Legal Question in Real Estate Law in California
Does a recorded deed that explicitly says "gift of equity", and grants from A to A & B automatically mean that A and B each have an undivided half interest? If the deed was executed to enable A and B to be co-borrows on an equity loan that B solely repaid for improvements to the property that only A occupied, does that in any way limit B's interest to the value of the equity loan?
3 Answers from Attorneys
Maybe, but a full explanation of all the facts and circumstances surrounding the transaction would be required before a competent answer could be given.
I do not believe any one can really answer your question without being able to see the documents in question.
The terms "gift of equity" have nothing to do with the amount of the parties' interest. It means the owner sold to someone, who they usually have a prior relationship with like a child or friend, for less than market value. The lender will loan on it and treat the equity gift like a down payment. Certain amounts can also be excluded from gift taxes, but it does not change the percentage of ownership or change any of my previous responses to this question that you keep posting.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
