Legal Question in Real Estate Law in California
Hello,
I have a quick question about my parent transferring a home into my name as a gift in CA. I think I want to either sell or rent it out. Will I be responsible for prior liens against the property if it's in my name. If I decide to sell, how can I protect myself from siblings that I do not know, who may come forward for a cut of the money? By California's law, am I obligated to give money to siblings that I do not know? What binding forms can I use to protect me during the transfer of the home without an interference from unknown family members? And what forms will protect me from issuing money to them if they decide to pursue a lawsuit? After all, the home will be in my name and therefore; will not be accountable for prior liens or distributing money to unknown brothers, sisters and other family members - correct?
2 Answers from Attorneys
Partly correct. Your parent (assuming he/she is of sound mind and otherwise competent) can make a gift of real property to you, and this does not entitle your siblings, known or unknown, to deprive you of the gift or any part of it. However, valid pre-existing liens, if perfected by recording or otherwise giving notice to you, will remain enforceable against you and subsequent owners.
I should add that, tax-wise, you might be better off inheriting the property than by receiving it as a gift.......you and/or your parent should consider getting tax and/or estate-planning advice.
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