Legal Question in Real Estate Law in California
Property owned by me and my father
My father and I have a joint propery in the Los Angeles area. Neither one of us live at the property. The property is currently occupied by my brother and my Mother, who is legally separated from my father. What are the legal and tax implecations if we sell the property?. Also would it be beneficial for both me and my father if he transfers his share of the house to my name?
Thanx in advance.
1 Answer from Attorneys
Re: Property owned by me and my father
There are several issues here. If the property is transferred to your name only, there are federal gift tax implications. But there may be ways around that so talk to an accountant about that.
Also, there may be a "due on sale" or "acceleration" clause in the mortgage that allows the lender to call the loan due if title gets transferred. However, those are rarely enforced if the mortgage keeps getting paid.
Finally, there may be aspects of CA real estate law that I'm unfamiliar with, so it may not be a bad idea to call, e.g., the California Bar Association to get a lawyer referral out there and call a California attorney with your questions.
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