Home Buying in Palo Alto>Question Details

Rock & Roll, Home Buyer in Palo Alto, CA

We will put a sizeble down payment to buy a house in CA for our daughter, we would like our names on the title. Can it be done after the Escrow?

Asked by Rock & Roll, Palo Alto, CA Sun Apr 24, 2011

Add title after the Escrow?

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8
Rob Spinosa’s answer
Rock & Roll,

I'm with Terri Vellios on this one. You really want to be sure about the financial and legal ramifications of vesting the title, dealing with taxation and future disposition of the property. If you have access to a tax or real estate attorney, or your CPA, I would run your plans by them.

Best of luck and please let me know if I can help if you have any questions or concerns about the financing.

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes Thank Flag Link Tue Apr 26, 2011
All excellent answers. Something to think about perhaps drafting up a an agreement (legally) so that there is a clear understanding of the ownership, equity gain, and future distribution. You may understand this now, but in the event of a disagreement you may want to consider this before closing.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Sun Apr 24, 2011
Dear Rock & Roll,

The Answer is yes you can...but i have a few ques/things you need to think about:
1. Where do you reside? in CA too, or another State?
2. Talk to your CPA for any Tax implications you may have.......and your Attorney re Title.
3. If you are gifting the Down Payment to your daughter, you will have to provide a Gift letter, if she is Initially buying it on her own.
4. Will she be solely responsible for the Mortgage Payments? - Loan in her name only?
5. She can take the Loan in her name only, get the Down Payment from you as a "gift", with the gift letter for the Lender, and also to track where the money came from- to her....so you may also have to provide the Bank Statement from which it came, and she provide the Bank Statement into which it got deposited (paper trail)....
5. If you want to be on Title, why not from the Start, together??
6. Yes, whichever Title CO. you close at for the property you buy, they can help you to fill out a form, a small fee, and get your names added on Title. All do-able!

I serve Palo Alto, most of the Bay area (work By Referral) and will be happy to take exceptional care of all of your Real Estate needs. Please do check out my website, and contact me if you so choose.
All the Best, always, Regards,
Nina Daruwalla
0 votes Thank Flag Link Sun Apr 24, 2011
You can ask your escrow officer to have things set up for you to do it right after closing, but I advise you to speak with an attorney first to learn about the pros and cons of what you are doing.

Marcy Moyer
DRE 01191194
Web Reference: http://www.marcymoyer.com
0 votes Thank Flag Link Sun Apr 24, 2011
Your daughter can execute a Quitclaim Deed after closing to add your name to the title. However, you should be aware that her mortgage may contain a "due on sale clause" which gives the lender the right to call the loan in the event ownership of the property changes. In my experience, lenders rarely do this as long as the payments on the mortgage remain current. You should speak with a real estate attorney in your area about having your daughter add your names to the title to determine all the ramifications.
0 votes Thank Flag Link Sun Apr 24, 2011
Yes your names can be added to title after escrow closes. Lender will want to see gift letter from you from downpayment funds. My question is
0 votes Thank Flag Link Sun Apr 24, 2011
Sure you can.

Pat Chadwell, Broker
Realty World - Residential Specialists
408-927-6565 x 11
0 votes Thank Flag Link Sun Apr 24, 2011
Yes, very easily. You can just fill out a form and record it for a small fee. See the link for the form.
Web Reference: http://www.stevemanzo.com
0 votes Thank Flag Link Sun Apr 24, 2011
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