Losing someone you’re close to can be a very painful experience. Unfortunately, dealing with the logistics—such as the funeral and estate—can make things even more difficult. That may be especially true when you’re taking possession of a home that was owned (in whole or in part) by the deceased. Those who find themselves in this situation are often unsure about the process—and whether it’s necessary to change the name on the property’s title.

If you’re taking possession of a home owned by someone who has recently passed away, here’s what you should know…

Joint tenancy & the right of survivorship

In Ontario, there are two ways to co-own a home with another person. You can either be considered joint tenants, or tenants in common. In the latter case, you will have what’s known as the right of survivorship. This means you get full ownership of the property when the co-owner passes away.

If you and the deceased were tenants in common, the situation may be a bit more complicated. The deceased’s interest in the property isn’t necessarily passed along to you. Instead, it will go to the beneficiaries in their will—and you may have to work with them to come to an agreement about what to do. When a decision can’t be reached, it usually means selling the house for fair market value—with each party receiving their share of the profits.

If you’re not sure which of the scenarios above applies to you, you’ll need to check your Title Register Document. When there are other beneficiaries involved, your lawyer can help you understand your options.

The timeline—and how probate may affect it

Probate is fundamental to the splitting of assets, including real estate. If there’s any question as to what will happen to property owned or co-owned by the deceased, it’s important to understand how this process works.

Essentially, when an Ontarian passes away, their last will and testament guides what will happen next. This crucial document will name someone, known as an executor, to distribute the estate to its beneficiaries. Included in these assets is their property.

Before any real estate (or other assets) can begin to change hands, the executor’s authority must be affirmed through the courts. This process is known as probate, and it typically takes 6 to 8 weeks.

Changing the name on title

In some cases, taking full ownership of a deceased person’s property is straightforward. For example, if you and your live-in partner were joint tenants, you’re entitled to the home after they pass away.

In these situations, you’ll still need to change the name on title. Your lawyer can do that for you, and there may or may not be an extra fee involved.

There are few things as difficult as losing a loved one. When you’re concerned about the logistics of your living situation, it can make matters even more challenging. By working with a trusted legal professional, you can ensure that all of your i’s are dotted and your t’s are crossed.

Preparing to buy a home? For over 36 years, our clients have trusted us to minimize risk, offer unbiased opinions, and ensure their best interests are served. Contact us today to talk about your needs, by emailing us at info@christensengroup.ca or calling us at 416-441-2888 ext. 772.