Are you getting ready to put your home on the market? Do you have a loveable pooch or friendly feline? These questions may seem unrelated, but they’re not. The truth is, having a cat or dog can complicate the home-selling process. Many buyers are less likely to purchase a property if they know it has recently housed pets. The good news? If you have animals, we have advice for what to do with pets when showing a house. In this post, we’ll show you how to make your house make a good first impression..

An accurate, unbiased assessment is the foundation of your effective home-selling strategy. Start by booking your complimentary home evaluation with our experts.

What to Do With Pets During a House Showing

It may sound strange—especially if you’re a pet lover. But remember that not everyone is a fan of animals. Even true-blue animal lovers might still feel uncomfortable with your pets,

From the messes they sometimes leave to the distractions they can pose during showings, four-legged family members don’t always make the best impression on home buyers. That’s why one of your first questions is likely to be what to do with cats or dogs during a house showing.

While many sellers believe it’s enough to tidy up and close their pet off in a room, that simply isn’t true. Based on our experience with buyers, we can tell you that it pays to be thorough. That means keeping your dog or cat completely out of sight—and out of mind. This not only helps prospective buyers stay focused on the merits of the home instead of the cuteness of your pets, it also ensures that there are no chances of your furry friend being accidentally let outside during a showing!

Do you want to make the most of your sale, pets and all? The posts below can help:

• A Back to Basics Guide to Maximizing Your Sale
• What Everyone Needs to Know About Selling Their First Home
• How to Stand Out in a Changing Real Estate Market

How to Get Rid of Pet Odour in a House

Pet messes are an instant turnoff for home buyers, so removing all traces of them is crucial. When it comes to stains, we advise using a product formulated especially for animals. For tougher stains or odours, it can be necessary rent a carpet cleaner, or hiring a service. This small investment can make a world of difference for prospective buyers touring (and smelling) your home.

Odours can be even worse than the sight of messes, and much harder to eliminate. Fortunately, there are products that tend to be tough on both spots and odours, so you can take care of two issues at the same time. Solutions from Arm & Hammer, Resolve or Nature’s Miracle can be a lifesaver when it comes to getting rid of dog or cat smells.

To you, nothing is more adorable than a furry little face. To a buyer, shedding is another potential dealbreaker. Even if you clean continuously, you’re bound to find accumulated hair underneath furniture—and stuck to your upholstery. To combat this, In addition to vacuuming frequently, use a lint roller or damp cloth to remove animal hair from your couches and living room chairs.

Repairing Pet Damage

If a buyer walks in and sees damage from your pets, they may start to imagine other things that might be wrong with the house. That’s a road we do not want them to go down!

Animals (especially those of the canine variety) can cause everything from scratched flooring to a torn-up lawn. The best way to prevent potential buyers from worrying about damage is to find and eliminate all signs of it.

For minor scratches on wood, try a blended pencil (available at most home improvement stores) or a new coat of finish. Your landscaping can most likely be restored cheaply—just ask an expert at your local gardening centre for advice. While you’re out in the yard, don’t forget to look carefully for hidden waste!

Interested in learning more about home preparations and the selling process before your listing goes live? Check out the posts below:

• The Power of Staging When Selling Your Home
• What Type of Home Staging Is Best for You?
• Minor Upgrades, Maximum Results

Relocation Options for Your Pet

Of course, when selling a house with pets, it’s not just the obvious signs of a pet that could turn buyers off. For many, the very presence of an animal (even a well-behaved one) can pose a distraction when they’re viewing your property. For these reasons, finding a place for your pet to stay during showing periods is highly recommended.

If you have any family members or friends who adore your furry loved one, ask them whether they’d mind taking on the role of caretaker for a little while. If this isn’t an option, look into the boarding services, pet day care and pet hotels in your area. Some options are better than others, so it pays to do a bit of online research.

While these steps for selling a home with petscan take a bit of extra work, it’s worth it. Doing it right can help you find a qualified buyer and allow everyone (pets included) to enjoy a seamless transition.

