Alameda, CA asked in Real Estate Law and Tax Law for California

Q: Passing home from grandma to son, and then to grandchild without property tax reassessment in CA.

Was going to purchase the home, but now considering whether this is possible:

Grandma transfers to my dad, who then immediately (same day) transfers to me, and then I do cash-out refinance to pay grandma the amount I was going to pay her in the first place.

Are there rules around time that must pass between each transfer and me taking out the refi? Anything else I may be missing?

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1 Lawyer Answer
Maurice Mandel II
Maurice Mandel II
  • Newport Beach, CA
  • Licensed in California

A: Yes, you are definitely missing, or not hearing the advice that you should not be trying to handle this yourself. You really need to hire a Real Property attorney in your local area to assist you with this because of the complexity of what you want to do and if you mess it up, it could cost you thousands in taxes on capital gains and increased property taxes going forward for years to come. You have too many legal issues that require expertise and experience to do this yourself. Would you do your own kidney surgery? This forum is not designed to provide specific legal advice, read the disclaimers below.

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