I want to transfer ownership of my property title or do a Covenant Change.

If you wish to remove or add an individual to the property title, we can assist you with this process. However, it is crucial to discuss this with your mortgage lender as they have a vested interest in the property, and you cannot complete the transfer without your mortgage lender’s knowledge and consent.

Your mortgage lender may agree to a “Covenant Change” where they instruct our office to register a transfer of land/ownership reflecting the new individuals on the title. Alternatively, they may require the preparation and registration of a new mortgage if necessary. In this case, the process is similar to a new home purchase, where a new mortgage is prepared, registered, and funded. The previous mortgage is then paid out in full and discharged.

The individuals remaining on the title may need to qualify for the mortgage on their own.

It is important to consider whether the original mortgage was insured, as the original borrower may still be liable under the mortgage even if they are removed from the property title. We recommend discussing this aspect with your lender to understand the implications fully.

The first step in transferring a title is to talk to your mortgage lender. Once their requirements are known, our office will be happy to facilitate the necessary steps based on their instructions.

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Updated on August 21, 2023