going to land titles to change names

[autumnrain]

so previously i know you could walk into land titles, [ay the $63 bucks), and sign over the land title to someone else.

I heard they changed the rules as of June and you must now also change the mortgage over?

is this true?

this is the scenario:

my uncle and wife wants "give" the house to his sister.
can the 3 of them just go to land titles in calgary and bring photo ID and sign over the title?

[HRD2PLZ]

I don't believe they can if there is a mortgage on the property because then the property is owned by someone completely different than the mortgagee and in the event of foreclosure, the bank can only go after the mortgagee.

[Thaco]

i don't know a lot about land titles, but if it's similar to anything else, you cant change ownership if you don't own 100% of it, in which case for a house, you wouldn't if there is a mortgage...

[JRSC00LUDE]

I don't know anything about Alberta Land Titles, but the info. posted here isn't correct in relation to SK Land Titles and I can't imagine they are that different given that they are both based on the Torrens system.

Why don't you just call Service Alberta and find out?

http://www.servicealberta.gov.ab.ca/591.cfm

[autumnrain]

Thanks I will call them.

[06civic]

I asked a MTG Broker once, and he said, "They CANNNN but there names are still on the MTG so they are still liable"

[blinkme_210]

I deal out mortgages & HELOC's everyday for BC & AB.

If there is no mortgage or HELOC on the property, then yes, it is simple as walking into land titles & changing over the names.

However, if there is a mortgage or HELOC outstanding on the property, then the names must match the title & security. In case anything happens to anyone listed on the security & title, the financial institution will go after the others.

Example: If a husband, wife and son are listed on a title and mortgage, and the husband dies; the wife and son are left with to deal with the outstanding mortgage amount.

[blinkme_210]

Originally posted by 06civic
I asked a MTG Broker once, and he said, "They CANNNN but there names are still on the MTG so they are still liable"

Of course, because the financial institution signed the contract with the original mortgagees. And it is the financial institution whose name is listed as a charge on the property against the mortgagee.