Quote
Wannaknow
Got a deed today and in the transfer tax area it showed "0". Underneath it is said "this transaction is exempy from the requirements of the revenue and tacation code, section 480.3".
Anyone know?
Here's the
CA Revenue & Taxation Code [Section 480.3]
480.3. (a) Each county assessor and recorder shall make available,
without charge and upon request, a form entitled "Preliminary Change
of Ownership Report," which transferees of real property shall
complete and may file with the recorder concurrent with the
recordation of any document effecting a change in ownership. The form
shall be signed by the transferee or an officer of the transferee
certifying that the information provided on the form is, to the best
of his or her knowledge and belief, true, correct, and complete. The
form shall not be signed by an agent acting for a transferee.
(b) If a document evidencing a change in ownership is presented to
the recorder for recordation without the concurrent filing of a
preliminary change in ownership report, the recorder may charge an
additional recording fee of twenty dollars ($20).
(c) Noncompliance with this section by the transferee shall not
delay or preclude the recordation of documents if the additional fee
specified in subdivision (b) is tendered.
(d) The authority to obtain information pursuant to this section
is in addition to, and not in lieu of, any existing authority the
assessor has under this article.
(e) In cases where the county tax collector files purchaser's
deeds with respect to a sale for defaulted taxes, the information
given to the assessor pursuant to Sections 3716 and 3811 shall be
deemed to constitute compliance with this section.
(f) The filing of a preliminary change of ownership report or the
payment of an additional recording fee shall not be required of any
intermediate transferee of property, or of any trustee issuing a
trustee's deed to the mortgagee or beneficiary of a mortgage or deed
of trust, or his or her assignees, pursuant to the exercise of a
power of sale contained in a deed of trust or mortgage pursuant to
Chapter 2 (commencing with Section 2920) of Title 14 of Part 4 of
Division 3 of the Civil Code. For purposes of this subdivision,
"intermediate transferee" means any transferee who is acting as both
a transferee and the transferor of the same property as part of a
series of simultaneous transfers which affect that property and who
records the transfer documents and any other recorded documents
related to the transfer in consecutive order at one time.
(g) Except as prescribed in subdivisions (e) and (f), this section
shall apply to changes of ownership occurring on or after July 1,
1985.
--------------------------Ward
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