This is very common. Don't worry. As easy as it is to remove you with a quit claim deed, it is that easy to put you back on. It is done all of the time in California. I am in San Diego and a RE boker. Dyanna is quite correct. To save money have escrow draw up the deed now. If you ask, they may even file it for you after you close.
Technically, you did not change ownership so the loan should not accelerate. I have never heard of one doing so yet. And as I said, this is done all of the time.
No gift tax for closing cost if less than $13,000 See Below
From The IRS website:
Who pays the gift tax?
The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead. Please visit with your tax professional if you are considering this type of arrangement.
What is considered a gift?
Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return.
What can be excluded from gifts?
The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts.
Gifts that are not more than the annual exclusion for the calendar year.
Tuition or medical expenses you pay for someone (the educational and medical exclusions).
Gifts to your spouse.
Gifts to a political organization for its use.
How many annual exclusions are available?
The annual exclusion applies to gifts to each donee. In other words, if you give each of your children $11,000 in 2002-2005, $12,000 in 2006-2008, and $13,000 on or after January 1, 2009, the annual exclusion applies to each gift.
What about state law can he purchase a home without you on title?
Title company is another resource speak with