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Call me at 619-239-3392

Or email me at tonyprost@thatgaylawyer.com

Phone:    619-239-3392

Fax:   619-239-3367

E-mail: tonyprost@thatgaylawyer.com

YIPPEE!! We are buying a new home !!

This is one of the touchiest issues for non-married couples. Registered Domestic Partners have all the rules laid out for them, but non-registered couples have to put all their agreements in writing with signatures, to comply with California law.

It is important to write down the details of your agreements about how real property, or any property of value, is to be held, how your interests are to be apportioned, and what is to happen when you sell the property, or move out of it.

Under California law, any agreement respecting real estate, has to be on paper, in writing, signed, notarized, and thumbprint taken in the notary’s log book. Oral agreements, and promises, are very hard to convince a judge about!

There are tax consequences to taking title to property, or transferring title to a non-married partner. The county may want to re-assess, the IRS may consider a transfer as a taxable gift.

Is it better to take joint title as “tenants-in-common” or as “joint tenants”?  It depends on your circumstances.

Do not rely on your real estate agent to be aware of all these issues.

 

 

WHO IS BUYING IT?

FREE LEGAL ADVICE:

           If a survivor inherits half the title to property based on joint tenancy, the IRS will deem the entire value of the property to have transferred to the survivor, not just half. The entire value of the property will be used in calculating estate taxes.