Temecula's Real Estate Blog

Who Really Owns Your Property? Title, Ownership & Taxes

Every house I sell, the same question always comes up. How should I take title to the property I am buying?

There are so many ways to hold ownership or title to real estate that even real estate professionals get confused.  How you hold the ownership to your property can affect your property taxes, income taxes, inheritance and gift taxes, transferability of title, possible exposure to a creditor’s claims, and even the implication of probate in the event of death.

I advise every client to seek counsel before they decide how to take ownership. Here  are some of the possibilities of how you can hold title to your property:

Sole Ownership:

1. Single Man or Woman—a man or woman who is not legally married or in a registered domestic partnership.
2. Married man or woman as His or Her Sole and Separate Property—A married man or woman who wishes to acquire title in his or her name alone. The title company will make the spouse relinquish their right to the property.

Will The “New” Government Program Save Real Estate Foreclosures?

Will the new government program help prevent real estate foreclosures?

Our beloved leaders have a new program coming out April 5^th. The idea of the program is that it set guidelines and offers cash incentives for homeowners, loan services and mortgage investors for processing and completing short sales for deeds-in-lieu of foreclosure. They have coined it HAFA, or HAMP, or HANK, or HAM SANDWICH…. or whatever cute little acronym they can come up with. It stands for Home Affordable Foreclosure Alternatives or HAFA (which is short for “it won’t work”).

For those on a lengthy European vacation or a prison term, a short sale is a process by which a homeowner can sell their home at its market value while the lien holder writes off the loss on the balance. Without this process, the only outcome for those who can no longer afford their home is foreclosure.

New Law On Security Deposits – Tenants & Landlord

Did your tenant just move out? There are new rules for landlords if you intend to collect damages from the tenant’s security deposit. The landlord has 21 days after the tenant vacates to furnish the tenant an itemized statement indicating what the deposit was used for, if it was not returned. If the deductions exceed $125, the landlord must provide in writing how much time was spent and what was the reasonable hourly rate charged by the landlord.

Additionally, if the landlord hired someone else to do the work, the landlord must provide a copy of the bill, including, the name, address, and phone of that person who did the work.

If the repair cannot be completed or the receipts for work completed are in the landlord’s possession within 21 days, the landlord may still deduct the expenses as long as the landlord provides the necessary documentation within an additional 14 days.