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Transferring house title completely to me and re-financing to pay pop's off....

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Junior Member
What is the name of your state? California

His old house I've been living in since 1998. "Bought" the house from dad in 2001 with the understanding that I owe him $50k when I sell or re-fi. So basically in 2001 the house was re-financed, I was added to the title along with my dad and step mom. Now 2005 and there is equity in the house, I want to re-fi again, pull some money out, pay my dad off (or not), and just have me on the deed.

My question is...

Is it considered "our" money, or "my" money once escrow clears? Once the bank cuts me a check, can I write my dad a check for $50k without any major tax hits for the both of us? Or...Should I pay him $11k/yr for the next five years? Not real clear on the best way for the both of us to do this...

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