CA – how much $ to tranfer property?
Question: In Los Angeles – what are the fees for transfering a piece of property from one family member to anonther if the transfer is not done for money but instead conveyed “love and affection” I have a real estate agent/notary public who will do the transfer for me – but he wants $200.00. If I get the proper documents for the transfer from a stationery store – and have it notarized – what fees will the County Recorders office charge? I’d appreciate any information…
Answer: Call the County Recoder’s Office. The usually charge a document recording fee, $4 to $6, and $1.10 per $1000 of valuation of the property transferred, ie $110 for a $100,000 property. In pre Prop. 13 days, it was customary to value the transfer at 1/4 of market value, but that was yester- day. You will also have to fill out a form for the Assessor’s Office specifying the particulars of the transfer. It’s possible to transfer title with NO valuation fee to some family members, or from personal to corporate status, etc. Be VERY CAREFUL not to trigger a reappraisal by the County Tax Assessor. You may currently enjoy a low property tax rate limited by annual percentage increases. If you transfer the property, the Assessor may reassess the property to current market value and the property taxes can take a MAJOR jump up. The best people to consult on types of transfers and their effects, is your local Title Company. They can pull the Deed transferring the property to you originally, which you can then use to construct your transfer document(s) to the ‘loved family member’. They can tell you who else has any interest in your property currently (wife, husband, mortgage loans, judgment creditors, lis pendances, etc), and if the ‘loved family member’ will put the property at risk with any bad credit or judgements s/he may already have. The title company can prepare the documents you need, do the recording for you, and of course issue a title insurance policy. Title companies will usually run a preliminary title report for you (with a cancellation fee), and for a few hundred dollars (depending on the value of the title or property transferred) give you a title policy. This is handy when your ‘loved family member’ wants to improve the property, borrow money on it, document ownership, etc, etc, etc.
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