Q: My CA relative wants to give his house to family. How can he do this, and can he, cheaper than market price?
He can't keep her house and would prefer to give it to family instead of foreclose on it. Also, he owes some back-taxes. Is there a way he can address those first, such as a way to excuse them? Or would family have to take on those back-taxes in the transfer of property? Any resources to help us navigate this would be helpful, thank you.
A:
He cannot give away the property which has a loan on it. He can transfer his ownership interest to a new "buyer" who may be able to take over the loan but better if the buyer gets a new loan and enough to cover the back taxes. Definitely need to consult with RE attorney on this one. You cannot avoid the taxes by a transfer, they may not record the deed until the taxes are paid. If not paid, the new buyer is looking at a possible tax foreclosure.
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