What is the name of your state? California
My Mother is sole owner of an investment property (duplex) that is rented out. There is no mortgage on the property. She would like to add an adult child to the title/deed of the property. The property is in a different county than which we live. She will continue to claim all income and be responsible for taxes, etc..
What is the best way to do this? Grant deed or Quitclaim deed? What information will I need to complete this process? Will there be a transfer tax or is this considered a gift?
Thank you.
My Mother is sole owner of an investment property (duplex) that is rented out. There is no mortgage on the property. She would like to add an adult child to the title/deed of the property. The property is in a different county than which we live. She will continue to claim all income and be responsible for taxes, etc..
What is the best way to do this? Grant deed or Quitclaim deed? What information will I need to complete this process? Will there be a transfer tax or is this considered a gift?
Thank you.