Legal Question in Real Estate Law in California

Re: Quitclaim deed

The answer to your question depends on whether your "partner" is merely a business partner, or something more. Is the property to belong to you exclusively if your partner dies? What if one of you decides to sell the property while you are both alive? Do either or both of you have creditor problems? These questions and others need to be answered before you can receive the best legal advice. Please feel free to contract us at www.labusinesslawyer.com for more information.

Re: Quitclaim deed

Because of the flexibility of trusts, and the possibility of avoiding adverse tax consequences, I suggest you consider putting the property into a trust drafted to reflect your intentions. An attorney who specializes in estate planning and who practices in the county where the real estate is located would be the appropriate choice. You should be able to negotiate a fairly low fixed fee in advance, but be sure the attorney understands the relationship between the two of you in sufficient detail so you don't get a cookie-cutter husband-and-wife trust that maybe isn't appropriate for your situation.

Re: Quitclaim deed

I suggest that you have a written partnership agreement which refers to this real estate venture, then a quitclaim deed from your partner to the partnership. You should confer with a real lawyer; there may be adverse tax consequences to this transaction if it is not properly documented.