If you own a property alone and has been using that property as a family residence/matrimonial home (as defined within the meaning of Family Law Act), the other spouse whose name is not on the title of the property must provide a written consent to the sale of such property. The non-owning spouse would also sign the ‘spousal consent’ on the Listing Agreement, OREA form- Agreement of Purchase and Sale and any amendment to the Agreement of Purchase and Sale. The non-owning spouse will also sign the spousal consent forms at their lawyer’s office.

The spousal consent would usually apply to the sale of the matrimonial home only and not to any other investment properties that the seller and non owning spouse owns.

Call us for more information @905-290-7205.

March 17 2015

Title Insurance is an insurance policy that protects the owners of the residential and commercial property owners and lenders against the losses related to the property title up to the face amount of the policy. It provides coverage for the title related risks associated with real estate transactions. Title risks and coverages are specifically mentioned in the policy.

For a onetime fee called premium, title insurance will protect the home owner as long as he/she owns the property and will cover losses to the maximum coverage as set out in the policy. The title insurance is effective at the time of the closing. A property owner has a direct claim against an insurance company if a specified title risk causes a loss.

Call us for more information @905-290-7205.

March 17 2015