QUESTION

How do I change title on property.

Asked on Jun 30th, 2016 on Real Estate - California
More details to this question:
It is presently 3 - tenants in common. 1 of the tenants wants to opt they share to me, making my share 2/3 and the remaining person with 1/3.. Is that how it would read?
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1 ANSWER

Real Estate Attorney serving Oakland, CA at Sack Rosendin LLP
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If that's the right thing to do, then you just prepare a grant deed, attach a legal description of the property, get it notarized, fill out a preliminary change of ownership report, and take it to the county Recorder's office to record. However, there are lots of circumstances where that might be the wrong thing to do. You should go over all the circumstances with an attorney. For example, does the transferor plan to buy another home? The loan on this home will still show up on her credit report. She will still be liable on the loan, even after the transfer. Maybe you need to refinance in order to take her off title AND off the loan. Is she older and trying to avoid estate taxes? This would be the wrong way to do that. Please go contact a real estate attorney to discuss all the different issues involved. Dana Sack  
Answered on Jul 03rd, 2016 at 2:46 PM

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