CA Real Estate

California Real Estate Law Questions? Get Answers Online Now.

Ask a Lawyer,
Get an Answer ASAP!

Can you gift part of your equity in a house

Customer Question
Can you gift part of your equity in a house
Submitted: 2 years ago.Category: CA Real Estate
Ask Your Own CA Real Estate Question
Answered in 2 hours by:
1/25/2016
Lawyer: barristerinky, Other replied 2 years ago
barristerinky
Category: CA Real Estate
Satisfied Customers: 41,641
Experience: Attorney practicing real estate law for over 17 years
Verified

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.

.

Are you referring to making someone a part owner of the house?

.

Or in gifting them a certain dollar amount of the equity in the house?

.

Would this be a gift right now, as in taking out a loan to make the gift, .... or a future gift, like in a will?

.

.

thanks

Barrister

Ask Your Own CA Real Estate Question
Customer reply replied 2 years ago
This would be a gift right now to one of my children. They will not borrow against it. The sole purpose of the gift would to lock up any equity on the house to prevent any future lawsuits from filing any claims
Customer reply replied 2 years ago
When can expect and answer?
Lawyer: barristerinky, Other replied 2 years ago

I apologize for the delay. I had to leave my office for an appt for a bit..

.

Give me a few minutes to type out a response..

Ask Your Own CA Real Estate Question
Customer reply replied 2 years ago
Thank you
Lawyer: barristerinky, Other replied 2 years ago

If you are going to make them a partial owner of your home, then you could do so in one of two ways... you could either add them to the deed by making them a "joint tenant" on the deed, which makes them a 50% owner along with you. If one of you should pass, then the survivor instantly becomes the sole owner.

.

Or you could make them something less than a 50% owner, say 25% owner, by using a "tenant in common" designation in the deed and that would limit their ownership interest. If one owner passed, their interest passes down through their estate to their heirs.

.

But just be aware that if your child was sued and a judgment entered against them, then the creditor could come after their ownership interest in the house for any debt that they owe..

.

So it has its downside as well.

.

If you are looking to take it out of the reach of creditors, you may want to consider placing it into an LLC or an irrevocable trust so that your name is ***** ***** it anywhere as the legal owner...

.

.

thanks

Barrister

.

Ask Your Own CA Real Estate Question
Customer reply replied 2 years ago
There is an existing mortgage on the house, so using LLC or co Tennant would probably be difficult as loan would have to be done again. If I gift it can my child file a lien against property locking up any equity?
Lawyer: barristerinky, Other replied 2 years ago

There is an existing mortgage on the house, so using LLC or co Tennant would probably be difficult as loan would have to be done again.

.

No, not really. You can deed the property over if you choose to. Even if there is a "due on transfer clause", in 15 years of real estate law, I have never seen a bank exercise that clause as long as someone was paying the mortgage. They only care about getting paid because the property still stands as collateral for the loan even if it is deeded to someone else.

.

If I gift it can my child file a lien against property locking up any equity?

.

If you gift it, then you are giving it to child, so there wouldn't be a lien.... Now if you borrow money from them as evidenced by a Note and a mortgage that is recorded, that would tie up the equity because the mortgage would sit in a higher priority than any judgment that you may have entered against you later.

.

So you borrow $50K from a child, for example, and they record a mortgage on the property, then that locks up that equity...

.

.

thanks

Barrister

Ask Your Own CA Real Estate Question
Was this answer helpful?
Ask barristerinky Your Own Question
barristerinky
barristerinky
barristerinky, Other
Category: CA Real Estate
Satisfied Customers: 41,641
41,641 Satisfied Customers
Experience: Attorney practicing real estate law for over 17 years

barristerinky is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

LawTalk

LawTalk

Attorney

188 satisfied customers

I have nearly three decades of legal experience, including Real Estate Law, and have held a Real Estate Broker's License.

legalgems

legalgems

attorney

166 satisfied customers

Just Answer consultant at Self employed

Richard Price, Esq

Richard Price, Esq

Attorney

59 satisfied customers

Attorney at The Law Office of Richard Samuel Price

N Cal Atty

N Cal Atty

Attorney

28 satisfied customers

attorney at self

Roy Hadavi

Roy Hadavi

20 satisfied customers

Attorney at Law Offices of Rosenstein & Associates

Attorney2020

Attorney2020

Lawyer

23 satisfied customers

I have significant experience in real estate law.

Tina

Tina

Lawyer

8,775 satisfied customers

JD, BBA Over 25 years legal and business experience.