Do you want personalized support throughout the selling process? Our top agents in Hamilton & Burlington can help you get the results you need. Get in touch with any questions you have or call 905-332-9223 to reach our office.

Married couples owning and living in a home together is a long-standing tradition. However, high real estate prices have many people looking for other ideas on how to get into the market. One way to make a house more affordable is to buy it as a group. This is why we are starting to see more Tenants in Common arrangements. Parent-child joint ownership is a hot new trend, followed by groups of friends buying together. Done right, this can be a viable way to get your foot on the property ladder. That said, there can be complications if one person wants to sell their share of the home later. In this blog we will answer the question “Can you sell a house under Tenants in Common?” and more.

An accurate, unbiased assessment is the foundation of your effective home-selling strategy. Start by booking your complimentary home evaluation with our experts.

Joint Tenants Vs Tenants in Common: What’s the Difference

Buying or selling real estate can be more detailed than it seems at first glance. The more people involved, the more delicate it becomes. Before going any further, let’s review the two ways your lawyer might set up the title on your deed.

Joint Tenants

What is Joint Tenants? This is the most common arrangement by far. It’s the path of choice for most married couples, but it works for any combination of people. Real estate purchases between siblings, friends or a parent and adult child can all be set up this way.

Under Joint Tenants, all owners on the title have an equal share and an equal right to possess the property. When one owner dies, their portion transfers to the surviving owners automatically.

Tenants in Common

What is Tenants in Common? A group of people buying a house together has the option to set up the title as a Tenants in Common. This allows each member to own a different share of the property.

For example, if you’re putting up the down payment when buying with a friend, you could argue that you own a 70% share and they own 30%. Tenants in Common rights and liabilities are also different when one owner passes away.

Unlike with Joint Tenants, the deceased’s portion of the property does not automatically go to the surviving owner. Instead, it transfers to their estate. After probate, this portion will go to the beneficiary named in the Will.

Selling a house can come with some challenges, but the posts below will help you rise above:

• Selling A House To A Family Member In Canada
• Can You Successfully Sell a House With a Stigma?
• Why Am I Not Getting Offers on My Home?

Can a Jointly Owned Property Be Sold by One Owner?

To better understand the advantages and disadvantages of Tenants in Common, think of what happens when and if you want to sell your share of ownership. The potential for conflict is always there.

Have you ever tried to get any group of people to agree on anything? The discussion of what toppings belong on a pizza can get heated enough, never mind the decision of when to sell a house and for how much. Under Joint Tenants, there is no choice. All parties have to be on the same page, and one person cannot sell without the others’ consent.

Tenants in Common Rights to Sell in Ontario

Separate ownership comes with some advantages. If you’re ready to move on, you don’t need anyone’s permission to sell. Under Ontario law, a Tenant in Common have the right to sell their share without consent anytime, for whatever amount they think is right.

This total separation is ideal whenever there is some distance in the relationships between owners. Between business partners or friends, it gives you more control over what you can do as a partial owner.

You can sell your share when you want to, yet no one can coerce you to sell before you’re ready. You can also transfer your portion to someone else without the other owners even knowing about it.

Getting your house ready to welcome potential buyers is always an excellent first step to selling. Learn more in the posts below:

• Worth It or Not? What Renovations Really Help When Selling Your Home
• How to Prepare Your Home for a First-Time Buyer
• Are DIY Upgrades Ever a Good Idea When Selling Your Home?

What to Know About Selling Under Tenants in Common

You now understand more of the intricacies around the question “Can you sell a house under Tenants in Common” and you know have the right to do whatever you wish with your share of the property. Just be aware that having the “right” doesn’t necessarily mean you have the ability or that it will be an easy process.

This is a common challenge that arises when one owner wants to sell but the other owner does not. Having the right to sell doesn’t help if you can’t find a buyer. And unfortunately, there might be a limited number of people who are looking to buy only part of a title.

