Transferring A Mortgage From Parent To Child

Transfer of a property to a family member most often happens when parents pass a property onto their child or children. After owning an investment property, parents may choose to gift it to their children rather than selling.

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If your child inherits the property upon your death instead of you transferring the deed to them, the child will receive the stepped-up basis, where the value of the property on the date of your.

Your parents could even sell it to you at a price equal to the mortgage balance, bearing in mind, there will be stamp duty and conveyancing costs for transferring ownership, just like a normal sale. The benefit of a favourable purchase is that you can avoid the costly expenses of a real estate agent.

‘If there is no new or existing mortgage, and the transaction is between close relatives, we could complete a Transfer of Equity. We would, however, require the parents to seek independent legal advice. However, if a mortgage lender would be involved, the mortgage lender would request this be conducted as a separate sale and purchase’.

The way things are set up now through the Department of Education, parents cannot transfer loans to a child, and parents are solely responsible for paying back the loan. But there’s a way to get around this: refinancing parent PLUS loans in your child’s name. To refinance parent PLUS loans, your child must apply.

If you wish to put a piece of property in your child’s name, the process is rather simple–it simply requires you to "sell" the house to him, usually for $1. If you wish to transfer a property with an existing mortgage to a child, the process is more challenging. This does not necessarily require a refinance, but that is the easiest way to do so.

Will I pay land transfer tax when my parent(s) later conveys legal title to me? If the parent did not acquire a beneficial interest in the property as a result of the conveyance, the Ministry of Finance may accept the fact that the parent was on title as a trustee for the child.

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