Legal Question in Real Estate Law in California
My girlfriend and I each own our own home. We decided that we would move into mine, rent hers out and split the expenses. Both our houses have about the same amount of equity in them. To make thing fair, we want to add each other to our titles. If we do this, are we both entitled to 50% of each others houses? Or just 50% of the equity that has built since the date our name was added to the title?
3 Answers from Attorneys
You can, and should, make a written agreement, notorized, between the two of you, stating your respective rights and responsibilites, who gets what, what happens in case of a seperation, etc. You might be able to find a form online, but your best hiring a qualified real estate or family law attorney.
Bad idea. You will both get a 50% reassessment for property tax purposes.
Mr. Christian is correct. In addition, it would almost certainly trigger a due-on-sale-or-transfer clause in both your mortgages. This is NOT a good idea. To answer your question, however, if you deed each other a 50% interest in the other's property, that carries with it a full 50% ownership, not just future equity.
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