The customary way would be to record a grant deed of your interest to your parents. The Recorder's Office will also need a Preliminary Change of Ownership Report for the County Assessor. On the first page, there is a box you can check to indicate thatt the value of the property for purposes of determining the annual property tax, should not be changed, because it is a transfer between a parent and a child. You will also need to state that on the deed, along with the applicable Revenue & Taxation Code section.
You will have to pay a documentary transfer tax on your percentage share of the current value of the property minus any debt secured by it. In most places, that tax is onle $1.10 per thousand dollars of net value. A few cities have city transfer taxes of $10-$15 per thousand. If the property is in one of those cities, if your percentage share is not shown on the prior grant deed to you, then you might want to assert that you had less than a 1/3 interest.
If there is a deed of trust on the property, you should check that the transfer will not breach the deed of trust nor the loan it secures.
If you wanted me to prepare the deed and pcor, and get the deed recorded, I would want $200.00 plus the recording fees and transfer taxes. Reviewing the note and deed of trust would be another $100.00.
Dana Sack
Answered on Jul 08th, 2016 at 3:52 PM