Legal Question in Real Estate Law in California
I live in California and I want to gift my house to a friend, how would I do it?
Asked on 8/07/14, 1:40 am
1 Answer from Attorneys
William Christian
Rodi Pollock
Check to see if there is a mortgage. If so you probably need to get the lenders consent, and they will likely need to approve the recipients credit. You then need a transfer deed ( grant or quitclaim deed) along with the appropriate county assessors forms. This will likely cause a change of ownership and reassessment of the property taxes. You will obviously need to know the form of title preferred by the recipient. You willl need to pay recording and any documentary transfet tax aplicable, and these may vary by county.Expect to have to file a gift tax return.
Answered on 8/07/14, 9:19 am