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R. Klein, EA
R. Klein, EA, Enrolled Agent
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What is the official sale date of a property? I want to

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What is the official sale date of a property?

I want to qualify for California Proposition 60 treatment, allowing me to transfer my house's cost basis to another property. The prop states the owner must be age 55 at the time of the sale. What determines the date? Hypothetically, if I turn 55 next April 1st, can I sign the sales contract and all escrow paperwork in the prior weeks as long as the transfer is not recorded at the county until April 1st?

Also, and I know this is a stretch, if the deed is recorded at 8am but my time-of-birth is 11am I assume nobody is going to care that I'm just under age 55 by 3 hours?

Randalltax :

The sale date is the date of closing. It is not the contract date nor any date specified on the contract. The buyer and seller must agree on a closing date. It must be a single date when the transfer occurs. The seller cannot transfer on Monday and the Buyer accept on Tuesday. It must be a single date and the closing is usually done in a title company office, attorney's office, or financial institution (but does not have to be done there).


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