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 you agent did not even have knowledge that the home was not in Culver City and would not qualify for Culver City schools. This is why I emphasize on the importance of using a local realtor that is knows 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. Don’t get discouraged, and be persistent. Some kids in Culver City are attending schools on permits. A word of caution; when you are ready to buy or sell you’re a home always get a few references when choosing your real estate agent and make sure he/she is knowledgeable about the area.
Dear Michael: My long-time life partner is very ill, she is ready to add 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 and declared it as a non-primary residence during the transaction. We would like to know how we can change it to our 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 consultant.
Michael Kayem is a Realtor with Re/max estate properties serving Culver City and the Westside since 2001. You can contact Michael with your questions at (310) 390- 3337 or e-mail them to him at: homes@agentmichael.com.