< Previous | Next >

Related CA Real Estate Questions
I have home loan fro wells fargo bank and have PIM mortgage,
I have home loan fro wells fargo bank and have PIM mortgage, my house is … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
11,278 satisfied customers
We have closed escrow on a property Im selling with a
We have closed escrow on a property Im selling with a co-owner. The proceeds are on hold with escrow. The the owner instructed to hold the funds as we have disagreement on how the money will be disbur… read more
socrateaser
socrateaser
1,031 satisfied customers
Both my name and my friend's name are on the title of a
Both my name and my friend's name are on the title of a property while I'm the sole borrower for the mortgage. If I default on the mortgage, would my friend have any obligation to pay? What can I do t… read more
Jessica B
Jessica B
Juris Doctor
1,076 satisfied customers
Easement use question. I have a dominant easement to use a
Easement use question.I have a dominant easement to use a road for ingress/egress in Santa Cruz County CA. The easement has existed over 40 years.A new owner of the serviant property has begun placing… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Our property in Oakland Califiornia is subject to a
Our property in Oakland Califiornia is subject to a reoffering sale for property taxes in Alameda County. I filed a BK for stay in April and the county went to court and got a relief from stay for a r… read more
Phillips Esq.
Phillips Esq.
Attorney
JD
19,591 satisfied customers
A Writ of Execution was recently filed on 5/10/18, but on
A Writ of Execution was recently filed on 5/10/18, but on 5/14/18 I was granted a hearing to file a motion to vacate the judgement. When a motion to vacate a judgment has been placed, is the Writ of E… read more
Phillips Esq.
Phillips Esq.
Attorney
JD
19,591 satisfied customers
I bought land (only) in the State of California sight
I bought land (only) in the State of California sight unseen, only to find out once I arrived here from New York that: the property is surrounded by homeless encampments (with psychotic members freque… read more
legalgems
legalgems
attorney
Juris Doctorate
166 satisfied customers
HOA Mobil Home (MBH) Parks: To what extent is the MBH Park
HOA Mobil Home (MBH) Parks: To what extent is the MBH Park Owner / Management / HOA obligated to monitor the duties of the residents and their MBH and to ensure proper execution of maintenance, repair… read more
barristerinky
barristerinky
Other
41,641 satisfied customers
I have just discovered a judgment was entered against me 3
Second opinion] I have just discovered a judgment was entered against me 3 years ago regarding an unlawful detainer hearing that I did not appear in. However I did appear in court for the civil case t… read more
legalgems
legalgems
attorney
Juris Doctorate
166 satisfied customers
I have a lease on an apartment, due to health I must move to
I have a lease on an apartment, due to health I must move to a retirement home.Must I pay to end the lease, $2000.00.… read more
Roy Hadavi
Roy Hadavi
Juris Doctorate
20 satisfied customers
I am considering buying a house at a foreclosure auction.
I am considering buying a house at a foreclosure auction. What do I need to know to protect myself? Do I have to have a cash downpayment the day of the auction? How much time do you have to come up wi… read more
Phillips Esq.
Phillips Esq.
Attorney
JD
19,591 satisfied customers
This is legal question. About music/noise. I own a home in
This is legal question. About music/noise.I own a home in Woodland Hills CA and our neighbours complain about music we play.Last evening they called the police.In full disclosure, Kirtan/Mantra/Music … read more
legalgems
legalgems
attorney
Juris Doctorate
166 satisfied customers
Unlawful Detainer for Commercial Lease resulted in judgment
Unlawful Detainer for Commercial Lease resulted in judgment for money and possession. Tenant refuses to leave so I have to evict him. It looks like the correct form is CD-130 for a writ of possession.… read more
legalgems
legalgems
attorney
Juris Doctorate
166 satisfied customers
My father owns property with my uncle and wants to sign his
My father owns property with my uncle and wants to sign his percentage of ownership over to me. What is the best way to do this? Also, are there going to be any accruing fees or taxes when doing so?… read more
Attorney Wendy
Attorney Wendy
Member
Juris Doctorate
737 satisfied customers
I have a state tax lien on my real property. As I am 70
I have a state tax lien on my real property. As I am 70 years old, my understanding is that I have a personal exemption of $175,000 . How do I sell that property with the tax lien on it? I cannot pay … read more
Damien Bosco
Damien Bosco
Attorney
Doctoral Degree
4,519 satisfied customers
I have question on CA real estate, need to talk to CA real
I have question on CA real estate, need to talk to CA real estate layer … read more
legalgems
legalgems
attorney
Juris Doctorate
166 satisfied customers
30 April 2018 01:09 Barristerinky! You give me hope! I
30 April 2018 01:09Hi Barristerinky!You give me hope! I dismissed the case without prejudice, and will I will request full payment for the missed monthsThere is a confusion to the rent amounts, My esc… read more
barristerinky
barristerinky
Other
41,641 satisfied customers
30 years ago, before I got married, I purchase a house
30 years ago, before I got married, I purchase a house together with both my parents. We purchase it that way (at list what the real estate agent and Escrow told us!) so if one past away it supposes t… read more
barristerinky
barristerinky
Other
41,641 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x