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Commonly Asked Questions about Three Individuals Property Transfer

Acquisition by purchase is the most common way we acquire personal property, but there are at least five other ways to legally acquire personal property: (1) possession, (2) finding lost or misplaced property, (3) gift, (4) accession, and (5) confusion.
Put the House in a Trust If you put it in an irrevocable trust that names your children as beneficiaries, it will no longer be a part of your estate when you die, so your estate will not pay any estate taxes on the transfer. The house will also not be subject to Medicaid estate recovery.
Joint Tenancy Definition Common Use: This form of ownership is popular among married couples or family members, as it ensures that the property passes to the surviving owner(s) without the need for probate. Legal Implications: In Joint Tenancy, each owner has an undivided interest in the entire property.
1: A transfer of a parents principal residence to a child is completely exempted from reassessment. The child succeeds to the parents assessed value regardless of the value of the property or its assessed value at the time of transfer.
The most common way to transfer property is through a general warranty deed (sometimes called a grant deed). A general warranty deed guarantees good title from the beginning of time.
Common Methods of Property Transfer in California Grant Deeds. A Grant Deed is a crucial tool in California property transfers. Quitclaim Deeds. Quitclaim Deeds take a different approach to property transfers. Warranty Deeds. Warranty Deeds provide a robust layer of protection for property buyers.
Today, Californians most often transfer title to real property by a simple written instrument, the grant deed. The word grant is expressly designated by statute as a word of conveyance. (Civil Code Section 1092) A second form of deed is the quitclaim deed.