My mon wants to put her house in my name but we dont know how to do it? We live in southern California in Long Beach. She wants the deed to be in my name and my sister. Is that going to be a problem? Thanks
Changing the name on a deed of a house in so Cal?
Use a quit claim deed. It means your mom is basically giving up her right to the deed to you freely. Check with a tax advisor before you do it, ensure you won't be charged tax on the equity in the house as an income. That is what would happened if your mom sold it to you cheaply (like for a dollar).
Changing the name on a deed of a house in so Cal?
i also want to know
Contact a title company in your town and ask them to draft up a %26quot;quit claim deed%26quot;. This allows your mother to %26quot;quit%26quot; her rights to the home and give them to another. This does NOT release her of her responsibility on her loan though...if she has one.
What she could do is sell The home to you and your sister for one dollar or whatever amount
What seems such a simple thing can be frought with problems and extra taxes.
For example if your mom gives you her house now there could be some large tax consequences whereas if she left it to you in a will it would likely be tax free depending on the value and what you did with it.
You and your family need to sit down with some good estate planning specialists and determine your best course of action based on your mom's and your financial situation.
Of course the easy was, as others have suggested would be for her to just quit claim it to you and your sister. You would then need to decide how you and your sibling would hold title; i.e. tenants in common, tenants in common with right of survivorship, etc.
