I have a two-part question I am hoping you can answer.
1. My father-in-law is co-signing on a home loan for a home my husband and I are purchasing in California. However, because I am not a party to the loan (I no longer work and have insufficient income), the lender is requiring that I quitclaim my ownership in the property (California is a 50/50 state in terms of division of marital assets). The lender suggested that after close of escrow
, my father-in-law could quitclaim the property back to me to get him off title and put me on.
After close of escrow, can my father-in-law quitclaim his interest in the property back to me (my husband's already on title)?
If so, is there a legal document that we can sign to protect my father-in-law in the event of death, pending loan default, etc.?
2. My husband and I are using the proceeds from the sale of our last home 6 months ago to purchase this one (we were joint tenants on that property). My father-in-law has no financial interest other than as a co-signer (he has not and will not put any money into the property). I, not my husband, am eligible for California Proposition 60 tax base transfer from our previous residence (I am over 55, but my husband will not turn 55 until 8 months after the purchase). If the property is quitclaimed to me by my father-in-law, am I eligible for the Prop 60 tax base transfer since I will be the owner of record with my husband?
I hope I have provided you with enough info.