Posted on: 26-07-05 11:11:25
Hello,
Should the house be registerd on the name of both husband and wife or one name is is enough.
thnaks
jrdesi
Quote:
Orginally posted by derrymalton
Hello,
Should the house be registerd on the name of both husband and wife or one name is is enough.
thnaks
jrdesi
You can get a house registered in only one name also but the other spouse has to sign a consent form with the lawyers at the time of closing. However, it is always advisable to register the house in both names as joint tenants.
-----------------------------------------------------------------
Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
One name is enough.
The person who has regular income and better credit rating should get house registered in his/her name so that mortgage rates are lower.
If you keep your credit histories seperate, with no co-signed credit cards or loans, unfortunate default in one case would not spoil other persons credit history.
However if the credit histories are already too mixed and both have to co-sign for the loan, you could do it either way - get it registered in one's name or joint name.
Also check out what gives better tax break.
If you plan it in joint name then Mr. Chopra's advice is to be taken seriously i.e.
"However, it is always advisable to register the house in both names as joint tenants."
Best of luck
Quote:
Orginally posted by LD
If you plan it in joint name then Mr. Chopra's advice is to be taken seriously i.e.
"However, it is always advisable to register the house in both names as joint tenants."
Best of luck
Let me explain 2 types of ownerships which are very common in Canada. They are Tenants in Common and Joint Tenancy.
Tenancy in Common is the type of ownership in which it is possible to have two or more tenants in common, each owning share in the property, e.g. 50:50, 20:80, 10:40:50 etc etc. In Tenancy in Common the ownership of land is by two or more persons, however, unlike joint tenancy the interest of a deceased person does not pass to the survivor, but is treated as an asset of the deceased’s estate. This kind of ownership is more suitable for investors.
Normally, a husband and wife often obtain title to a family home as joint tenants. On the death of either spouse, the survivor automatically receives full title to the property because of the right of survivorship. Joint tenancy is an advantage to the surviving spouse because the house does not form part of the deceased’s estate thereby avoiding problems of administering and settling the estate.
Consult your LAWYER at the time of closing and he will be able to explain the above in some more detail.
Best Regards,
-----------------------------------------------------------------
Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/
