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edcor6 · Joined: 04 Jun 2010 Posts: 1 1.34 Dollars($)

We bought the house in cash for $180k with my son's savings of $40k and the rest with my and my deceased wife's savings.

Some questions:

1. Do I have to file a gift tax return? I have not used yet my lifetime exemption.

2. If I die, does the ownership of the house automatically goes to my son?

3. In my country, we get a "Torrens Title" as certificate of ownership which describes the property in details. I did not get that kind of thing from escrow which closed a week ago. My realtor mentioned about grant deed. What do I show the bank if we want to mortgage the house to secure a loan?

jameshogg · Posted: Fri Jun 04, 2010 8:32 pm Post subject:

Hi edcor,

If you and your son are son are joint tenants of the property and have rights of survivorship, then your son will become an automatic owner of the property after your death.

I did not understand why you want to file for a gift tax. You haven't transferred the property to your son. Both of you jointly bought it.

Have you received the grant deed? If yes, then you can show that deed to the lender/bank and get a mortgage. If you haven't received the grant deed yet, then you should ask your seller to immediately give the property deed to you.

Thanks

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Father and son as joint tenants - san diego, ca

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