Add tag in the Deed of Trust in a few clicks

Aug 6th, 2022
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How to add tag in the Deed of Trust

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- Hey everyone, my name is Paul Vojchehoske and welcome to the Real Estate Classroom YouTube channel. Before we get started, please do me a favor. Give this video a thumbs up, hit that red subscribe button and click on the notification bell. In todays video were gonna discuss whats called a deed of trust, or sometimes called a trust deed, depending on what part of the country youre operating in. Now, I did a previous video on, excuse me, the promissory note and a mortgage. A promissory note, the mortgage, and a deed of trust all kinda go hand in hand together. So if you have not watched that video yet, I highly recommend that you go watch that video first, then come back to this one. That will make this video make so much more sense. And Im gonna put a link right up here in the upper right hand corner of your screen to that video. So thats my recommendation. All right, so are you ready? Lets talk about deeds of trust in this video. (upbeat music) So what is a deed of trust? Well

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Whos going to get the house? Well, its kind of a trick question because it doesnt matter. It doesnt matter whose name is on the deed or whose name is on the mortgage. Nine times out of 10 what matters is when the house was purchased and with what type of funds it was purchased.
This is the official document through which a seller transfers ownership of a property to the buyer. In Ontario, title transfers can only be completed by a lawyer.
In Ontario you have to file an electronic Land Transfer form with the Land Titles Office to add someones name to your property title. However by doing so, you are doing more than just adding a name. You (the transferor) are legally transferring an interest in the property to the other person (the transferee).
Legal fees for transferring property ownership Title Transfer lawyer fees $630 + HST with no mortgage and our Real Estate Lawyer fees for a title transfer with a mortgage is $999 + Tax. Please remember, if we do not have work on mortgage documentation, then Property title transfer in Ontario costs $630 + HST.
In Ontario, title transfers are completed by lawyers a process that takes on average 5 to 10 business days. Once the lender approves the transfer, you can then engage a lawyer. At Khan Law, our lawyers will begin by conducting a title search to validate title ownership.
Process Of Removing Name From Title Deed The cost associated with this process will depend on how much your lawyer charges you and where you live in Canada. Its likely that you could pay anywhere from $350 $500 or more to complete this process so be sure to budget ingly.
In BC, when adding someone to the property title, you have to file an electronic FORM A land transfer at the Land Titles Office. This means additional taxes may need to be paid due to adding someone else as a property owner. Here in BC, the Property Transfer Tax (PPT) may apply.

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