Ontario home title.
Congratulations! You've tied the knot, said "I do" to forever (or at least a really long Netflix subscription), and maybe even started that whole "houseplant parenthood" thing. But amidst the wedding cake crumbs and leftover champagne, a question might be nagging at you: Should I add my spouse to my house title in Ontario?
Well, settle in lovebirds, because we're about to untangle this title deed tango.
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| How Do I Add My Spouse To My House Title In Ontario |
Why would I even consider this?
There are a few reasons you might want to consider adding your spouse to your Ontario home title. Here's a quick rundown:
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- Sharing is caring (and legal): Adding your spouse ensures they have legal ownership of the house too. This can be important for inheritance purposes and making joint decisions about the property.
- Mortgage matters: If you plan on getting a mortgage together, having both your names on the title might be required by the lender.
- Happily Ever After... or Not So Much: Life can be unpredictable. If things don't work out romantically, having your spouse on the title simplifies the division of assets during a separation.
Hold on, isn't this just adding a name? Not quite! This is a legal process that involves transferring some ownership of your house to your spouse.
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Alright, alright, I'm convinced. How do we do this?
There are a few ways to add your spouse to your Ontario home title. Here are your options:
QuickTip: Read actively, not passively.
- Lawyer Up: A real estate lawyer can guide you through the entire process, ensuring everything is done correctly. Think of them as your personal title deed ninjas!
- DIY Deed: The Ontario government offers a Land Transfer Package that allows you to complete the process yourself. It's a cheaper option, but be warned, it can get a bit complicated.
What if we argue like toddlers over paint colours? Can we still DIY? Maybe steer clear of the DIY route if you and your spouse have trouble agreeing on, well, anything. A lawyer can help mediate and ensure a smooth (and less argumentative) process.
I'm sold! But is there anything else I should know?
- Land Transfer Tax: You might need to pay a land transfer tax when adding your spouse to the title, unless you meet certain criteria, like if you were married when you bought the house.
- How you hold the title matters: There are different ways to hold title with your spouse, like "tenants in common" or "joint tenants." Each has its own implications, so discuss this with your lawyer (or become best friends with the legal jargon section of the DIY package).
FAQ: Your Burning Title Deed Questions Answered
- How do I know if I need to pay land transfer tax? The Ontario government website has a tool that can help you determine this https://www.ratehub.ca/land-transfer-tax-ontario.
- What documents do I need? This depends on whether you hire a lawyer or go the DIY route. Check out the Ontario Land Registry Office website for details https://www.ontario.ca/page/search-land-property-records.
- How long does this process take? It can take anywhere from a few weeks to a few months, depending on the chosen method and workload at the Land Registry Office.
- Can I add someone other than my spouse to the title? Yes, you can! But remember, this also gives them ownership rights. So make sure it's someone you really, really trust (like your goldfish... maybe not).
- What if I change my mind? You can remove your spouse from the title, but it's another legal process. Again, a lawyer can guide you through this.
Remember, this isn't legal advice! For the nitty-gritty legalese, consult a professional. But hopefully, this guide has armed you with the knowledge (and a few laughs) to navigate the wonderful world of adding your spouse to your Ontario home title. Now go forth, conquer that paperwork, and enjoy your happily ever after (with a legally secure roof over your heads)!
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