Disclaimer: The materials porvided below are informational and should not be relied upon as legal advice.
California Revenue and Taxation Code (R&TC) allows imposition of a transfer tax on a trasfer of a interest in real estate for value. However, when the transfer is a bona fide gift (i.e., no money or other consideration is given), the tranfer tax does not apply. You should consult your own attorney to protect your legal rights.
This statement on the deed does not relate to gift taxes. Typically, you would not owe a gift tax as the donee. However, you have secondary liability if the donor does not pay any gift tax that may be due. The Revenue and Taxation code section quoted prevents a transfer tax from being charged because the transfer is not made for value, but is a gift. What I don't understand is that you start off by saying you are "buying" the house from your boyfriend. It is either a partial gift or not a gift at all if you are paying him anything. Therefore, the statement on the deed would not be correct. Talk to an attorney about this transfer to prevent yourself from getting involved in a possible fraudulent statement on the deed.
Any individual seeking legal advice for their own situation should retain their own legal counsel as this response provides information that is general in nature and not specific to any person's unique situation. Circular 230 Disclaimer - Advice given in this response cannot be used to eliminate penalties with the IRS or any other governmental agency.