Many people register ownership of homes as joint tenants because of the estate planning advantages. With its right of survivorship, a surviving owner can assume the deceased’s interest upon the death of a joint tenant.
Surviving owners thinking of selling often overlook that title must be transferred to them in the Land Title Office (LTO) to reflect that sole ownership status. This is treated as a transfer of title and documents must be filed with the LTO prior to listing the property.
Such transfers are typically Property Transfer Tax (PTT) exempt. However, registration and service fees must be paid to the LTO and survivors should also take into account additional legal costs associated with preparation of the necessary documents.
Once submitted, LTO processing times vary. It may take days or weeks for registration to occur. Until a survivor is registered as sole owner, he cannot transfer title to a potential buyer. Pearce Schneiderat assists with these transactions regularly and would be happy to assist with your real estate and estate planning goals.
For more information, contact Tiffany Warkentin at Pearce Schneiderat 250-492-0907