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As Joint Tenants, each owner owns the property wholly, equally and jointly with the other owner(s). If one owner dies, the surviving owner(s) will then own the property by right of survivorship. As Tenants in Common, each individual owns a percentage of the ownership and there is no right of survivorship. For more information, we invite you to read our blog What’s the Difference Between Sharing Ownership of Your Property as Joint Tenants vs Tenants in Common? - (kormans.ca).

To claim a refund, you must be at least 18 years of age, you cannot have owned a home or an interest in a home anywhere in the world, and your spouse cannot have owned a home or interest in a home, anywhere in the world while he or she was your spouse. Previous ownership in a home means you do not qualify for the land transfer tax first-time homebuyer’s refund. The method of acquiring the home (e.g., purchase, gift or through an inheritance) is not relevant. You cannot re‑qualify as a first‑time homebuyer. This rule may be different from other federal programs for first‑time homebuyers (e.g., the Canada Revenue Agency Home Buyers' Plan). For more information, we invite you to read our blog First Time Homebuyers! You're Eligible For Tax Breaks - (kormans.ca).

An Executor, also known as an Estate Trustee, is the person responsible for managing and settling an estate after someone passes away. Their duties include gathering the estate’s assets, paying any debts or taxes, and distributing the remaining assets according to the will. A Beneficiary, on the other hand, is an individual or entity named in the will to receive a portion of the estate’s assets. While the Executor manages the estate, the Beneficiary is the recipient of the estate’s assets as outlined in the will.

Title insurance is a type of insurance that protects property owners and lenders against financial loss from defects in a property's title, such as liens, encumbrances, or errors in public records. It ensures that you have clear ownership of the property and covers legal costs if any issues arise. While title insurance is not a legal requirement in Canada, we strongly recommend our clients purchasing a property to get it. For more information, we invite you to read our blog What Is Title Insurance? - (kormans.ca).