Posted by Diane (TX) on January 05, 2003 at 22:03:23:
I’m not a lawyer, and I don’t know how it works in Toronto, but is the contract in your name “and assignees?” If so, your mom should be able to close in your place. The title company where you’re closing may be able to answer your question.
Transfering condo to family - Posted by Hammer
Posted by Hammer on January 04, 2003 at 15:58:43:
Hi there wondering if anyone can help me, I bought a condo in Toronto and now want to transfer it to my Mom. Do I have to go through the whole process of a mortgage or can she take out a mortgage for the condo. Upon closing I will be transfering it into her name. What I am trying to avoid paying all those costs for closing, then my Mom paying those same costs.
Thanks
Hammer
Re: Transfering condo to family - Posted by Nate(DC)
Posted by Nate(DC) on January 05, 2003 at 22:58:02:
Do you have the condo “under contract” or did you already buy it? I suspect it is the latter since you say you “bought” it - past tense.
There are some charges at the time of transfer, such as transfer taxes (I assume they charge those in Canada, too) which have to be paid every time the property changes hands, regardless of whether or not there is a mortgage.
Other closing costs, generally associated with a mortgage, are only paid if there is a mortgage.
So did you buy the place already? Or not? If not, follow Diane’s advice below.
NT