Ottawa Divorce .com Forums


User CP

New posts

Advertising

  Ottawa Divorce .com Forums > Main Category > Divorce & Family Law

Divorce & Family Law This forum is for discussing any of the legal issues involved in your divorce.

Reply
 
LinkBack Thread Tools
  #1 (permalink)  
Old 05-04-2014, 09:21 PM
Junior Member
 
Join Date: May 2014
Posts: 1
NeedAdvice78 is on a distinguished road
Default Need Advice on Matrimonial Home Tranfer

Hello,

My wife and I are going through a divorce and we are trying to resolve the separation as amicably as possible considering we have a 5 year old daughter.

I have agreed to buy her out of the matrimonial home for $40k. I have a few questions I'm hoping this forum can help with.



Background:
- Both of us are on the deed.
- I will go to the Lender and the mortgage transferred to my name, this should not be an issue
- We have a separation agreement and it indicates the 'buy-out' value and the agreement has been reviewed and signed by lawyers.
-The lender and the lenders lawyer will take care of the mortgage assumption by me

Questions:
1) Once the mortgage is in my name only, can I start the deed transfer process? Is there anything else to do?
2) Does Ontario have 'Quit Claim' forms? Or does it need to be transferred via other means?
3) Do I need a lawyer for a transfer of the deed of this nature? Ie. spouse transfering to another spouse once the separation agreement has been signed; If a lawyer is not required for me to remove the spouse from the deed, how do I go about doing it?
4) Is there land transfer tax if we have separation agreement?
5) How much does a lawyer charge for this type of transfer?
Reply With Quote
  #2 (permalink)  
Old 05-04-2014, 10:32 PM
Rioe's Avatar
Senior Member
 
Join Date: May 2010
Location: Ontario
Posts: 3,213
Rioe will become famous soon enough
Default

Here's how it went for me, and at all the steps, people told me it had to be in that order.

Get approval from the bank to carry the mortgage on my own.

Get separation agreement with line stating that ex gives up his share of the house to me or some such thing.

Get real estate lawyers to do the deed/title part putting the property solely in my name. (This step cost a few hundred dollars)

Take new deed/title to the bank and get ex's name released from the mortgage.
Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Access to a vacated matrimonial home sjandme Divorce & Family Law 14 05-16-2013 07:58 PM
Sale of the Matrimonial Home - request for general advice... torontonian Divorce & Family Law 2 05-21-2012 11:39 AM
Matrimonial Home mortgage payment issues! SwanSong Financial Issues 18 03-05-2012 10:16 AM
Considered a Matrimonial Home newone2010 Financial Issues 8 08-17-2010 09:19 AM
Access to family Home by ex spouse who does not live here! ANewLife Divorce & Family Law 8 02-17-2009 10:33 AM


All times are GMT -4. The time now is 01:36 AM.