Legal Question in Real Estate Law in California

Re: Deed to property

The easiest way is to have your partner prepare, execute and record a quitclaim deed from him to you each as 50% owners. BUT - there are a few options for how you are going to hold title - you need to review those with your tax adviser and a real estate attorney as they each have legal and potential tax consequences. Unfortunately, each situation is unique, and therefore you should have the transaction reviewed by counsel, and be given proper advice as to the legal effects of each form of joint ownership, how to avoid a gift tax on the transfer, and avoid a potential for reassessment by the county tax assessor. This is something that really cannot be answered on a forum such as this.

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