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My husbands parents equity shared on our house. Basically they gave us our down payment but had a legal document made up. In the process, they also have their names on the deed on our house. We live in California. They don't want profit from the house, just their initial investment back. We are able to pay them now, and we want their names off our deed. My questions are:

1. how do we go about doing this? real estate attorney?
2. will our home be reassessed since the deed is changing. we are removing them...keeping ourselves on the deed.
3. i thought maybe since it's parent/child issue, that there wouldn't be a change in tax status.
4. anything else i am missing? advice what to do to get this moving along?

I want my own house and don't want them tied to it any longer.

Thanks for all your help!
KimMarie[/left]

smithsussane · Posted: Sun Dec 06, 2009 7:59 pm Post subject:

Hi kimMarie!

Welcome to forums!

As you want to remove your husband's parents from the property deed, you'll have to ask them to sign a quit claim deed in your favor. Once they do so, you would become the sole owner of the property. You can contact a real estate attorney and he will help you in getting the deed drafted, notarized and filed at the county recorder's office.

As there would be a change in ownership, there are chances that the property can be reassessed for tax purpose. Does the mortgage include the names of your parents-in-law? If yes, then you'll have to refinance the loan in your names in order to release them from the liability of paying the mortgage.

Feel free to ask if you've further queries.

Sussane

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removing names off title? new tax rate?

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