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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Choose the smoothest route... Posted by jmac on February 20, 2010 at 12:49 AM In Reply to: Choose the smoothest route... posted by Ward-CA- on February 20, 2010 at 7:03 AM One caveat I see with this is that it may affect the seasoning rules for your buyer's financing. I would check with your buyer's lender and make sure this will not be a problem before recording any new deed. Lenders dont like to see any recent transfers of title and many still use 90day seasoning rules. : Gary, : The most expeditious way to approach title issues is to avoid all potential glitches beforehand. : So I would simply have the title holding trust (THT) deed the title of the property it holds into a CA general partnership to : avoid the 3.3% advance withholding of state income tax, and then open your resale escrow. : -----------Ward : =============== : : We are selling a property & its title is currently held by a THT (Living Trust). This THT is a partner with another person in a General Partnership. Are we subject to 3.5% CA Withholding? Do we need to deed it over to the GP to avoid it or just argue that the THT is acting on behalf of the GP since it's already part of it? : : Thanks for your help on this Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : One caveat I see with this is that it may affect the seasoning rules for your buyer's financing. I would check with your buyer's lender and make sure this will not be a problem before recording any new deed. Lenders dont like to see any recent transfers of title and many still use 90day seasoning rules. : : : Gary, : : The most expeditious way to approach title issues is to avoid all potential glitches beforehand. : : So I would simply have the title holding trust (THT) deed the title of the property it holds into a CA general partnership to : : avoid the 3.3% advance withholding of state income tax, and then open your resale escrow. : : -----------Ward : : =============== : : : : We are selling a property & its title is currently held by a THT (Living Trust). This THT is a partner with another person in a General Partnership. Are we subject to 3.5% CA Withholding? Do we need to deed it over to the GP to avoid it or just argue that the THT is acting on behalf of the GP since it's already part of it? : : : Thanks for your help on this [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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