Legal Question in Real Estate Law in California
My Mother passed 2 years ago and my stepfather is willing to Grant us the title to the house which still has a mortgage. I only pay rent now but our plan is eventually to pay the entire monthly mortgage as he will be moving out. My questions are... 1. What are the tax implications for each of us on a Grant Deed (Gift). And 2 aside from executing the Grant Deed by notary and County Recorder what are the other necessary steps or requirements to make this an easy and economical transition?
1 Answer from Attorneys
To answer your question, it is important to know whose name is on the deed. Is your mothers name still there? If so it needs to be transferred to the proper parties. Is that your step father, or someone else. Did she have a will or a trust?
Once you can determine who's name is on title, the issues raised as to the proper transfer procedure and its income tax, property tax and gift tax implications can be addressed.
I would suggest you contact appropriate estate planning counsel.
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