Legal Question in Real Estate Law in California

Re: Cost of

You would be responsible for attorney fees and/or filing fees with the county recorder of issue. You can attempt to do everything correctly on your own by researching the internet for forms and directions, however, it is HIGHLY recommended to retain an affordable attorney to ensure everything is done correctly and legally. For such affordable assistance, contact us directly for a free phone consultation.

Re: Cost of

A couple bucks for high-quality deed forms and maybe ten bucks to record it. Five or ten bucks for the notary.

Then, tens of thousands of dollars for capital gains and/or gift taxes at some time in the future, which could have been avoided completely by proper planning.

Smart families transfer property from one generation to the next, or from grandparent to grandchild, by will or even better by living trust or a series of trusts. Doing property transfers during the lifetime of the owner results in taxable gains that can be reduced or elminated by passing title at death by will or trust.

Also, while you could probably avoid a property tax reassessment, you should check your county's paperwork requirements for handling the transfer so as to be sure to avoid it.

I recommend setting this idea aside until both grandparents and grandchild can get tax-planning advice and have considered a living trust.