Why Update Your Property Title?

The property title details the most pertinent information about a home or commercial property. Therefore, when it is outdated or incorrect, it can present a huge problem should you need to transfer ownership, obtain financing or repossess a leased property. 

The title report often details the history of ownership, along with other information (such as):

  • The legal property description
  • Name of the property owner(s)
  • Amount paid for the property
  • Encroachments (eg. liens, easements and caveats)

 

Why You Might Need to Update Your Property Title
During the time in which you own a home or other property, you might have some changes in your life that require you to update your property title. This may include:

  • Change of name due to marriage or divorce
  • Adding an owner to the property (such as a new spouse)
  • Removing the name of an owner due to death or divorce
  • Adding a right of survivorship for a child or non-spousal co-owner

You’ll also want to update the property title when a lien or caveat is no longer valid. 

Landlords and the Property Title

When leasing or renting out a property, you may need to have to repossess it to enforce an eviction of the tenants due to nonpayment of violation of the lease.  If you have to evict a tenant and your legal name is incorrect or is not even on the title, you can face conflicts with obtaining a possession order. 

Joint Ownership and the Property Title

Do you own property with someone? Are you on the title? If you aren’t on the title and something happens to your partner, their family may have the right to claim ownership of the property. Consequently, it is of utmost importance that everyone who has a legal right to the property be named on the title. 

The Physical Address on Your Land Title

Any legal notice that is sent to you from the land title’s office will be sent to whichever address is registered with the Alberta land title that is assigned to your home. By registering an address with the land title’s office, you are claiming that you will be fully responsible for receiving any notices that are sent to you. This means that if you don’t end up receiving said notice for whichever reason, you can effectively lose your property rights. As such, changing your address on your legal title is crucial.

Selling the Property

When you sell your property, an outdated title can hinder or delay the transaction from processing. Real problems can occur when there is an owner not named on the title or an old lien or outdated easement still appears on the title work. 

The Process of Changing the Property Title

We are frequently asked how to add a name to a property title. To edit or update your property title, your first step will be to contact the Alberta Registries Spatial Information System. You should begin this process by ordering a current title to see what information needs to be changed. Next, you’ll need to decide which form(s) will be required.

There are different forms for varying situations. For example, if you need to remove a deceased person from the title, you’ll need to complete a Statutory Declaration/Proof of Death form. Land Title requires that you include an original death certificate or a document from the funeral home or cemetery with the form. Another type of form is the discharge paper, which removes a lien or caveat from the title. All applications for changes to the title must be signed before a notary or another authorized representative.

If there are multiple owners on the property, everyone must agree on the changes. This is also true if there is a mortgage on the property. You may have to gain the approval of the mortgagee to make updates to the title.

Condominium Corporations and the Property Title

If you live in a condominium, you could find yourself in a situation where a caveat or foreclosure action is commenced against you for non-payment of fees or condominium contributions.  If your legal name or address is incorrect, you may not receive the official notice of action and incur additional payments. When it comes to legal service, the condominium board or condominium management company has to rely on this information.  So to avoid being unaware in such situations, it is important to update your title with current information.

How Much Does it Cost to Transfer a Property Title or Add a Name?

Registration fees are $15 and may require supplemental documentation when you file. You can file these forms yourself or, alternatively, you can hire a real estate attorney to represent you. Although it may seem simple to do it yourself, you can end up with an invalid title if any mistakes are made. Additionally, fixing an error can be quite costly in the end as it may require you to hire an attorney to successfully fix it.

Where to Change Your Title in Alberta

Alberta residents can inquire about updating their property title at the following location:

Alberta Registries Spatial Information System

Physical Address: Mailing Address:

Service Alberta Building Box 7575

710 4 Avenue SW Calgary, AB T2P 2R4

Calgary, Alberta T2P 0K3

 

Contact Us

If you have any further questions about why you should update your property title, contact Emerald Management and Realty Ltd. today! Our team is always happy to help. 


