Legal Question in Real Estate Law in California
how to transfer partial interest in property
We loaned our kids a substantial down payment for a condo. Rather than loan payments, we agreed to take a percentage (approx 33%) of the house as an investment. They would pay us this percent of its value when they sell or refinance in the future. How do we record this so we are protected if anything happens to them? It looks like Grant Deeds only transfer complete interest in the property.
2 Answers from Attorneys
Re: how to transfer partial interest in property
Not true. The deed could say, for example and in summary, "to Bob as to an undivided 66 2/3 percent and to Jane as to an undivided 33 1/3 pecent as tenants in common." Any escrow company should be able to help you draft such a deed.
Re: how to transfer partial interest in property
A partial interest in real estate can by transferred using a grant deed or a quit claim deed. However, I would strongly urge that you have a co-ownership agreement drafted that details ALL aspects of the co-ownership. I have seen numerous families go into turmoil when it came time to settle the deal.
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