transfer of property on a deed...

[nailtech]

What is the name of your state?

I live in Texas, but this is California property question

My dad lives in California, he’s married with no children together… he paid for a piece of property ‘owner financed’ the property is now paid off fully but still in the original owners name, dad said they are going to put the deed in his and the originally owners name, then in a few months she (original owner) will have her name removed off the property deed.. (I guess to get out of closing costs) not sure… then in another few months he wants to add my name to the title so it will be his and mine only on the deed… he said that way its only a $10.00 transfer fee… he wants to add my name in case something happens to him I can sell it give his wife 50% and take the other 50% and share with my two sisters…

What am I looking at here as far as the legalities?? Is this legal? Is there anything I should know before stepping into this? He did say I wouldn’t have to pay any taxes, he would do that..

 

[HomeGuru]

What is the name of your state?

I live in Texas, but this is California property question

My dad lives in California, he’s married with no children together… he paid for a piece of property ‘owner financed’ the property is now paid off fully but still in the original owners name,

**A: this is so lame. Before he made his last payment on the contract, he should have opened escrow and gotten the deed in exchange for his final payment.
*******

dad said they are going to put the deed in his and the originally owners name, then in a few months she (original owner) will have her name removed off the property deed..


**A: another lame idea. The owners name should not be on title already. What the heck are they trying to do? There is no logical reason for this BS nonsense.
*********

(I guess to get out of closing costs) not sure… then in another few months he wants to add my name to the title so it will be his and mine only on the deed… he said that way its only a $10.00 transfer fee… he wants to add my name in case something happens to him I can sell it give his wife 50% and take the other 50% and share with my two sisters…

**A: Oh brother.
*******

What am I looking at here as far as the legalities?? Is this legal? Is there anything I should know before stepping into this? He did say I wouldn’t have to pay any taxes, he would do that..

**A: have him hire a real esate attorney and get the deed put in both your names ( his and yours) from the start and hold title in joint tenancy. It is a very simple matter that he and the property owner are trying to make complicated for no logical reason.