Most buyers want to occupy the property after taking possession. This can get complicated very quickly if someone is already living in the home with no intention of moving out.

What’s the solution when a conflict like this arises? Often, you can resolve the issue with one partner buying out a Tenant in Common. This might be difficult if you’re the one who owns only 30% of the title. If you own 70%, buying out the other partner could be easier, especially if they don’t currently live in the home.

As a last resort, you could apply to the court under Ontario’s Partition Act to force the sale of the entire property. However, this is a legal situation that far exceeds the scope of this post. It’s always best to consult an experienced lawyer who can help you navigate your personal circumstances.

If all owning partners are not agreeable to a buyout, you will need to sell your individual share. This means finding a buyer who is willing to purchase only a portion of the title, which may not be an easy feat. Owner-occupiers make up the bulk of the market, but may not be your best prospects.

On the other hand, an investor or a first-time buyer who wants to grow their equity through fractional ownership may very well be interested. The trick is to find them, which presents another challenge.

This is where a local real estate agent with an expansive network comes in. A comprehensive marketing plan will be essential to your success. With the right strategy and by leaving no stone unturned, we can find a buyer in nearly any situation.

Do you have questions about selling your home in today’s market? Our top agents in Hamilton & Burlington can help you get the results you need. Reach out today with any questions you have, or call 905-332-9223 to connect with our office.

What is a home inspection and why does it matter? These are questions we get often —and for good reason. Before purchasing a property, most buyers want to see a home inspection report, but not all buyers know what to look for in a home inspection. We review the key points that all home buyers should be aware of when getting a home inspection.

An expert eye can catch all kinds of things you might miss, from plumbing defects to structural problems. Some issues are more serious than others. Knowing the difference can help you make a more informed purchase.

You’ll have a better idea of whether to place an offer or walk away. With a little expert guidance, you may even be able to negotiate a better price.

What does a home inspection cover, and what does a home inspector look for? Here are just a few things to watch out for.

Are you searching for houses for sale in Hamilton or Burlington? Start by browsing a few of our featured listings.

Dampness in the Basement

Water damage is one of the primary things a house inspector looks for when you are considering buying a house. If your report notes any dampness, you’ll want to figure out where it’s coming from. Is it a burst pipe or plumbing leak? An improperly sealed basement?

Depending on the source, it could be an easy fix, a costly repair or an ongoing problem. One of the worst-case scenarios is mold. In addition to making it harder to sell your home in the future, this nasty surprise can create serious health problems.

If you suspect there may be mold in a home you want to purchase, consider contacting a specialist as this goes beyond the scope of most regular inspections. Better safe than sorry!

The posts below will help shed more light on the home selling process:

• What’s in Your Listing Agreement?
• Is It a Good Time to Sell My House in Ontario?
• How to Price Your Home for the Market

An Old or Damaged Roof

A home inspection will always include checking the roof. A roof built with high-quality materials should remain in good condition for 20 to 25 years, and some can last even longer. On the flipside, damage from wind, rain and general wear and tear can reduce the lifespan of this critical home component.

That’s why it’s so important to have a good sense of the age and condition of the roof for any home you’re considering. If you’ve never replaced one before, trust us: it can get pricey! We’re talking thousands of dollars. Given the cost involved, you may want to try negotiating to get the sellers to replace it for you.

Foundation Cracks

The most important aspect of the inspection report is arguably the structural integrity of a house. Chances are, a home you’re considering will have some cracks in its foundation. Those that run vertically are common, and they’re usually nothing to worry about.

Horizontal cracks may be a sign of something more serious. Fortunately, uncovering flaws like these is what a home inspector does. A foundation expert can tell you how structurally sound a home actually is—before you sign that purchase agreement.

Once you’ve read your report, feel free to follow up about any foundation cracks they may have found. If there’s any uncertainty, bringing in a specialist may be your best bet. Alternatively, you may ask your Realtor® to move on and show you the next listing.

