Deeding Your Ownership Interest in Property in California
Video Transcript
I sometimes get calls from my clients and it’s kind of a sad call that they’re going through a divorce and they are going to be splitting up and one of them tells me that they’re just going to deed their interest over to the other one and they’re done with the property. They don’t want to have anything else to do with the property they don’t want to have anything else to do with the spouse and that’s it.
So I go well, that’s okay. It’s kind of sad, (but) make sure you’re consulting your attorney about this, your tax person, and also just remember that if you do have a mortgage note on that property, you could still be responsible for those payments. So that just doesn’t go away when you deed your interest over to the other person.
So, please make sure you’re consulting your attorney and/or your tax person before you deed any property over to anyone because there could be some repercussions down the road especially when you want to buy another house and you still got that obligation of that old mortgage that you thought you didn’t have any, you know, any interest in any more but you could.
So just please be sure that you consult the professionals.
End Transcript
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The above article and video references an opinion and is for informational purposes only. It is not intended to be financial or legal advice. We are not lawyers or financial advisors. Consult the appropriate professionals for advice regarding your individual needs.
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