Mtg Title

[dianab]

Hi!
I have just had my most recent offer accepted on rental property #3. My lawyer has stated previously that because the down payment came from a joint account that the Title had to be registered in my name and my husbands name. We are not incorporated, but would love to hear from others around this. We want the rentals in my name alone. Is there rules around this? Do the rules vary from place to place? This property is in Barrie Ontario. Thanks so much for your help in this area.

 

[Thomas Beyer]

Perhaps a new layer is in order !

YOU decide who owns it .. not the lawyer !

There maybe an accounting issue if the $s come from a joint account .. and there maybe a mortgage qualification issue to verify downpayment.

 

[RobMacdonald]

I`ve never come across this issue before. It is not usually the lawyer who dictates who would be on title, becuase of the downpayment funds, it is the bank. The lawyer is acting on behalf of you and the bank, so yes, consult a different lawyer.

 

[dianab]

Thank you. I suspected this might be the direction to go in, however I wanted to make sure I wasn`t missing any legal rules in the process and getting a new lawyer without "just cause". I really appreciate your feedback!



Diana