Outdated Wiring

A key focus that home inspectors check is wiring. Outdated or faulty wiring is a leading cause of house fires. A detailed home inspection report can help you determine whether the home you’re considering is at higher-than-average risk.

The biggest thing to look out for is knob and tube wiring. This method is no longer used for new houses, though it can still be found in a lot of older homes. We want to stress that knob and tube wiring isn’t always dangerous. Issues mostly arise when it’s poorly maintained or repaired using DIY methods.

Are you planning to sell your home? The posts below will help you get the results you’re looking for:

• 8 Important Things to Remember When Selling Your Home
• How to Sell Your House Fast
• What’s Your House Really Worth?

Grading

A home inspection will also cover an assessment of the grading around the home.“Grading” has to do with the slope of your land and the direction that water runs in. This isn’t just about how your landscaping looks.

Improper grading can lead to pooled water around your home, foundation problems and even basement flooding. To avoid these issues, be sure to ask your home inspector if you have any unanswered questions about a home’s drainage and grading.

Ready to start your search or wondering how to find a home inspector? Our top agents in Hamilton & Burlington can help you make connections and secure the perfect house. Get in touch or call 905-332-9223 to take the next step.

When the weather is sweltering, and the heat won’t let up, many people fantasize about having a cool, crisp pool in their backyard. A pool can be a great source of fun, a new way to exercise and attract and impress house guests. Best of all, it lets you fend off those sweat-inducing summer days better than a popsicle or lemonade ever could. Only one question remains: Does a pool add value to a home in Ontario?

The answer here will be different for everyone. The following factors can help you decide whether installing a pool will benefit your property or inhibit its price and selling potential.

If you plan to move, it’s often better to search for a house with a pool for sale rather than installing one from scratch. You are sure to find incredible opportunities here in our featured listings.

Do Pools Increase Home Value?

Whether pools add value to home when selling your home depends primarily on the buyer. Demand is dictated based on their personal tastes. If you’re selling in a prestigious neighbourhood, a swimming pool can add a luxurious touch.

How much value a pool adds to a house can also depend on the time of year you are selling your home. Selling and showing your home in the middle of a heat wave could give your pool some added value in the eye of a prospective buyer. Many buyers will immediately imagine themselves diving into the cool, refreshing water. In this case, the pool can represent incredible value.

On the other hand, Canadian summers tend to be short, and a buyer may not see the appeal in the dead of winter. Before placing an offer, they may start Googling, “how much is pool insurance per month” and “how much does it cost to maintain a pool in Ontario?”

In the end, many would-be buyers might worry that a pool will be expensive and time-consuming. Everyone has different priorities. Some will see it as an asset well worth paying a premium for. Others will see it as a nuisance and vow to never buy a house with a pool.

Presentation is everything when selling your house! The posts below will help you create a positive first impression:

• Worth It or Not? What Renovations Really Help When Selling Your Home
• How to Prepare Your Home for a First-Time Buyer
• Minor Upgrades, Maximum Results

Is Your Backyard Large Enough to Accommodate a Pool?

When deciding whether or not to get a pool, think of how buyers will perceive the outdoor space. They want to be able to sit on a patio, do some backyard gardening or have enough room for a shed. There are all kinds of possibilities that this extra space can provide. The right arrangement can make your property appear more versatile.

If your backyard still has space after a pool installation, this bodes well for your property. On the other hand, a pool that completely dominates the yard might be a minus.

Consider the Local Climate

Consider how long your pool will be a viable asset throughout the year. Remember that most people can only get four or five months of use out of your pool before the weather cools down.

A backyard in a bright, sheltered area with plenty of sun and little wind might extend the pool season, especially with an efficient heating system. The more use a potential buyer can get out of the pool, the more value it will have from a buyer’s perspective.

Do you want even more tips for a successful home sale? The posts below will keep you on the right track:

• Selling Your House in Hamilton? Here’s How to Make the Most of It
• 8 Important Things to Remember When Selling Your Home
• Why Home Sellers Need to Think More Like Buyers

Is It Harder to Sell a House With a Pool?

