Legal Question in Real Estate Law in California

Re: Transferring Ownership

He will need to refinance the mortgage or the mortgage company will need to allow him to assume your loan, and remove you from the liability. There is nothing you can do to remove yourself from liability on the loan without the lender's permission.

Re: Transferring Ownership

This is a bad idea from a tax point of view. Your son will have the same tax basis as you if you gift him the house.

Re: Transferring Ownership

I would consult a qualified estate planning or real estate attorney to discuss alternatives to your proposal such as a revocable living trust. Making an outright transfer can have several negative tax implications for your son. It will trigger higher property taxes, it will have negative implications with respect to capital gains tax and might also be taxable to your son as income. You may also trigger a "due on sale" clause in your mortgage and your son might not qualify for his own financing.

Re: Transferring Ownership

a bod idea and no mortgage co i know of would allow your son to assusme the loan -- you need good advice from an estate planning attorney so you can properly undstand the effect of what you sould do. also why do you want to do this, is ther a credit or overextention of debt problem???? as an attorney whith over 30 years of experience i sense trouble in your situation which can possibly be solved with alternative means but you must hire an attorney to help you and you most defenitly should not do this your self