Legal Question in Real Estate Law in California
Right Of Suvivorship
My mother and dad put me on title to their home with a 30% right of suvivorship. They are tryong to refinance and I quit claimed off. But the title company is telling them that my hisband needs to sign off as well and he will not. DOes he really need to sign in California. Is this not considered an inheritance and legally not considered community property?
3 Answers from Attorneys
Re: Right Of Suvivorship
The title insurance company is within its rights to require your husband's signature. If he refuses, you will have to either get another title insurance company or a court order. Note that most if not all title insurance companies probably will require both spouse's signatures.
Re: Right Of Suvivorship
It may be a gift, and not community property, (not an inheritance) but the title company is just being careful to make sure there is never a question on the title.
Re: Right Of Suvivorship
It's a gift and it is separate property, but since the community can acquire an interest in separate property under certain circumstances, the title company will not insure the title to the bank without the waiver from your husband.
That being said, making a lifetime gift of appreciated property is a terrible idea from a tax point of view. Download my free special report about the most common mistakes made by people in planning for the likelihood of disability and the inevitability of death. You'll find it at www.IWant2CreateMyLegacy.com.
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