On paper, the right pool addition could add monetary value to your home, but it could just as easily drive buyers away. Depending on your location and what buyers are looking for, adding a pool might actually make your house harder to sell.

There are several other factors to consider. A pool that stands out like a sore thumb in your backyard, or even your neighbourhood as a whole, can be detrimental to your property’s value. However, if the pool blends well with your property and looks stunning, the opposite could be said.

Keep in mind that pool maintenance plays a large role in overall appeal. You don’t want buyers to start worrying about how long pool liners last. If they start to imagine swimming in an algae-ridden pool, it’s likely an automatic dealbreaker.

Lastly, installing a brand new pool is expensive. It can be a risky endeavour if you’re hoping to add enough value to your sale price to make the installation profitable.

The best time to add a pool may be when your home sale is a couple of years away. You can never go wrong when it’s for your own enjoyment. If your investment increases your home’s value later on when it’s time to sell, that’s an added bonus.

Are you wondering what other home improvements can increase the value of your home? Our top agents in Hamilton & Burlington are happy to talk strategy. Reach out today with any questions you have, or call 905-332-9223 to connect with our office.

Few life events are more stressful or heart-wrenching than going through a separation. Amid the emotional turmoil, you still have to figure out what to do with the house that you and your former partner shared.

The legal aspects of the division of assets during divorce are one of your most significant challenges. A separation can be messy and confusing even when both partners are relatively amicable. (Disclaimer: Please take this article as general information and not for legal advice. It’s important to seek out an experienced lawyer if you are considering a divorce.)

Once your separation is behind you, the path forward becomes clearer. The trick is in getting there. In this post, we’ll provide some general answers to your questions regarding real estate and divorce.

If change is in the air, an accurate, unbiased assessment of your home’s value is critical. Book your complimentary home evaluation here.

How Are Assets Divided in a Divorce in Ontario?

The division of assets in divorce is governed by the Ontario Family Act to ensure an equitable division of wealth. It is a bit simplistic to say that everything gets divided 50/50. The truth is more complex, which is why the technical term is that we “equalize” assets between partners.

Some assets, such as the matrimonial home, might be split straight down the middle, others will be calculated based on the length of the union, any marriage contracts that are in place and the calculation of the growth in each partner’s net worth from the date of the union to the separation.

First, you and your partner, or better yet, your individual lawyers, will calculate the Net Family Property (NFP). Essentially, this is the value of all assets minus any debts that you own together as a family. Some property that either of you owned before the marriage will be excluded from this value.

A fast and seamless sale is often a high priority during a divorce or separation. The posts below can help:

• How to Sell Your Home After a Divorce
• 8 Important Things to Remember When Selling Your Home
• How to Sell Your House Fast

What Is a Matrimonial Home?

Matrimonial home rights in Ontario are in a separate category from all others. For the most part, property owned by one partner before the marriage is excluded from the Net Family Property. The matrimonial home shared by both partners is always included no matter how long one partner owned it first.

For example, imagine you get married later in life after living in a house you’ve owned for many years. The mortgage could even be entirely paid off. If you now get married and your spouse moves in, the property becomes the matrimonial home, and its entire value is now included in the NFP. If you divorce, your former spouse is entitled to their share of the proceeds when selling the home.

What if the house isn’t yet paid off? Let’s say you bought property five years ago for $500,000 and still have $400,000 remaining on your mortgage. If you divorce and sell the home, you have an NFP of $100,000. Your former spouse is now entitled to half of the gain in value, which works out to $50,000.

The fact that real estate appreciates in value complicates matters even more. Let’s think back to the previous example where you bought a house for $500,000. The difference now is that the house has grown in value to $550,000.

Upon selling, subtract the $400,000 mortgage from the total price. This leaves you with $150,000 in cash after paying off the loan. Once again, your spouse is entitled to half of the proceeds ($75,000).

