Legal Question in Wills and Trusts in California
Both of my parents are now gone and held real property valued per current property tax bill at $104.500 as joint tenants, there is a mortgage of $115,000 due how do I transfer/assume mortgage of this property to myself (my sister and brother agree to waive their claims)?
2 Answers from Attorneys
You need to determine fair market value. Assessed value is not the same thing. Assuming current value is less than $150k then you can do a small estate succession. It's a petition to probate Court but it's much quicker than a full probate. If current value is more than $150k then a full probate is required. The mortgage does not factor into that calculation. I encourage you to find an experienced probate attorney.
You should get your siblings assignment of interest prior to filing the court action and attach it to your petition so the court can sign an order placing the property into your name alone.
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