How to change property title name in Edmonton? Well, changing the property’s name is a crucial step towards completing the buying or selling of a house. This is as complex as investing in real estate. Moreover, there could be several other reasons to change the property title name.
Death, divorce, or any change in your personal situation can cause you to change your property title name. When you may face the necessity to change a name from the property deed, you need to know how to change the property title name in the first place.
After reading this article, you will have extensive knowledge in using quitclaim and warranty deeds. In addition, this can help you in learning the process of changing property names.
- 1 Possible Reasons Behind Changing the Name of the Property
- 2 A Brief Understanding of Quitclaim Deed
- 3 How to Change Property Title Name in Edmonton: 5 Simple Steps
- 4 Conclusion
Possible Reasons Behind Changing the Name of the Property
There can be several reasons behind changing the property name. However, some of the most common reasons are related to alterations in personal circumstances.
The first situation may arise at the time of divorce. When you and your partner decide to part ways in life, one of you could want to keep your share of the property. You can buy off the share of the property from your spouse. In such a situation, the name of the property needs to be changed.
The second situation arises with the death of a property owner. The death of a property owner brings out the necessity to remove or alter the property ownership title for establishing the person’s will and distributing the asset.
In both cases, it is required to remove the ownership title to either keep any particular name or change the property title to a new owner.
A Brief Understanding of Quitclaim Deed
The easiest possible way to remove or change a name from the property title is a quitclaim deed. Moreover, this method is the least expensive and can quickly be done by downloading the forms from the internet.
The quitclaim deed is a process to hand over the property title to another person. In other words, this is the sign-off process in changing the property title name.
When someone signs the quitclaim deed, the person has no remaining ties with the property. Therefore, the person cannot claim any right over the property anymore.
However, quitclaim deeds can involve higher risks. There is no warranty or money involved in the signing process. As a result, buyer protection is also low. Such a drawback results in using the process only between people who trust each other.
How to Change Property Title Name in Edmonton: 5 Simple Steps
A Quitclaim deed is also known as a deed of conveyance. It is the responsibility of both buyer and seller to complete the form. It is also the most common way to remove and change property title names. Here are 5 simple steps to complete the process.
Step 01: Discussing Property Ownership with the Interested Parties
The first step is to consult with the co-owners about the title changes of the property. You need their agreement before making any changes to the property title.
There are two deeds of conveyance to change property title. One is a quitclaim deed, a legal document that does not assure that anyone can claim to own it. The other one is a warranty deed. This is the opposite of a quitclaim deed that ensures no one can claim ownership of the property.
Among the two ways, the quitclaim deed is easier to file. This is the most commonly used procedure in changing property titles. However, the warranty deed makes more sense when there are several owners involved. This type of deed of conveyance also minimizes future issues.
Step 02: Gathering the Copy of the Title Deed
The next step is to prove that the name you are trying to change is already included in the title deed. This is a document that verifies the current name and legalizes your authenticity to change the name.
The document can be collected from the local land title office. It could be available online as well.
Step 03: Filling Up and Signing the Quitclaim or Warranty Form
You can download the quitclaim or warranty form from the website. You can also get the form from the office of the local land title. The forms are valid only when you fill them out correctly.
The form must include all parties related to the deed and must be signed by all of them. In addition, there are several things that you must confirm while filling out the form.
The first thing is the signature and name of the grantor and the grantee. The grantor is the person whose name is going to be removed from the property title. The grantee is the one whose name will be added after removing the last name.
The next thing to fill out is the complete and the proper address of the property. It also includes the location of the place where the deed is being signed.
After that, fill out the reason behind the change in the property title. With this, you should also carefully include any benefit the grantor will be receiving.
Other necessary information like the PIN, relevant tax documents, document reference number, death certificate, and the form of ownership must be attached to the form.
Step 04: Submitting the Form
Once all the necessary fields have been filled out, review the complete form to avoid any mistakes. Next, attach all the required documents. Then submit the form to the local land registry office.
Step 05: Requesting for a Certified Copy
The final step is to keep a copy of all the files to yourself. Therefore, you should request a certified copy of the deed. This can cost you a small amount of money. Regardless, it can save you from any future legal trouble or dispute related to real estate ownership.
Following the 5 steps to how to change property title name in Edmonton should do the trick for you to change the ownership name of a house or building. The quitclaim deed should be the best option if the name is changed from someone close to you. Nevertheless, it is always best to seek real estate lawyer support for such activities. Legal works can be complex, and attorneys can guide you through the whole process.