Posted on: 16th Jun, 2009 09:39 pm
i bought property with the help of my parents and my brother. we are all tenants in common and the ownership allocation is as follows: parents 52%, brother 24%, and myself 24%. i am now in the process of taking 100% ownership and to take advantage of the parent to son exclusion my brother has signed a quit claim deed giving up his 24% to parents.
my brothers quit claim has been officially recorded. i am now asking my parents to also sign a quit claim so that i can get full ownership interest in the property. my parents are saying that i first need to get the updated grant deed showing the 24% from my brother is now under my parents. that way they can properly quit claim the 76% over to me.
my question is are my parent's correct? the assessor will update the grant deed reflecting the new ownership interest?
my brothers quit claim has been officially recorded. i am now asking my parents to also sign a quit claim so that i can get full ownership interest in the property. my parents are saying that i first need to get the updated grant deed showing the 24% from my brother is now under my parents. that way they can properly quit claim the 76% over to me.
my question is are my parent's correct? the assessor will update the grant deed reflecting the new ownership interest?
hi dbunzo00,
welcome to the forum,
answer to your query is given over this link in an elaborate manner.so this will be enough. http://www.mortgagefit.com/california/removename-grantdeed.html
:arrow: :arrow: :arrow:
keep in touch......
welcome to the forum,
answer to your query is given over this link in an elaborate manner.so this will be enough. http://www.mortgagefit.com/california/removename-grantdeed.html
:arrow: :arrow: :arrow:
keep in touch......
yes they are right.
Based on the responses my parent's are correct. My follow-up question is where and how can I obtain such deed? Can I just go to the county recorder's office and obtain such deed reflecting the updated ownership interest? If so, what will I be asking them for? What is this deed called?
Thank you all in advance for all the replies :)
Thank you all in advance for all the replies :)