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  1. #1
    Join Date
    Aug 2019
    Posts
    5

    Default I Co-Own a Property in Sf with My Son, Now I Want to Have My Name Removed

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

    My son and I are the co-owners of a property in San Francisco that was bought three years ago. I only paid for a small portion of the down payment (sort of making a personal loan to him) and he paid most of the downpayment and all the mortgages since. Now we want to change the title so he'd have a 100% ownership. How do we go about doing this and is there any tax consequences?

  2. #2
    Join Date
    Jul 2018
    Posts
    1,548

    Default Re: I Co-Own a Property in Sf with My Son, Now I Want to Have My Name Removed

    Is your name on the purchase money loan and the deed of trust used to secure that loan (i.e., the "mortgage")? If so, then deeding your interest to your son might not be a smart idea.


    Quote Quoting gent88
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    Now we want to change the title so he'd have a 100% ownership. How do we go about doing this
    You would need to prepare and sign a deed, and you or he would record the deed with the county recorder.


    Quote Quoting gent88
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    is there any tax consequences?
    Maybe. The info provided doesn't allow for a better answer than that.

    You would be well-advised to confer with a local real estate attorney before doing this.

  3. #3
    Join Date
    Oct 2006
    Posts
    15,523

    Default Re: I Co-Own a Property in Sf with My Son, Now I Want to Have My Name Removed

    Quote Quoting gent88
    View Post
    My question involves real estate located in the State of: California

    My son and I are the co-owners of a property in San Francisco that was bought three years ago. I only paid for a small portion of the down payment (sort of making a personal loan to him) and he paid most of the downpayment and all the mortgages since. Now we want to change the title so he'd have a 100% ownership. How do we go about doing this and is there any tax consequences?
    Are you also on the mortgage? If you are on the mortgage it would be extremely foolish to cede him 100% ownership unless he is able to refinance the mortgage into just his name.

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