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  1. #1
    Join Date
    Jan 2013
    Posts
    1

    Default How to Change Percentage Ownership on Deed

    My question involves real estate located in the State of: California.

    My wife and I are joint-owners with her parents on a property. We both invested equal amounts down.

    The property deed is written:

    "[Name1] and [Name 2], husband and wife, and [Name 3] and [Name 4], husband and wife, all as joint tenants."

    Although I've owned a couple homes, I'm not well versed in real estate tax and how it equates to joint ownership. It is my father-in-law's wish to ensure that our family receives the money from sale of the home - and given we'd use it for a new home purchase, to do so avoiding taxes. This was his idea as a means to "gift" money without being subject to taxes.

    However, given the deed, is this permissible? It seems to me that we would be entitled to 50% of the sale... and any escrow instruction to disperse the remaining 50% in my name would come at a large tax cost.

    Would anyone be able to provide me some advice? Should the deed be changed to a 99%-1% ownership, or something along those lines? Is this even possible?

    Although I didn't need "help" with the mortgage, we are both on the loan because of the joint ownership. Really appreciate your guidance on this!

  2. #2
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: How to Change Percentage Ownership on Deed

    Absent a specific percentage, everybody has equal shares. If you want to change that in an existing situation, you'll have to prepare a new deed with the existing owners granting to the proposed owners (could be the same people) in the shares desired.

    Often this is not a taxable issue. Consult a lawyer on how to do this and get recorded with a minimum of hassle.

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