Transfer of Title Upon Separation or Divorce

When a marriage is dissolved, one of the most important questions is what to do with the matrimonial home. The easiest answers are:

  1. Sell it and divide the equity, or
  2. One party buys out the other and continues to live in the home.

When a couple decides to sell the matrimonial home to the other party upon separation, it is required that the spouse remaining in the home make a one-time lump sum payment to the other. This often involves re-financing.

First, you would need to confirm that you can afford the home on your own. The lender will need to re-qualify the applicant according to the new circumstances before they will allow the ex-spouse to be removed from the title of the property and released from the mortgage obligations. If the applicant does not qualify on their own for the re-financing, it is possible to have a co-signer. It’s also important to keep in mind that most lenders require parties to have a Separation Agreement in place before the re-finance will be considered. Both processes require the assistance of a real estate lawyer.

Have questions?

Contact us to discuss your real estate purchase matters.

Kattie G. Ross and her team handle family law, mediation, real estate, and estate matters in Cobourg, ON, and the surrounding area of Northumberland County.

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