The purpose of this article is to explain what a Qualified Personal Residence Trust (QPRT) is. A QPRT is an irrevocable trust which allows the creator, the grantor, to move a home out of their personal estate. This is done to give the home to a future beneficiary with gift tax savings. This is important…
Continue reading ›The purpose of this article is to explain what a Transfer on Death (TOD) Deed is. TOD Deeds are meant to allowing people, especially elderly people, to transfer their residential property. These deeds are meant make it easier and less expensive to transfer that property without needing a will or living trust that would go…
Continue reading ›The purpose of this article is to explain what a bona fide purchaser for value is and how that status impacts someone’s property rights. A bona fide purchaser for value (or bona fide purchaser) is someone who acquires a property interest or encumbrance like a property, mortgage, or lease, and meets two specific criteria. A…
Continue reading ›The purpose of this article is to discuss the commonly-discussed, but poorly understood, concepts of a “cloud on title.” A “Cloud on title” is an adverse claim, which may look good on its face, but is actually invalid or barred in some way. A cloud on title is a claim or encumbrance (like a mortgage…
Continue reading ›Probate proceedings can often be complex, especially when it comes to the sale of property within an estate. In California, the rules governing commissions for agents, brokers, and auctioneers involved in probate sales are outlined in California Probate Code. Probate commissions are fees paid to executors and administrators for their services in managing and distributing…
Continue reading ›When it comes to real estate transactions, ensuring a clean and clear title is essential. However, what happens if a property is sold without a perfect title, only for the seller to acquire the missing rights or interests later? This scenario is where the After Acquired Title Doctrine comes into play. In this blog, we’ll…
Continue reading ›The Marketable Record Title act provides a statutory time limit to eliminate certain liens. Specifically, the purpose is to enhance the marketability of property by fixing an expiration date for certain interests, which are generally ancient mortgages, deeds of trust, unexercised options, powers of termination, unperformed contracts for the sale of real property, dormant mineral…
Continue reading ›Often, the question of distributing rent earned on a co-owned property arises in the context of cotenants. Cotenants have equal rights to possess their property with their fellow cotenants. This means that no one cotenant can exclude another from the property. One cotenant can, however, assign their right of possession to a third party. This…
Continue reading ›Probate Code section 859 protects certain individuals whose property or money is taken, concealed, or disposed of by another. Section 859 does this by imposing hefty penalties on anyone who wrongfully takes or conceals property belonging to certain groups. Specifically, the statute provides: “If a court finds that a person has in bad faith wrongfully…
Continue reading ›A trust is a legal device that is commonly used in estate planning. A trust represents “a collection of assets and liabilities” that can be held and transferred by an individual to another individual, the “beneficiary.” (Portico Mgmt. Grp., LLC v. Harrison (2011) 202 Cal.App.4th 464, 473.) When the trustee, the person responsible for managing…
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