Legal Question in Real Estate Law in California

Re: quick deed

If she is doing it to avoid or defraud a creditor, it is illegal and the transfer could be set aside. If she is doing it for estate planning purposes, she can just put you on the deed as a joint tenant. Nothing your mother does will affect the rights of the mortgage lien holders on the property. They are on title and whoever gets title will take ownership based on that knowledge. Also, most every mortgage loan agreement has an acceleration provision in the event of a transfer of the property (meaning the entire debt will become due upon demand). If your mother quit claims the property to you, it will also be a taxable event to you and the property taxes will be "stepped up" to the current market value.

You should give us a call before you do anything. You don't want to get too tricky in this area.

Re: quick deed

Can quit claim, not need to be free and clear. Be cautious that there are tax, liability and estate planning effects of such a transfer.

JOEL SELIK

Attorney at Law

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