February 2020 Resident Manager of the Month

Congratulations Christian K.!  Christian is our resident manager at SOHO ONE located in Calgary, AB.   A valued member of the  Emerald Management & Realty Ltd. team, Christian has grown with the company over the past couple of years.  Despite wearing a couple of different hats, he delivers exceptional service to his tenants and maintains all other property management in Calgary duties in a timely and professional manner.

We appreciate his effort to conquer all of the challenges with improvements undertaken at the rental property in 2019 and his ongoing attention into 2020! 

Congratulations Christian on receiving this well deserved recognition!

February 2020 Resident Manager of the Month Emerald Management & Realty Ltd.


Rental Increases: Something To Think About

In this 3-part video blog series exploring the topic of rent increases, Jodena Rogers VP of Emerald Management & Realty Ltd. takes a look at how a landlord might move through the preliminary stages of a rent increase review. 

 

Rent Increases – Part One

PART ONE:  In the property management industry, there may be many different reasons and investment strategies that justify a rent increase. Discussion is held in our video blog to capture the indicators you might want to consider before the implementation of a rent increase for your rental property in Calgary & Area.  

Monitoring the viability of rent increases is not only important while working towards investment goals during an inflationary economy but also important to manage expectations and risks in tougher economic times.  Further to this, this item should be mindfully approached given that this is an extremely sensitive matter to many tenants and should be handled with respect and professionalism.

 

PART TWO: In Part 2 of the series, discussion is held on how to determine the rent, opportunities in a hard market for concessions and doing what tenant’s do all the time … check out the comparables. The importance of being mindful of respectful communication is addressed when reviewing tenant criteria and being open to considering potential upgrades.

PART THREE: In this final segment of the 3-part series exploring the topic of rent increases, Jodena Rogers VP of Emerald Management & Realty Ltd., discusses the various sales and communication strategies involved with rent increases. In addition to determining if the market can support an increase, often a landlord in put in the position of justifying the increase to the tenant.  In addition to balancing financial goals, it is key to know your product and market conditions.  Again when it comes to interacting with your tenants: Be fair and communicate, know your product and be able to justify.

Jodena Rogers was the keynote speaker at the January 2020 Calgary Residential Rental Association and presented this topic to over 100 attendees consisting of property managers, rental property owners, and landlords. Emerald Management & Realty Ltd. is a property management company located in Calgary, Alberta with over 40 years of experience in the southern area of Alberta.   Emerald’s property management team was recently awarded the Top Choice Award for Property Management Services in Calgary for the 5th year in a row.  For more information about the services Emerald’s team provides to investment property owners visit: Property Management Services. 

 


Lunar New Year Wishes

Happy Lunar New Year!

Happy Lunar New Year!  Wishing you and your loved ones happiness and prosperity in the Year of the Rat!

If you were born in: 1924, 1936, 1948, 1960, 1972, 1984, 1996, 2008, or 2020 …. its your year .. the Year of the Rat! 

Despite the unflattering characteristics often associated with the rat — they have been proven by scientific studies to be intelligent, empathetic and some people event call them the perfect pet.  The Chinese zodiac describes rats as: clever, social and ambitious. 

If it is your year, Chinese fortune says: “New chances will come your way for love and financial gain. Raises at work and unique social opportunities could be on the horizon. Lucky numbers for you this year are 5 and 8. Look after your health; as soon as a problem arises, deal with it.”

Happy Chinese New Year!   新年快乐! (Chinese)   xīn nián kuài lè (Mandarin)   /sen-nin feye-lor/ (Cantonese)

 

Emerald Management & Realty Ltd. provides property management services in Calgary & Area. With over 40 years of experience, we actively manage thousands of tenant relationships and have built our reputation as one of the leading property management companies in Calgary.  For more information about our overarching, high-quality year-round services created to bring peace of mind to real estate investors contact us today!