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?
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?
Comment