Timing can also affect your rights based on when you or your partner leaves the matrimonial home. It’s important to seek legal counsel as early as possible when considering a separation.

Does My Spouse Have Any Right to My House if I Owned It Before Marriage in Ontario?

What happens to property owned before marriage in Ontario depends on whether it was the matrimonial home. If your spouse moves in after marriage, they have a right to the property unless you have a marriage contract that states otherwise.

If you own an income property before you get married, your spouse doesn’t have a right to it initially. However, any income earned and equity growth after the marriage gets added to the Net Family Property. Thus, a $500,000 home that you bought but don’t live in is yours and yours alone. However, if it increases in value to $550,000, $50,000 will be added to the FNP, which will then be equalized in the divorce.

What if you own a cottage or vacation house that you and your spouse visited together throughout your marriage? This can be a contentious issue, as the courts could state that this became matrimonial property.

Unlike the Principal Residence Exemption, you can have more than one matrimonial home. If there is a pattern of visiting the house as a family, such as every summer or even a few weeks every year, the property you owned before marriage could be considered part of the FNP. If in doubt, always consult with a lawyer.

Who Gets the House in a Divorce With Children?

This is one of the first questions anyone asks when divorce becomes a possibility. There isn’t a single answer that works in every situation. Sometimes, the family’s financial state requires the house to be sold for a fair and equitable division of assets.

However, separation is particularly hard on children. Allowing them to stay in their home can provide a sense of stability even when everything else changes. If possible, one partner can consider buying out their spouse’s share of the matrimonial home.

Where can you turn for support when selling your home in a challenging situation? The posts below can provide some much-needed guidance:

• Our Full-Service Real Estate Team’s Guide to Marketing Your Home
• The Power of Staging When Selling Your Home
• Fact Vs Fiction About Working With A Real Estate Agent

How to Buy Out a Partner in a House

In 2024, the Canadian Mortgage and Housing Corporation updated its guidelines to make it easier to buy out a spouse from the matrimonial home. Traditionally, a lender would only consider refinancing a home for 80% of its value.

Under the newest version of the CMHC Spousal Buyout Program, you or your partner can potentially refinance at up to 95% of the home’s value. However, you would still need to qualify for a loan based on your ability to cover the mortgage payments and other carrying costs on your own.

A separation or divorce can feel overwhelming while you’re in the middle of it. During your darkest moments, try to remember that a fresh new beginning is around the corner. The support of loved ones and expert guidance will help you come out stronger and ready for a new chapter of your life.

Do you have more questions about your specific situation or want a customized plan for selling your home? Our top agents in Hamilton & Burlington can give you the answers you need. Reach out today with any questions or call 905-332-9223 to connect with our office.

Selling your home to a family member can seem like the perfect win-win situation when it’s time to move on to a new phase in your life. You don’t have to search far to find a buyer, and your relative takes what may be their first step onto the property ladder.

Keeping the house in the family can solve a lot of problems. However, it can open up a whole new set of issues if you are not prepared. In this post, we’ll talk about what you need to know about how to transfer property to a family member. (Disclaimer: This article is for general information only and is not to be construed as legal, financial or tax advice. Please consult with a real estate lawyer and financial advisor to stay compliant with Ontario laws.)

Understanding Fair Market Value is essential when transferring property to a family member. For an unbiased assessment, book your complimentary home evaluation here.

Can You Gift a House to Your Child?

Gifting property to children should be simple, but there are several legal and tax implications to be aware of. Whether you gift a house in its entirety or sell it to your child for $1, the Canada Revenue Agency (CRA) will assume that you sold it for Fair Market Value (FMV).

Unless the home falls under the principal residence exemption, one or both of you will pay capital gains at some point. This means you’ll add 50% of the increase in value to your income for that year, which hurts all the more if you didn’t actually receive full value from the sale to begin with.

