Legal Question in Real Estate Law in California
Deed question
I own 40% interest of a home with my husband and my parents own 60%. We've reached an agreement that my parents would like to buy our 40% interest for 72,000 dollars. I understand I'd have to do a grant deed where my parents want me to sign the interest to their trust but I need to make sure to document the exchange of funds. How do I go about doing this when signing off to a trust makes it exempt of documentary transfer tax?
1 Answer from Attorneys
Re: Deed question
More than likely there will still be a documentay transfer tax. I believe there will be a tax whenever consideration is paid and I do not know of any exception to which you refer.
Perhaps this is a charitable trust or something of the like?
I think a few more facts are necessary because I don't see why you don't do a simple contract for purchase and then provide them with a quitclaim for your 40% of ownership.
If you need further assistance or would like to discuss this matter in a private forum, please feel free to contact me at the email provided by LawGuru or through our firm's websites PasadenaEstatePlanning.com and No-Probate.com
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