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Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Experience:  Nearly 30 years of varied tax industry exp. Tax Biz owner
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I have an owner financed mortgage on a piece of property which

Resolved Question:

I have an owner financed mortgage on a piece of property which I purchased with two other partners, my partners stopped paying their share of the mortgage 6 months ago and have just signed over the property to me via a quit claim deed.

What are the next steps I need to do in order to officially consolidate the property in my name?

The property is located in Mendocino California.

Thank you
Submitted: 1 year ago.
Category: Tax
Expert:  Tax.appeal.168 replied 1 year ago.
Welcome. THANK YOU for choosing Just Answer. My name is XXXXX XXXXX my goal is to help make YOUR life, a little...LESS taxing.

In order for the property to be transferred into your name, you will need to go to the County Recorders office to have the quit claim deed officially recorded. The address and contact information for the Mendocino County Recorders Office is as follows:

501 Low Gap Road, Room 1020
Ukiah, CA 95482
(NNN) NNN-NNNN

Website: http://www.co.mendocino.ca.us/acr/contactUs.htm

There will be a recording fee involved.

Please let me know if I can be of further assistance to you regarding this matter.

Thank you again for using JUST ANSWER.
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 2499
Experience: Nearly 30 years of varied tax industry exp. Tax Biz owner
Tax.appeal.168 and 5 other Tax Specialists are ready to help you
Customer: replied 1 year ago.

Great thanks! Do I need to do anything with the owner financer or anything else?

Expert:  Tax.appeal.168 replied 1 year ago.
Hello again Greg,

If there was a written agreement between you, your partners and the owner financer, then you may want to let him/her know that the other partners have quit claimed their share of the property to you, and another agreement should be drawn up between you and the owner financer, removing your partners names from the agreement.
Customer: replied 1 year ago.

Great....so record it with the county and up date our mortgage agreement with the previous owner right? Anything else I need to do?

Expert:  Tax.appeal.168 replied 1 year ago.
Other than completing a PCOR* when you go to have the deed recorded, paying the applicable fee, updating the mortgage agreement, and information with the title company you should be good.

1) Get the deed recorded;
2) Update mortgage agreement;
3) Contact title company

SEE BELOW:

*You will need to fill out a preliminary change of ownership report, or PCOR, form when recording your deed. This document, used to calculate any transfer tax you may have to pay, includes questions about the buyer, the seller, the property and the sales price.
Customer: replied 1 year ago.

We did the exchange via the quit claim deed for a dollar. Will I need to pay a transfer tax? Are you saying that I can determine this by getting a PCOR form?


If so any idea where I can get that?


 


Thanks for all your help. Its very helpful.


 


G

Expert:  Tax.appeal.168 replied 1 year ago.
You can get the form from the county recorder's office, it may be available online on their website. As the property was sold for $1.00, I don't know if you will need to pay a transfer tax, but I would think that there is a minimum amount of tax that will need to be paid. My suggestion is to call the recorder's office ahead of time to find out if you will need to pay the transfer tax. Also for more detailed information regarding the documentary transfer tax, you can refer to the following link:

http://www.vivaescrow.com/for-your-convenience/faq/california-documentary-transfer-tax
Customer: replied 1 year ago.

Thank you very much!

Expert:  Tax.appeal.168 replied 1 year ago.
Greg,

You are very welcome. Thank you for the high rating. Feel free to check back with me in the future if you have other tax related questions. Even if prompted to do so, there is no need to respond to this post. Have a good night.

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