Our home was bought and under the name of our deceased mother and our father. He has recently married and has been really unpredictable lately. One thing he wants to do before he leaves with his other family is sign over the home to us. The house is falling apart and has so many issues that its not worth what we bought it for. So we wanted to know is there any way he can give it to us and it get appraised again for what it is worth now. Its all we have left of our mother. We want to invest in the house but one day he talks about selling it and we know we can't do anything if he does. So weve been letting it fall apart. We know we cant short sale because of the arms length law. We live in Southern California and he would sign the deed to me and my other sister
Social Security Lawyers
In addition to Mr. Eisenberg's helpful comments, let me add that your father will want to make the effort to consult with experienced elder law counsel. Transfers of real property have substantial (and typically very unwelcome) consequences for future MediCal eligibility. Adept elder law counsel can assist in structuring any transfer and in other estate planning strategies that will not forfeit future rights to needed public benefits.
I have recategorized as "elder law" because real property transfer procedure is the easy part. The hard part is finding a strategy that serves your father's objectives and best interests.
Best wishes for an outcome you can accept, and please remember to designate a best answer.
This answer is offered as a public service for general information only and may not be relied upon as legal advice.
The transfer of real property in Los Angeles County (which includes the city of Lynwood) among parents and their children is exempt from reassessment. Consult with a competent real estate attorney who can advise you regarding the proper use of L.A. County's Preliminary Change of Ownership form and your options for assuming title from or with your father.
I concur except that I think ALL of you should go together for a free consultation with an Elder Law attorney who can discuss the best options. See 'Find-A-Lawyer' at the top of this webpage. Good Luck!!
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I agree with colleagues. Yes, it is possible for father to transfer home to children. May not be advised at this point. Review impact of transfer on taxes, property taxes, Medi-Cal eligibility before proceeding. All parties should consult with competent counsel before proceeding. I need more information before opining further.