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Form 14 Alberta

Form 14 Alberta

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Instructions and help about Form 14 Alberta

Hi everyone, this is Jae. I'm a lawyer at Shim Law. Nice to meet you. Today I want to talk about the situation where there is a transfer of title or property among family members. It's very common that parents transfer one of their assets to their children. One of the things that you need to consider is whether there is any mortgage on the property. A lot of times if you have a mortgage on the property then you need to have consent from the bank before you transfer the title from yourself to your child and by transferring the title there's a possibility that you will accelerate the mortgage payments so that you have to pay the mortgage because it's considered as a new transaction. I know it's a family transaction but you know from the third party's perspective it's a new transaction so make sure that the bank is okay with that and also a consideration part. You know, when you fill out this land titles form you have to specify the value of the property a lot of times lawyers put one dol

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