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Debra, Lawyer
Category: Canada Law
Satisfied Customers: 99918
Experience:  Lawyer
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Can my husband buy our house from me? Title and mortgage are

Customer Question

Can my husband buy our house from me? Title and mortgage are in my name only.
Submitted: 1 year ago.
Category: Canada Law
Expert:  Debra replied 1 year ago.

Would the bank agree to the transfer of the mortgage?

Customer: replied 1 year ago.
We would want him to apply for a fresh mortgage so that I can be paid the purchase price, pay off existing mortgage and some additional unsecured debt.
Expert:  Debra replied 1 year ago.

There is no reason why you cannot do this. If there is no consent needed from the bank I am not sure what the concern is.

Why do you think you might not be able to do this?

Customer: replied 1 year ago.
It was an idea that popped into my head to help payoff my unsecured debt and it felt seedy, so I thought there may be legal ramifications. Would this be applicable in a capital gains situation?
Expert:  Debra replied 1 year ago.

I don't see why it is seedy.

There is no capital gains for you to pay if this is your principal residence.

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