Property Title and Financing
 

As a Uk citizen and temp foreign worker I am currently a non permanent resident of Canada. Can my name go on a property title in Alberta when the property is being bought by my Canadian common law partner?

Re: Property Title and Financing
 

UK residents can purchase property in Canada so there should be no reason you cannot be on title.

Re: Property Title and Financing
 

I am not buying the property though, the mortgage is solely in my fiance's name. Do the banks take issue with that?

Re: Property Title and Financing
 

I'm sorry but I don't understand. Your thread asked if you could go on title. The answer is yes, but if your name is on title then by law you are an owner of the property and would be equally responsible for the mortgage payments.
Why would you be on title unless you have an interest in the property? What was the reason for your question in the first place?

Re: Property Title and Financing
 

I will be living in the property with my fiance. We didn't apply for a mortgage in both our names because i lost my job and don't have a strong credit history. The builders (it's a new build) put both of our names on the purchase agreement. My fiance wont be able to get to the house in time for signing for posession and so we are concerned that if the bank insists that my name be removed from the Title then I won't be able to handle the move in without my fiance being there to sign.

Re: Property Title and Financing
 

If your fiancée/fiancé is taking out a mortgage on the property based on its full value, I don't see how your name can be on the title. I would talk to the lawyer handling the sale and get your partner to talk to their lender, as I doubt the bank would agree to this, no matter what your status in Canada. You may be able to get a power of attorney from your partner, again talk to a lawyer to see if this would work.

Re: Property Title and Financing
 

Thanks

Re: Property Title and Financing
 

If your fiance qualifies for the mortgage on her own then you just tell the bank that you are not to go on title. If she qualifies and she/you want to be on title then your credit history/employment status really shouldn't matter.
It is not complicated unless the bank needs your income for mortgage qualification.

Re: Property Title and Financing
 

Thanks guys. Panic over... we will get the lawyer to draw up a power of attorney so that i can get the keys and do the move whilst my partner isn't here. That was all that mattered, I don't actually care about not being on the title :)

Re: Property Title and Financing
 

Well you seem to have it sorted. In Saskatchewan, and presumably Alberta too, the name(s) on the title and the name(s) on the mortgage have to be the same.

Re: Property Title and Financing
 

If a person on the title is not on the mortgage, the bank cannot enforce default proceedings therefore they will not lend without the party being on the mortgage - normally included as a guarantor rather than joint borrower.

Re: Property Title and Financing
 

We had a similar circumstance when we bought our first place here - The Mrs wasn't working at the time, so for expediency's sake we applied for the mortgage in my name only which meant that the house had to be in my name only. When we refinanced last year we took the opportunity to add her name to the title of the house.

Re: Property Title and Financing
 

When we first moved over I was the only one working, but the mortgage and house went in both names with no problem. We had not thought of doing it any other way and the bank never questioned it.