My question is: Applicable to both US and Canada
QUESTION: I am a canadian citizen who own a home in Surrey B.C. I am currently the sole title owner. I am also the only one on title of the mortage against the purchase of the home. I want to add another name to the title of the home. Not the mortgage . Just the home. The person I wish to add on title is a US citizen who resides and works only in the US. This person will not be moving to Canada or using this as a rental property . They are simply being added on title. This person is my boyfriend and eventually I plan on moving to the US to reside there with him but also plan to keep my home in Surrey . What is involved with adding his name on title to my home ?
Thank you
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david ingram replies:
Any lawyer or Notary public can add his (your boyfriend's) name to the title.
If he is a boyfriend as in conjugal partner, it can be done without paying BC's Property Purchase Tax.
You can transfer it to him in as Tenants in Common for 1%, 2% 10%, 50% or 90% - your choice. With tenants in Common, he will own that portion of the house set out in the title.
If he dies, his portion goes to whomever he leaves it to in his will. If you die, your portion goes to whomever you leave your portion to.
The other choice is Joint Tenants with Right of Survivorship. This implies that you own it equally but if you die, he automatically gets your half and if he dies you get his half back.
Joint tenancy does NOT have to be 50/50 however. You can have a side agreement registered against the title which says that it is in joint tenancy for the purposes of estate and probate and that if you die, he gets it, but that he admits and accepts that he has NO ownership and will not try and sell it or pledge it as security and that he will sign it and give you "ALL" the money if and when "you" decide to sell it.
I have to say, however, that I see no reason fro doing what you intend to do and recommend strongly against it.
You might want to come out to one of Fred Snyder's seminars.
Fred Snyder and I are giving free seminars on making your CANADIAN mortgage interest tax deductible at his office at
1764 West 7th
Vancouver.
This is in the Spence Diamond Building at the corner of 7th and Burrard
and is very easy to find.
When: Just about " Every" Thursday Night
Time: 7 to 9 PM
RSVP: phone (604) 731-8900 to reserve (limited to 15 people)
david ingram
OR
Answers to this and other similar questions can be obtained free on Air every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Cartier Partners and I will be hosting an INFOMERCIAL but LIVE talk show called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the internet at
www.600AM.com
Local phone calls to (604) 280-0600 - Long distance calls to 1-866-778-0600.
Old shows are archived at the site.
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Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader & the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent financial, or real estate planner or advisor & appropriately qualified legal practitioner, tax or immigration specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
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