Dear Michael: Due to my poor credit when we purchased our house, we only put it in my husband’s name. After my uncle passed away, his wife had to go through probate because the title to their house was not held correctly. She told me to take care of our situation as soon as possible. How would I go about changing our title? And how should we hold title?
Answer: You should have changed the way thr title was held from your husband’s name as his “sole and separate property” to “community property with right of survivorship” as soon as the home closed escrow. The good news is that it is not too late. The major benefit of holding title as community property has been a double step-up in basis at the death of a spouse. Ownership and managerial interest are equal. Both co-owners have equal management and control with similar absolute power of disposition. A spouse may not make a gift of or dispose of community property without valuable consideration and written consent of the other spouse; furniture, furnishings, or fittings of the home or the clothing or wearing apparel of the other spouse or minor children may not be disposed of without the written consent of the other spouse. Community property is generally liable for a debt incurred by either spouse before or during marriage, regardless of which spouse has management and control of the property or which spouse is party to the debt.
Dear Michael: I just got my new property tax bill and it went up by more than 7% from last year. This does not make any sense. How can I dispute this? I tried calling but I can’t get through.
Answer: You can contest your property tax bill assessment by going to the L.A. County tax assessor’s website at assessor.lacounty.gov. Go to the general information tab and click “contesting values.” You will need your APN and PIN number, located on your tax bill and you will also need to provide two comparable sales within the current year. You have until Nov. 30 to contest. If you have already received your tax bill and have not contested, you will have to pay the current tax bill and if approved for a lower value, they will send you a refund for the difference.
The first installment is due by Dec. 10 and the second is due by April 10. You can also opt to pay the total amount in one sum for the year.
Dear Michael: My house has been in escrow for three weeks. I have decided that I no longer want to sell. The buyers have removed all their contingencies. Am I allowed to cancel the purchase?
Answer: My immediate answer is no. If you cancel, you are in breach of contract. You accepted an offer after having your house on the market for so many days, weeks or even months.
Was there a Realtor involved? If yes, you will have to pay commission to your agent as he/she has performed their duties by finding you a buyer. The buyers have paid for an inspection, an appraisal, a rate lock and the notion of a new home, which can be emotionally devastating if you were to cancel the purchase. Buyers have a contingency period for appraisal and loan at which time they can cancel the purchase if they do not approve of the property. Sellers are not in the same position. You can always ask the buyers in an amiable way if they would agree to cancel, but if they refuse, you’re out of luck. Please consult a real estate attorney for further evaluation.
Michael Kayem is a Realtor with Re/max/Execs, serving Culver City and the Westside since 2001. Contact him at (310) 390-3337 or homes@agentmichael.com.
