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I am representing this family whose father and daughters own the property as tenants in common.
The father is transferring his share to the daughters. There are no new incoming proprietors as all daughters are also proprietors.
The mortgagee remains the same however, because the father is relinquishing his shares, the old mortgage (with the father as one of the proprietors) is discharged and a new one obtained.
I have done the partial transfer and have invited the bank as both incoming and outgoing mortgagee.
My question is, do I have to add the proprietors (the daughters) remaining on title as 'purchasers/incoming proprietors' as well ?
Thank you in advance for your help.
If a Proprietor on Title is acquiring an additional share of the title, you won’t need to re-create them as an incoming party, but they must be represented in the Workspace.