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  • Legal anwsers!!!

    Well for anyone thats following along, i have received 3 different legal opinions and it looks like i good..unless i wanna fight for what im entitled to, which is more than in agreement im golden..the only question i have left is who do i contact to see about "tenents in common"???...if that makes sense..the company who holds mortgage? or the real estate lawyer we signed papers with?..

  • #2
    Originally posted by shlaba View Post
    Well for anyone thats following along, i have received 3 different legal opinions and it looks like i good..unless i wanna fight for what im entitled to, which is more than in agreement im golden..the only question i have left is who do i contact to see about "tenents in common"???...if that makes sense..the company who holds mortgage? or the real estate lawyer we signed papers with?..
    "Tenants in common" which is better known as "joint tenancy".

    If you and your wife own the property you are joint legal tenants.

    You will need to contact the solicitor who conducted the transaction and have them provide you with a copy of the title. You can also go to the land registry office in your area and get a copy of the title to the property for $25 or have a service for about $35 (online) email it to you.

    Good Luck!
    Tayken

    Comment


    • #3
      Originally posted by Tayken View Post
      "Tenants in common" which is better known as "joint tenancy".
      These are not the same.

      Joint tenancy has survivorship rights. Tenants in common does not. While similar in the notion that both individuals are part owners, they are not the same in substance.

      Comment


      • #4
        Originally posted by HammerDad View Post
        These are not the same.

        Joint tenancy has survivorship rights. Tenants in common does not. While similar in the notion that both individuals are part owners, they are not the same in substance.
        You are correct. Generally a property is only listed as "tenants in common" if there is a third party owner outside of the marriage. (Say a grandparent, or other family member.)

        Generally, between two married people, a title is almost always held as joint tenants to avoid having to go through probate on death.

        So, to HammerDad's point... The title will tell you what the property ownership has been registered as.

        Good Luck!
        Tayken

        Comment


        • #5
          If you contact a real estate lawyer, you can have him prepare another Transfer, to be registered on title, signed by you alone severing the joint tenancy and creating a tenancy in common situation.

          It won't help you move the sale of the house any quicker, but should you die during this separation period, your one-half share of the residence will transfer to your estate, and be dealt with within your estate.
          Start a discussion, not a fire. Post with kindness.

          Comment


          • #6
            Originally posted by shlaba View Post
            Well for anyone thats following along, i have received 3 different legal opinions and it looks like i good..unless i wanna fight for what im entitled to, which is more than in agreement im golden..the only question i have left is who do i contact to see about "tenents in common"???...if that makes sense..the company who holds mortgage? or the real estate lawyer we signed papers with?..
            Also, you want to get a copy of the mortgage agreement you signed with the bank. There are stipulations often about residence, who is allowed to live in the property, etc...

            Don't do anything that would force a lender to call the mortgage. That is why you need to get a copy of the mortgage agreement and read it as well.

            Good Luck!
            Tayken

            Comment


            • #7
              Originally posted by mcdreamy View Post
              If you contact a real estate lawyer, you can have him prepare another Transfer, to be registered on title, signed by you alone severing the joint tenancy and creating a tenancy in common situation.

              It won't help you move the sale of the house any quicker, but should you die during this separation period, your one-half share of the residence will transfer to your estate, and be dealt with within your estate.
              From previous message threads I believe the OP is looking for the title so the OP can apply for a Legal Aid Ontario Certificate. You need to show ownership (titled) to the property for them to register the lean against the property for the certificate.

              (Correction on above paragraph)

              I had shlaba mistaken with sahibjee. My apologies.

              Good Luck!
              Tayken
              Last edited by Tayken; 02-17-2012, 11:17 AM. Reason: mistake in identity

              Comment


              • #8
                Originally posted by mcdreamy View Post
                If you contact a real estate lawyer, you can have him prepare another Transfer, to be registered on title, signed by you alone severing the joint tenancy and creating a tenancy in common situation.

