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Re: Grant deed to Partnership

August 18, 2011 05:40PM
Viet,

To answer your post in detail I’m going to make the following assumptions:

(A). That you are in the State of California,

(B). That you are probably “flipping” this property quickly, and

(C). That you want to do this transaction with as much privacy as possible.


ANSWERS:

#1. Since you’re not selling the property…just changing the way you hold title, there’s no documentary transfer tax due. You would normally indicate what your transfer tax amounts to, on the face of the deed. But there is a provision in CA that allows you to NOT show it publicly. [CA Revenue & Taxation Code §11932]

So, in lieu of making your transfer tax declaration on the face of the recorded deed you can alternatively elect to make it on a separate, non-recorded sheet of paper that accompanies the deed. Nowadays the recorder’s office will have such a supplementary page that’s free for the asking.

The verbiage that justifies claiming that no tax is due would read something like the following:

“-0- Tax (R & T 11911 – Changing the manner in which title is held)”

#2. No. When you are claiming a zero tax there’s no need to fill out anything else pertaining to that issue.

#3. See the zero tax verbiage in #1 above.


Hope this helps,

----------------Ward


======================

I vested title of a property to my LLC, I would like to deed the property to a Partnership. On the Grant Deed form

1. What do I put for the documentary transfer tax?
2. Do I check any of the boxes "computed on full value..." ?
3. Should I use the "No consideration"?

Any advice is greatly appreciated


Viet
Subject Author Views Posted

Grant deed to Partnership

vtran 5229 August 11, 2011 12:37AM

Re: Grant deed to Partnership

Rick Harmon 3138 August 11, 2011 10:34AM

Re: Grant deed to Partnership

Ward-CA 3505 August 18, 2011 05:40PM



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