Legal Question in Wills and Trusts in California
Hello All! I live with my father in Redwood City, California (San Francisco Bay Area), and I am going to start helping with mortgage payments, thus my father would like to add me to the title of the house. Which deed would we need to fill out and would this be done before refinancing? Thanks!
4 Answers from Attorneys
There are many reasons why it would be a mistake, both to you, and to your father for him to put you on the deed. Including that you may have to pay much more income taxes when the property is eventually sold.
In addition to what Mr. Selik states above, adding you to the title may also cause the mortgage to immediately become due and payable in full.
You should consult with a real estate attorney before making any changes to title.
An estate planning attorney should be consulted. Depending on whether the refinance is required there are options.
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