Dear Michael: We purchased
our home two
years ago in a Culver City zip
code. At the time we were
told by our real estate agent
that our kids would automatically
qualify for Culver
City schools. We later found
out that we must apply for
a special permit in order to
send our kids to Culver City
elementary school. Can we
hold our agent responsible
for this misinformation?
Answer: I am very sorry to
hear that you where misinformed
and I hope your kids
get into the school of your
choice. It is very possible
that your agent did not even
have knowledge that the
home would not qualify for
the Culver City School District.
This is why I emphasize
on the importance of using
a local realtor that is knowledgeable
of the area. You
could file a complaint with
the California Department of
Real Estate (http://www.dre.
ca.gov), but for now, I suggest
you concentrate on getting
your kids in the proper
school of your choice. Some
parents have their kids in
Culver City schools on permits,
so don’t get discouraged
and be persistent.
When you are ready to buy
or sell you home, always
get references on your real
estate agent and make sure
he/she is knowledgeable of
the area.
Dear Michael: My longtime
life partner is very ill,
she is ready to ad me to the
deed in case she dies. What
is the best way for us to hold
title so the property can be
transferred to me when she
dies?
Answer: Let me first start
by saying that I am sorry for
your pain. In California there
are three primary ways to
hold title: Community Property,
Tenants in Common
and Joint Tenants. Joint tenants
would be the type of
title I suggest would best fit
your needs. Joint Tenants
can be defined as follows:
Equal share of ownership
of the property and have
undivided right to keep or
dispose of the property.
Joint tenancy creates a Right
of Survivorship. This right
provides that if any one of
the joint tenants dies, the
remainder of the property is
transferred to the survivors.
Because of this right of survivorship,
no will is required
to transfer the property: it
goes directly to the surviving
joint tenants without the
delay and costs of probate.
For more information I suggest
you contact a real estate
attorney.
Dear Michael: We just
purchased a house for future
retirement use and declared
it not a primary residence
during the transaction. We
would like to know how we
can change it to the primary
residence while still keeping
our current residence.
Thanks.
Answer: You can only have
one primary residence at a
time. Simply declaring to the
world that your new home
is actually your primary residence
isn’t quite enough.
You actually have to live there
for a majority of each year.
If you’re ever audited, the
IRS will look up your phone
records, bills paid, whether
you voted in that district,
and other things that would
indicate how much time you
spent in the new home. You
would also have to file your
income taxes listing the new
home as your primary residence.
When you’re ready to
retire to this property, that’s
the time when you should
make it your primary residence.
That way, you protect
your ability to take the IRS
capital gains exclusion for
your current property, which
amounts to taking the first
$250,000 (if single) in profits
tax-free or $500,000 (if you’re
married). But you only get
this as long as you’ve lived in
the house for two of the last
five years, and haven’t used
the exclusion in the past 24
months. For more details
please consult with your tax
accountant.
Michael Kayem is a Realtor
with Re/max Estate Properties
serving Culver City
and the Westside since 2001.
You can contact him with
your questions at (310) 390-
3337 or email them to him at:
homes@agentmichael.com
