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Buying or Selling a Home/1) Ownership title 2) title and trusts
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Question
1) I understand very generally that owning a real estate through a partnership is sometimes risky in that the liabilities of one partner can translate to the other partner(s). What about if the title is in individuals' names with specific percentages e.g. "Person A, a single individual 50%; Person B, a single individual 50%" If either of the individuals were to have a judgement against him, would the asset be only his 50%? Could the recording include right of first consideration in the title?
2) If I change title to my home to a trust, a) does that cause a tax consequence in California? b) are there any requirements concerning the trust's name or just that the trustee/trustor/beneficiary be myself?
Thanks so much for your help.
ARNOLD--
You didn't send these questions to me;I found them in the "QUESTION POOL" waiting for an answer from SOMEONE--so as to get you on the "right track" to getting answers to these "title" and "trust" questions I'll be that "someone." YOU'VE ALREADY WAITED TOO LONG FOR AN ANSWER!
I said "on the right track," didn't I? That's because to answer your questions one would have to be a California-licensed Attorney
(or a Member of the Bar in SOME State, at least) as to do so constitutes the giving of "legal opinions and/or advice" So,as I cannot practice real estate/law without a license (nor can other "Experts" here), you need to pose these questions to a local Lawyer (local 'cause every State has it's own take on these laws.) Short of paying an Attorney's fees, in some States licensed Real Estate Closers and/or Title Officers can help with info on matters such as yours. ( An experienced licensed Realtor in your area MIGHT be able to help you some, too!)
So... there's the "right track" for you, Arnold. Hope this helps you some. GOOD LUCK!
--JIM
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Jim Root
Expertise
How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!
Experience
Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!
Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).
Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.
Education/Credentials
Associate Degree in Real Estate Studies plus:
Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years.
Bachelors Degree in Mass Communications,
Masters Degree in Education/Teaching
Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.
Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!
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