If you want to make a family transfer of property or any other valuable asset, you will need legal help in drafting agreements and conducting a seamless transfer. Cube Law helps you with such family transfers and guides you throughout the process.
People may transfer real estate properties and other assets to their family members for several reasons. They may want to make their loved ones joint property owners. They may also want to gift their family members valuable assets. People also create family trusts and transfer their assets to these trusts which benefit their loved ones.
Whatever the case may be, our property lawyers at Cube Law will help you make the transfer legally and efficiently. They will help you draft the necessary documents, inform relevant parties, and help you with dispute resolution if some property-related issue arises.
Family transfer of property is often done as a gifting gesture. People also conduct these transfers to make their immediate family members joint owners (especially after marriages or the birth of children).
Our property lawyers in BC help you prepare the documents you need to conduct family transfers. For example, if you want to gift a property to a family member, you will need a gift deed. Our lawyers also represent you in court and resolve your property-related issues if they come your way.
Yes, you will be liable to pay property transfer tax and capital gains tax after making a family transfer of property. There are also certain exemptions and tax benefits under specific circumstances. Consult your property lawyer in BC for more details about these benefits.
What is Family Transfer?
The term “Family Transfer” refers to the process of transferring ownership of an asset, in this case Real Property, between the members of the same family. Alternatively, the transfer can be made to a trust solely for the benefit of the Owner and/or their immediate Family. Ownership may also be transferred to a partnership or a limited liability company, as long as the partners or shareholders are restricted to the Owner and their Immediate Family, and they all comply with the agreement’s terms. For clarification, “Immediate Family” usually includes the spouse, children, grandchildren, adopted children, stepchildren, and grandchildren.
Why do you need it?
Transferring real estate to a family member can be motivated by several reasons, such as making a spouse a joint owner of a property that was previously owned by one partner, or a parent gifting part or all of a property to their child. It is crucial that family members involved in the transfer execute a written agreement that unambiguously delineates the transfer’s terms. If the real estate is gifted to a family member, a Deed of Gift is required to serve as proof of the gift.
A family transfer involves transferring property ownership within a family, which can be crucial for estate planning, gifting, or restructuring ownership.
We assist in drafting and reviewing transfer agreements, ensuring compliance with legal standards, and managing the documentation process.
We know life can be challenging. Unforeseen circumstances and unplanned events can mean big changes. That’s why we’re here. We bring the right support, guidance, advice and assistance to help you navigate the tough times…and make life just a little bit easier to handle.
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