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Debra
Debra, Lawyer
Category: Canada Law
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Question about minors in house title (Canada). My wife died

Customer Question

Question about minors in house title (Canada).
My wife died without a will and minor child inherited 25% of house and condo. I own other 75%.
I would like to sell the house and keep the condo.
Looking for ways to have a clean title on the house with no delays for courts and legal guardian process. Considering buying minor out of title if possible.
Question - how much to pay?:
1) How is minor's 25% share calculated? House is worth 300 000$. About 50% of mortgage was paid out at the time of inheritance ruling. Today it is 40% paid out. Is 25% I need to pay is of 300 000? Of 150 000 ? Or of other amount as of today?
2) Can I transfer my 75% share in condo to a minor to buy out his 25% share in the house? Does condo needs to be paid out? There is a mortgage on it as well, about 40% paid out.
Thank you
Mike
Submitted: 2 years ago.
Category: Canada Law
Expert:  Debra replied 2 years ago.
What province is this please?How old is the child?Who is the Trustee for the child pursuant to the Will?
Customer: replied 2 years ago.
Hello, here are the details.Province of Quebec.
Child is 7 years old.My wife died in April 2014. There was no Will.Last year I went to a Notary who did a "Declaration of Transmission" where I was appointed
as a "Liquidator" of wife's assets.
In the same document - my wife's share (50%) in our two properties
was split between me (25%) and child (25%).Now I own 50+25=75% and child 25% on both House and a Condo.The minor in a title is an inconvenience and will affect selling of the house
(going through the court to appoint legal guardians).For that I'd like to "buy" my kid out of the title on the house now, to sell a house with a clean title later.My questions are the same - how much $ do I need for that?
Or how is 25% share calculated if my house is 500 000 worth, mortgage is say 50% paid out.Can I pay with my 75% share in Condo?Thank you!p.s. I totally understand the process of selling of my house "as is", where buyer will have to wait till guardians are appointed by the court. I'm trying to find a way around it - to have a clean title first and then sell the house.I hope this is clean enoughThanks!
Mike
Expert:  Debra replied 2 years ago.
Has a guardian been appointed to act as Trustee for the child or is the Public Trustee taken on the role?
Customer: replied 2 years ago.
Hello. Sorry having troubles using this service - it wasn't allowing my send reply earlier.
To answer your question - no, no guardian was assinged since I never tried to do any transactions with my properties since 2014.
My Notary told me when I find a buyer - then we'll need to go trough the court. Have guardian appointed and buyer have to wait about 2 months to get clearance for transaction.
I see this situation as great inconvenience for a buyer and would like to see if title can be transferred to my name only, before I sell the house.
I do not know if it is possible but don't see why I wouldn't be able to buy out kid's share off the title?
Before I try - I would like to know how much money I need for that?
If house is 500 000$ worth, Do i need 125 000$ ?
There is a mortgage on the house, about 50% paid. Does that mean 25% share of the paid portion (62 500$) ?
Can I pay for 25% or kid's share in House using my 75% share in Condo that is worth 250 000$ ?
Will I need to go through the court and get guardians assigned for that as well?
Thank you very much!
Mike
Expert:  Debra replied 2 years ago.
The problem is that you cannot buy your child out. The child's name should not be on title either. This is all mixed up. So let me explain. Parents are legal guardians of their children unless there is an order to the contrary but they are not legal guardians to their children's estates.A Trustee can be appointed to act as legal guardian of the child's estate and that could have been you had that been set out in a Will. But whether there is an appointed Trustee or guardian or not, nothing can be done without court approval because some else needs to look out for the rights of the child just as they would for a disabled adult. So I think you should see a lawyer, not a notary, and get this all straightened out. A child cannot hold legal title. The title should be in the Trustee's name in Trust for the child. And no one can make a decision for the child without court approval. So you need a lawyer who will help you straighten all of this out. The notary cannot.
Customer: replied 2 years ago.
Thank you very much - that explains it well... My problem was "no Will". Either way need a lawyer and go through the court....
One last qustion if I may, does child need to be present at the court or appear at any point?
I had to move my child out of Canada to stay with my parents in Europe while I'm working internationally.
Do you think I can do my properties transactions without a child being physically present in Canada?
Mike
Expert:  Debra replied 2 years ago.
Your child does not need to be present in Court.The child can be anywhere.

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