Expert: Dick Dennis - 5/11/2007

Question
Hello,

After the escrow closed, I want to add my two son to the house's grand deed title, my questions is:

How will this work?  Is it a easy or complicated process?  Any disadvantages?

Does it cost extra?  If so, about how much to add two more person on the title?

I located in California.

Thank you very much for your time and help, I really do appreciate it.


Answer
Very easy, Yan. Instruct your escrow agent to add your sons to the title on the Grant Deed. The escrow agent will ask you how you want to take title, joint tenancy, tenants in common, etc. She will say she cannot advise you which way is the best way, and that you would have to consult with a real estate attorney. I am a California broker and I can tell you that with a joint tenancy, should one of you die, the others take over the title. And it is automatic equal share ownership and in most cases a will is not necessary. With a tenants in common, you can say what percentage each of you own and a will be necessary. I recommend you consult with that real estate attorney to make sure you understand correctly and you do the right thing. I wish you well.

Dick Dennis