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Trust implementation details....In Reply to: I'm a little confused. Couple of questions posted by James-CA on September 10, 2003 at 11:15 AM : Hi Ward, : I am a little confused. Here are some questions which should help me understand Equity Buyouts using THTs and the preliminary change of ownership form: : 1. When taking title subject to and with a THT, you fill out the preliminary change of ownership report (only section 1) and file it along with the Grant Deed, correct? Who signs that? : 2. When using a THT, do you ever file a preliminary change of ownership report using sections 2-4 BEFORE the resale or refi? If so, when? : 3. What transfering from homeowner to THT, what box(es), if any, are checked on the Grant Deed when it is recorded? (Full value, less than?) : 4. When time comes to record the Trust Deed and Straight Note, do you need to file a preliminary change of ownership report? : Thanks for your help. =•=•=•=•=•=•=•=•=•=•= James, #1. The homeowner transferring the title into her trust should sign the PCOR. #2. When you're buying property without trying to get around the due-on-sale clause. #3. When a homeowner is just transferring title from themselves to their revocable trust there's no sale and thus no transfer tax due. So with a zero in the tax amount line then there's no need to fill out or check off any other boxes. #4. You only file a PCOR when you are recording a deed. So when you're recording something other than a deed the PCOR is not applicable.
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