Append Payment Deed For Free

As a homeowner, you have the ability to execute a quitclaim deed to change ownership, and you don't need to refinance the mortgage loan to file a quitclaim deed. Filing a quitclaim deed will change only the property's ownership and title, not anything regarding the loan.

The person whose name is on the deed has the title to the property. It doesn't matter whether the property was transferred by purchase, inheritance or gift. It's the deed that transfers title. The title deed has the property's legal description, including property or boundary lines.

In BC you have to file an electronic FORM A land transfer at the Land Titles Office to add someone's name to your property title. However by doing so, you are doing more than just adding a name. You (the transferor) are legally transferring an interest in the property to the other person (the transferee).

Adding a child's name to a deed gives him or her an ownership interest in your home. As a result, you cannot sell the home or refinance your mortgage without your child's permission. Technically speaking, your child could even sell his or her share of the property without your consent.

Deeds are distinct from contracts as they are usually enforceable despite a lack of consideration. Consideration is anything given or promised by one party in exchange for the promise of another.Also, deeds generally allow for a longer limitation period within which a claim under the instrument may be made.

When you add someone to the deed, all or a portion of your ownership is transferred to that person. Once it's done, you can't take it back unless the person you've added provides consent to be removed from the deed. He or she can take out a loan on the property, tear it down, or even sell their share of the property.

If the property is owned by more than one person, it is called joint ownership. In case of coparcenary, the male members and daughters have a common and an equal interest in ancestral property.