Contra Costa California Grant Deed - One Individual to Two Individuals

State:
California
County:
Contra Costa
Control #:
CA-024-78
Format:
Word; 
Rich Text
Instant download

Description

This form is a Grant Deed where the grantor is an individual and the grantees are two individuals. Grantor conveys and grants the described property to grantees as tenants in common or joint tenants with the right of survivorship. This deed complies with all state statutory laws.

Contra Costa California Grant Deed — One Individual to Two Individuals is a legal document used in real estate transactions to transfer ownership of property from one individual to two other individuals in Contra Costa County, California. This type of grant deed is commonly referred to as a "joint tenancy grant deed" or a "vesting deed." The Contra Costa California Grant Deed — One Individual to Two Individuals is a formal and binding agreement that outlines the specific details of the property transfer, including the names of the granter (the person transferring the ownership) and the grantees (the individuals receiving the ownership). It also includes a legal description of the property, which provides information about the location, boundaries, and dimensions of the property. This grant deed is typically used when two individuals intend to hold equal ownership rights over a property. It creates a joint tenancy, which means that both grantees will have an undivided and equal interest in the property. In the event of the death of one grantee, the surviving grantee will automatically inherit the deceased grantee's share of the property. The Contra Costa California Grant Deed — One Individual to Two Individuals is an essential document for property transfers in Contra Costa County. It ensures that the ownership rights are legally and officially transferred to the intended individuals. It is crucial to consult with a real estate attorney or professional to properly prepare and execute this grant deed to ensure its validity. In addition to the standard Contra Costa California Grant Deed — One Individual to Two Individuals, there may be variations or additional types of grant deeds used in specific situations. For example, there may be a specific grant deed designed for transferring property from multiple individuals to two other individuals. It is recommended to consult with a real estate professional or attorney to determine the most appropriate grant deed for specific circumstances.

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FAQ

When the ownership is transferred between parent(s) and child(ren), the property is re-assessable to market value, unless the transfer qualifies for the parent/child reassessment exclusion.

California mainly uses two types of deeds: the ?grant deed? and the ?quitclaim deed.? Most other deeds you will see, such as the common ?interspousal transfer deed,? are versions of grant or quitclaim deeds customized for specific circumstances.

In order to accomplish this, you can't just pen in the name on your deed. You'll need to transfer an interest by writing up another deed with the person's name on it. In California, you can use either a grant deed, a quitclaim deed or an interspousal deed, depending on your circumstances.

Do I pay tax if I am gifted a property? It depends. If you have been gifted a property from your husband, wife or civil partner, you won't have to pay inheritance tax. But if you have been gifted a property from a parent, you might have to pay stamp duty if there is a mortgage on the property.

ACTION TO CONSIDER: To avoid property tax reassessment, do not transfer real property from individuals to a legal entity unless the individuals have the same proportionate interest in the legal entity as they did in the real property.

Unless the gift amount exceeds the entire estate exemption (which is $24.12 million for married couples in 2022), no taxes will be due on the gift.

You'll need to transfer an interest by writing up another deed with the person's name on it. In California, you can use either a grant deed, a quitclaim deed or an interspousal deed, depending on your circumstances. Each one has its own requirements and works best in different circumstances.

Adding a family member to the deed as a joint owner for no consideration is considered a gift of 50% of the property's fair market value for tax purposes. If the value of the gift exceeds the annual exclusion limit ($16,000 for 2022) the donor will need to file a gift tax return (via Form 709) to report the transfer.

The first situation is what Proposition 19 directly affects: transferring direct ownership of real property by lifetime or testamentary gift (inheritance), or a sale deemed a ?change in ownership? that would trigger a property tax reassessment.

How to transfer property ownership Identify the donee or recipient. Discuss terms and conditions with that person. Complete a change of ownership form. Change the title on the deed. Hire a real estate attorney to prepare the deed. Notarize and file the deed.

More info

GRANT(S) to. Recording cannot be done in person.Submit documents through eRecording or mail. Exhibit 1: Timeline of Key Whole Person Care Activities . DISCLAIMER: Forms available through this site are not a substitute for the advice of an attorney. That an employer could refuse to hire a gay or transgender individual without learning that person's sex. By intentionally setting out a rule. Contra Costa County Clerk-Recorder Office. Address. 555 Escobar Street Martinez, CA 94553. 2. R-10 and R-10A single-family residential districts.

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Contra Costa California Grant Deed - One Individual to Two Individuals