Legal Question in Real Estate Law in California
My brother and my mom own a condo. According to the deed, my brother owns 1/3 and my mom owns 2/3 as tenants in common. My mom wants to quit claim her share to me. What would be the appropriate wording to use on the quit claim form to properly transfer her share to me?
1 Answer from Attorneys
In a family transaction, it really doesn't matter if you use a grant deed or a quitclaim deed. However, not deeding it to you at all is probably a far better way to go. In almost all cases, making a gift of real property to a child during the parent's lifetime will have really bad tax consequences, unless the property has zero equity, zero appreciation since it was purchased, and there is no mortgage on it. The tax problems could include a significant tax on your mother immediately, and on you down the road. If it is a rental property, the tax issues are even wose. There are a number of different ways to accomplish almost all the same results your mother might want to accomplish, without the tax problems. She should talk to an estate planning attorney before she does anything.