WHAT IS A TRANSFER DEED?
A transfer deed is a document that evidences the transfer of ownership from the transferor to the transferee. For a buyer, the transfer deed serves as proof that they now own the property. For a seller, the transfer deed serves as evidence that they have sold the property. In Ontario, with limited exceptions, transfer deeds are registered electronically through the e-reg™ system and must be registered by a lawyer. The Land Registration Reform Act sets out that an electronic transfer deed must contain, among other things, the consideration for the transfer, a description of the property, names, and addresses of both transferor and transferee, signatures of both the transferor and transferee, applicable registration and land transfer tax fees, the interest or estate being transferred, a statement that the transferor transfers the land, a statement that the transferor is at least 18 years old, a statement of the transferors spousal status, and the transferee’s date of birth. On the date of closing, the transferor and transferee’s lawyers will sign the transfer deed on behalf of their client and the transferee’s lawyer will register the transfer deed, effectively transferring ownership of the property from the transferor to the transferee. Once registered, the transfer deed will be assigned a unique registration number, which can be used to obtain a copy of the transfer deed from the Teraview system.
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Disclaimer: The information contained in this article is not to be construed as legal advice. The content is drafted and published only for the purpose of providing the public with general information regarding various real estate and business law topics. For legal advice, please contact us.
About the Author:
Shahriar Jahanshahi is the founder and principal lawyer at Jahanshahi Law Firm with a practice focus on representing business star-ups and investors in the province of Ontario. For further information about Shahriar Jahanshahi, click here.