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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33803
Experience:  15 years real estate, Realtor. Landlord 26 years
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Just bought a home in riverside county closed 2 weeks ago

Customer Question

Hello just bought a home in riverside county closed 2 weeks ago and want to add my fiance to the deed. What is the best way and solution. She was supposed to be on the mortgage but her credit score didnt allow this.
Submitted: 1 month ago.
Category: Real Estate Law
Expert:  Barrister replied 1 month ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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The simplest way would be to just add her to the deed via quitclaim deed with you being the Grantor and both you and her being the Grantees. Once you sign, have notarized, attach the legal description from the current deed, and file it for recording at the local land records office, you will both be equal owners of the property.

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If this is CA, you can get a quitclaim deed form from this legal forms website and won't need an attorney or title company to prepare it for you:

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CA Quitclaim deed

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thanks

Barrister

Customer: replied 1 month ago.
Due bill on mortgage? and what about gift tax from IRS and State CA.
Expert:  Barrister replied 1 month ago.

That won't affect your mortgage because you are still on the deed. And if you wanted to wait until you were married, then there wouldn't be any gift tax as it is an interspousal transfer. If you gave it to her before marriage, then you are making a gift for half the value but can avoid any gift tax by filing an IRS Form 709 with your taxes in the year of the gift and using up a portion of your $5.34 million dollar lifetime gift tax exemption.

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So either way, you can avoid any taxes on the gift.

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thanks

Barrister

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