Family Property Transfers in Langley and Aldergrove

A family property transfer may be needed when an ownership interest in property is being changed between family members. Even where the transfer is between related individuals, legal requirements and tax rules must still be considered.

British Columbia provides property transfer tax exemptions in certain circumstances, including the Related Individual – Principal Residence exemption for qualifying transfers.

This may include:

• transferring all or part of an ownership interest
  
• transferring an interest in a principal residence
  
• reviewing whether a property transfer tax exemption may apply
  
• completing documentation connected with Land Title Office registration

In British Columbia, a notary in good standing may draw instruments relating to property that are intended, permitted, or required to be registered, recorded, or filed in a registry or other public office. 

The applicable requirements depend on the property, the nature of the transfer, and whether an exemption is being claimed.

Property transfer tax in British Columbia is generally based on fair market value at registration, unless an exemption applies or a pre-sold strata rule applies.

Items that may need review include:

• the ownership interest being transferred
  
• whether the property is a principal residence
  
• whether a property transfer tax exemption may be available
  
• what documents are required for registration-related steps
  

In many cases, the transfer may also require review of any mortgage registered against title. If a transfer of ownership is involved, it generally cannot proceed without the lender’s consent or without arranging new financing, such as a mortgage refinance.`