Your recipient can also be affected by a gifted property later on. Again, the CRA will assume they have acquired the property at its FMV. If they sell it after its value increases, they will have capital gains unless the home is their primary residence.

Is downsizing your home on your agenda? If so, you may also enjoy the posts below:

• Signs the Time is Right to Downsize
• Should You Sell Your Home and Become a Snowbird?
• Selling a Home for Someone Else? Here’s What You Need to Know

Gifting your home is only one option to help your family member get into the market. Here are some other avenues that may be worth exploring.

Parent-Child Joint Ownership of a House

Transferring ownership of property from parent to child before death might seem more straightforward. If you want to avoid probate, it is essential that you set up the title correctly as a joint tenant. Upon the passing of one party, the property then transfers to the surviving owner automatically.

Keep in mind that land transfer taxes could still apply whenever the ownership transfer is not between spouses. In addition, capital gains could be a factor without the principal residence exemption. We highly recommend speaking with an experienced lawyer to ensure all of your legal bases are covered.

Holding the Mortgage for Your Relative

If your home is fully or mostly paid off, you might also consider holding the mortgage for your family member. This is called a Vendor Takeback Mortgage, and like all aspects of real estate, it can get complicated.

Always ensure that you have a written, legal contract and never rely on verbal agreements, not even when it comes to family. The document should clearly outline all terms, such as the interest rate (even if it’s 0%), the repayment schedule and amortization period. Your real estate lawyer must then register the mortgage with the Land Registry Office for it to be official and enforceable.

Selling a House to a Family Member Below Market Value

As a homeowner, you can technically sell your property at whatever terms you want as long as you are aware of the implications. The transfer is always deemed by the CRA at Fair Market Value regardless of the actual dollar amount that changes hands. Complications aren’t just due to taxes or other legal issues, either.

Gifting a home or selling it significantly below market value can also impact family dynamics. Your generous gesture can be relatively simple if you only have one child. However, it could cause jealousy or feelings of favouritism when multiple children are involved.

Open communication can eliminate any friction before it starts. For example, if one adult child is already a homeowner and the other has yet to get into the market, gifting a house makes more sense. Whatever you decide, try to be as clear as possible about your wishes and your reasoning for them.

Gifting the Down Payment

Not everyone is in a position to gift an entire house to their family, no matter how much they may want to. Gifting a portion of the down payment is another viable way to help a family member with fewer legal and tax repercussions.

The lender will likely require a letter stating that the funds are a gift, rather than a loan to be repaid, before finalizing the mortgage amount. Gifting cash is far simpler since there is no deemed disposition to worry about. As the giver, capital gains are not an issue, now or in the future.

Can You Transfer a Mortgage to a Family Member?

Transferring the title of a property to a family member is no simple matter. It gets even more complex when the home still has a mortgage. In most cases, you can’t just change or add another name to the loan.

Typically, your family member will have to apply for a separate mortgage in their name to cover the balance owing on the house. There are risks involved even if the bank does allow the new owner to assume the existing mortgage. For example, you could be held liable if they default on their payments.

Looking for advice for a challenging real estate situation? The posts below could help:

• What Resources Are Available When Selling a Family Member’s House?
• Selling an Inherited Home
• What if I Find a Private Buyer for My Home?

How an Experienced Real Estate Agent Can Help

Finding a buyer for a property is only one small part of a real estate agent’s role. Even during a private transaction, you can’t discount the value of a knowledgeable and experienced professional to guide you through a challenging situation.

A qualified Realtor® can help you determine the Fair Market Value for the home and draft a fair and legal Agreement of Purchase and Sale. The legalities may seem unnecessary when keeping a home sale within the family, but there is another way to look at it. Ensuring everything is above board will help avoid future disputes and misunderstandings while acting as an objective third party that you can turn to throughout the process.

Do you have questions about selling your home in today’s market? Our top agents in Hamilton & Burlington can help you get the results you need. Reach out today with any questions you have or call 905-332-9223 to connect with our office.