Expert: Dick Dennis - 6/10/2009

Question
Hi,  

I bought a home (San Jose, CA) with just my name on the mortgage and title.  I would like to add my girlfriend's name to the title.  Usually how much is it for this process?  I dont want to wait until refiance to add her name.  Is it true that I will need to file a gift tax return and I will get tax for it (for 50% of the home price)?

Thanks,
Johnny

Answer
You may want to rethink this, Johnny. I can't count how many times people have regretted adding a girl or boyfriend to a title of a property only to have go through a lawsuit to undo it all. Relationships do change, as you know. However, if you want to do it the right way, you can do it for next to nothing by filling out a grant deed at your nearest escrow office and have them record it for you at the county recorder. It shouldn't cost you more than $200, if that much. You could also fill out a quit-claim deed as to the amount of interest you want to give her and then go and record it at the county recorder yourself. Then if you REALLY want to do it right, then you should go into a REAL ESTATE attorney's office and tell him/her what you want to do. I do wish you well.

Dick Dennis