Question about deed recording

[bornitz]

What is the name of your state? California

I bought my ex domestic partner out of our house which is currenly titled JTWROS. I have paid her and she has provided me with the quit claim deed.

Once I file it with the Recorder's office, the house will be re-assessed for tax purposes. I have spoken with the assessor's office and based on local sales know pretty much what I will pay. Ugh, such is life!

1. What is the danger of not filing it and just holding on to it in case I decide to sell the property later on? Will it make a sale more difficult because I will first have to wait for the title change before listing it? My friends think I should record ASAP so if she were to face any legal or IRS issues, the house would be safe. She's never been audited, but in my opinion, really pushed the envelope on several occasions with regard to tax matters.

2. A lawyer I had consulted with around the time of our split suggested I get her off title and then create a revocable trust for the house as well as my other assets. Then he said I can leave it all to whomever I want under my terms. Does this sound reasonable to you? This was of course his area of expertise. Are there any downsides to a revocable trust?

Of course, my ex is now saying that I shouldn't file the quit claim, because as it stands now, if I die unexpectedly (I'm 45 and in good health last time I checked.. lol!) she will get the house. She makes a good point, since I have nobody else to leave it to as of now, but that might change in the future, who knows?

Thanks in advance for your help.
Bonnie

[nextwife]

Well, if she is sued for any reason and and a judgement is awarded and docketed, it will attach to YOUR real estate if she remains on title. Is it worth taking the risk?

[bornitz]

Thanks so much for the sound advice. This is exactly what I was afraid of and she has a past that could easily affect my future. It's not worth the risk.

Thank you!
Bonnie

[HomeGuru]

Originally Posted by bornitz

What is the name of your state? California

I bought my ex domestic partner out of our house which is currenly titled JTWROS. I have paid her and she has provided me with the quit claim deed.

Once I file it with the Recorder's office, the house will be re-assessed for tax purposes. I have spoken with the assessor's office and based on local sales know pretty much what I will pay. Ugh, such is life!

1. What is the danger of not filing it and just holding on to it in case I decide to sell the property later on? Will it make a sale more difficult because I will first have to wait for the title change before listing it? My friends think I should record ASAP so if she were to face any legal or IRS issues, the house would be safe. She's never been audited, but in my opinion, really pushed the envelope on several occasions with regard to tax matters.

2. A lawyer I had consulted with around the time of our split suggested I get her off title and then create a revocable trust for the house as well as my other assets. Then he said I can leave it all to whomever I want under my terms. Does this sound reasonable to you? This was of course his area of expertise. Are there any downsides to a revocable trust?

Of course, my ex is now saying that I shouldn't file the quit claim, because as it stands now, if I die unexpectedly (I'm 45 and in good health last time I checked.. lol!) she will get the house. She makes a good point, since I have nobody else to leave it to as of now, but that might change in the future, who knows?

Thanks in advance for your help.
Bonnie

**A: file the deed asap and then keep talking to that attorney.