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Debra, Lawyer
Category: Canada Law
Satisfied Customers: 100428
Experience:  Lawyer
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My brother and I own a home jointly and both live in it. I

Customer Question

my brother and I own a home jointly and both live in it. I am buying him out of 1/2 the equity and keeping the mortgage and my common law wife is going to go on title. what is the least expensive way to structure this? My mortgage is open now and I am looking to refinance it with another FI. Will there be land transfer tax to be paid?
Submitted: 1 year ago.
Category: Canada Law
Expert:  Debra replied 1 year ago.

For we discuss these questions can you confirm that the bank has agreed that you can change the title?

Customer: replied 1 year ago.
Expert:  Debra replied 1 year ago.

You don't need a purchase agreement.

You need a relatively inexperienced real estate lawyer (to keep the fees down) as this is very simple.

The lawyer has to prepare the transfer of title documents that then need to be registered on title.

There will be land transfer tax to pay and registration fees for the land registry office. A lawyer should charged well under $1000 for the documents.

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