Legal Question in Real Estate Law in California

Re: Real Estate Title

You can accomplish this task by either using "tenants in common" or "joint tenancy". This depends upon the goal you are trying to achieve. "Tenants in common" means that all will have their respective interest in the property, and, if one dies, then that interest can be transfered to their heirs. You won't have a right to that portion of the property unless it is willed to you. "Joint Tenancy" means that if one dies, then, the others receive that interest in the property without a will or probate. Regarding a prop 58 adjustment, the county assesor has a right to re-assess the property when there is a material change in ownership. Usually, if the vesting changes or their is a refinance of the property, there is no re-assesment. But, this is a material change which could trigger the assesor making a re-assesment. You can actually contact the assesors office and ask them generally what constitutes a change. You don't have to give them any information on the property. They are usually very helpful and informative. Each county is different. Good luck and thanks for inquiring.

Re: Real Estate Title

You should discuss this matter with an attorney. Adding a party to your title can often have unexpected and irreversable consequences. I currently have two lawsuits pending where one family member placed another on title and that family member later refused to relinquish his or her interest. Another problem is that if your parents have any judgments or liens (now or in the future), including Medi-Cal liens, they can attach to your property. This means you will not be able to sell or refinance the property until the judgments or liens are cleared.

To answer your question, tenants in common allows more than one person to hold undivided interests in the same parcel of real property. When one of the tenants passes, his or her interest passes according to their estate plan (or the laws of intestacy). If the property is held in "joint tenancy", the three tenants would have the "right of survivorship", which means that when one tenant dies, his or her interest automatically transfers to the remaining tenants without court intervention.

If your goal is estate planning, there are much safer ways to accomplish similar results. Please contact me and I would be happy to help you with this matter.