Legal Question in Real Estate Law in California

Gift of Property?
My brother's house is in my name. I Stupidly helped him and his finace out by agreeing to have the loan in my name for 2 years. It's been 3. They promised to re-finance and get me off the loan and into their names. Come to find they couldn't last year. Recently they came to me with another solution. Doing a ''Gift of Property''. Me giving the property to them at no cost. His fiance is supposed to get a loan to pay off my loan, I think. They haven't told me all the details yet, they don't know any details. I tried talking to their Real Estate Guy, but he didn't explain things well either. Is this something we can do? How would it work? Are there any other options? I don't pay the morgage, they do. I do not live on the property, they do.

Asked on 8/14/06, 8:12 pm

4 Answers from Attorneys

Ken Koenen Koenen & Tokunaga, P.C.

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Re: Gift of Property?

The only way you get our name off the loan is for someone to buy you out. If you deed the property to them, you will totally lose control.

Don't Do it.

Answered on 8/14/06, 8:21 pm

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Robert F. Cohen Law Office of Robert F. Cohen

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Re: Gift of Property?

I say, since it's titled in your name, you might think about putting it up for sale with your own broker. A "for sale" sign in the front yard should hold their feet to the fire. If they haven't been able to get a loan by now, what makes you think they'll ever get a loan? They might have some equity in the house because of their loan payments, but you're responsible for the loan. The "gift" thing sounds very iffy. You're still responsible for the loan and if they default, you would have to pay. (I'm sure my colleagues would have a different take on this radical observation.)

Answered on 8/14/06, 8:22 pm

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