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Tax.appeal.168, Tax Accountant
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I have an owner financed mortgage on a piece of property which

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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
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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


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.
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Customer: replied 4 years ago.

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

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

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


*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 4 years 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.



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:
Customer: replied 4 years ago.

Thank you very much!


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.