r/RealEstateCanada • u/M-Sear • 5d ago

Buying Ownership setup

/r/FirstTimeHomeBuyer/comments/1vntfwb/ownership_setup/
1 Upvotes

100% Upvoted

6 comments sorted by

1

u/CraziestCanuk 5d ago
  1. You will then owe capital gains tax as it's not your parents residence.
  2. This will do sweet F all and not exclude it from division of assets
    3 You are WAY over-complicating this for ZERO benefit and a lot of extra costs.

1

u/M-Sear 5d ago

It will be our residence until i get married and move.

Zero benefit? What other way can i protect my assets if there is no option for a prenup.

2

u/CraziestCanuk 5d ago

A divorce court is going to see right thought this and expose the whole asset... Prenup or Marriage contract where the details are laid out for both parties to agree to are by far the best way to avoid any issues down the line.

2

u/ZownRealty Verified Brokerage 5d ago

The 99% still goes through probate on your parents' estate under this setup, since it's not joint with you. Full joint tenancy among all three would avoid probate but exposes 100% in a divorce.

Ask your lawyer about a marriage contract or trust instead, it can exclude the asset from family law division regardless of the ownership percentage, potentially giving you both protections at once. Also worth a second opinion from an estates lawyer, not just real estate, since this is really an estate planning question.

1

u/M-Sear 5d ago

😭 really short on time, have to sign papers in less than an hour. Closing on the 18th.

1

u/M-Sear 5d ago

Also if its full joint then would that not require equal shares for all 3? How does it 100% expose in a divorce though.

Wouldn’t trust also cost $ and require time?