                It won't help you move the sale of the house any quicker, but should you die during this separation period, your one-half share of the residence will transfer to your estate, and be dealt with within your estate.
                Reviewing some of the standard mortgage agreements from the banks on my desk... Be very careful on transferring title from joint to common. Depending on the mortgage agreement you may violate the agreement if you transfer the title. The title change may (correct me if I am wrong) trigger something to the lender. Last thing you want is for the lender calling the mortgage.

                Good Luck!
                Tayken

                Comment


                • #9
                  Title documents are registered within the municipality of where the property is. One can go to the land registry office and obtain copies of how the property was registered as. Cost is about $10. Alternately lawyers typically have paid web access to these records. To get copies of the original documentation you would need to go to the lawyer who handled the transaction. The mortgage company will only hold electronic registration of the properties, not the original signed paperwork. If it's legal aid, legal aid would also have the ability to get the records by you telling them ex has all the paperwork (they might). Lastly... Joint Tenancy has more power than tenants in common in divorce from what I've been exposed to. To learn more, go to your library reference section. There may be 3 volumes of Matrimonial Property Law where it describes it more fully, and relating to the courts.

                  In relation to what the mortgage companies know or don't know. I've found that as long as the mortgage is being paid they really don't give a darn.
                  Last edited by limer; 02-17-2012, 11:21 AM. Reason: Addition

                  Comment


                  • #10
                    thank you..ill start with calling the law office that we signed the papers at..it was the same lawyer for both times we did mortgage together..and i am asking because apparently i will have more rights depending on which one it is if i leave here..on wednesday i was screwed over for $ on the hydro bill AGAIN and will probably be giving her written notice and 5 buisness days to change into her name

                    Comment


                    • #11
                      Originally posted by Tayken View Post
                      Reviewing some of the standard mortgage agreements from the banks on my desk... Be very careful on transferring title from joint to common. Depending on the mortgage agreement you may violate the agreement if you transfer the title. The title change may (correct me if I am wrong) trigger something to the lender. Last thing you want is for the lender calling the mortgage.

                      Good Luck!
                      Tayken
                      I just checked with a cibc branch manager and he confirmed he could care less if joint tenancy severed, as long as he had the same 2 covenantors.
                      Start a discussion, not a fire. Post with kindness.

                      Comment


                      • #12
                        Originally posted by shlaba View Post
                        thank you..ill start with calling the law office that we signed the papers at..it was the same lawyer for both times we did mortgage together..and i am asking because apparently i will have more rights depending on which one it is if i leave here..on wednesday i was screwed over for $ on the hydro bill AGAIN and will probably be giving her written notice and 5 buisness days to change into her name
                        you should probably check with whoever does your hydro to see if it can be done that quick.

                        Comment


                        • #13
                          Originally posted by mcdreamy View Post
                          I just checked with a cibc branch manager and he confirmed he could care less if joint tenancy severed, as long as he had the same 2 covenantors.
                          What if one of the covenators leaves the property and stops paying the mortgage?

                          Good Luck!
                          Tayken

                          Comment


                          • #14
                            Originally posted by Tayken View Post
                            What if one of the covenators leaves the property and stops paying the mortgage?

                            Good Luck!
                            Tayken
                            well, since the original OP question was severing a joint tenancy, I didn't ask that! But I'm going for dinner with said branch manager in an hour, so I can ask his advice on the bank's answer to someone leaving the primary matrimonial home, while staying on title, and the consequences, from the bank perspective.

                            Obviously, we don't need to ask what happens when the mortgage stops being paid - that would be a Notice of Power of Sale, 45 days and we get an appraisal and throw it up on the market.

                            Or are you asking if the mortgage is being paid in full by the remaining original covenantor, and not by the party leaving, if the bank cares?

                            Any other questions you want me to pick his brain with while I have him for 2 hours? He's been a valuable friend to have this last year.
                            Start a discussion, not a fire. Post with kindness.

                            Comment


                            • #15
                              damn wish i knew the above post before but i try to avoid here as much as possible...any info you did ask i would really like to know!!, i was actually considering stopping mortgage payment for that reason spefically...to force sale but i dont know how much that would damage me for buying another home

                              Comment

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