My friend and I own a home in which we both currently reside in California (for 7+ years) - both names on the title JTWROS. My friend is going to buy out my interest in the home, and will require financing to do so. We are looking for advice on the simplest way to structure/transact the sale to:
1) do it in a way that doesn't impede my friend's ability to secure standard financing for a mortgage company
2) insure that the transaction allows me to qualify for California's exemption from taxes on the gain I realize from sale of the home
Is this something we can do ourselves or do we need to engage real estate attorney? Thanks much.