What normally occurs in a bonafide real estate sale INTRODUCTION – Real Estate Sales Legal Overview Real Estate Sales Legal Overview – While there are many different factors in any real estate sale, there are certain common procedures and steps involved in most transactions. This is a birds-eye view of…
How can I tell if the deed is a valid legal transfer of ownership WHAT IS A DEED? A deed is the legal name for the document which transfers ownership of real estate. California state law has specific requirements for a deed to be valid. In a typical home sale…
Resolving Conflicting Ownership and Lien Claims to Real Estate What to do to be Able to Close Escrow On a Sale or Loan HOW REAL ESTATE OWNERSHIP RECORDS ARE ORGANIZED Ownership is kept track of by the County recorder of each County. When properties are sold or transferred, a legal…
INCOME TAX & PROPERTY TAX TRAP FOR PREMATURE GIFT OF HOUSE WAYS TO HANDLE THE FAMILY HOME TRANSFER Retired couples typically have choices about how to pass on the family home. Might they make a mistake and give away the house too soon? They could sell the home and put…
Subtitle: Pull out tax free gain while downsizing INCOME TAX “GAIN” CONCEPT Under our system of federal and state income tax, if your personal residence is sold before death for more than what was paid for it then there is a capital gain. For example, if you purchased your home…
What is a Qualified Personal Residence Trust? A Qualified Personal Residence Trust (also known as a “ QPRT”) is an irrevocable trust which a homeowner establishes to make a future gift of his home to his or her children while retaining the right to continue living in the home for…
Gifting before death may cause huge capital gains taxes INCOME TAX “BASIS” CONCEPT Under our system of federal and state income tax, if the property is sold before death for more than what was pay for it then there is a capital gain. There are special rates which apply to…
County assessor will reassess property tax on death of an owner unless prevented THE PROPERTY TAX SYSTEM California Property taxes are administered by the County in which the real property is located. The County tax assessor determines the amount of property taxes based upon the fair market value of the…
The wrong kind of deed can have expensive and unintended consequences. Once the horse is out of the barn you can get back! What is a deed? Real estate property ownership is legally changed by a document commonly known as a deed which is signed by the person making the…
Probate is not needed to transfer ownership of joint tenancy property Generally, Probate court is the legal way for ownership transfer on death Probate court is generally necessary to transfer ownership of property and accounts upon someone’s demise EXCEPT for some narrow exceptions. A major exception is property held in…