California Requirements for Change Of Ownership Interest in Real Property BOE-100-B

Filing Requirement – Change in Control
Revenue and Taxation Code Section 480.1

The law requires any person or legal entity acquiring ownership control in any corporation, partnership, limited liability company, or other legal entity owning real property in California subject to local property taxation to complete and file a change in ownership statement with the State Board of Equalization at its office in Sacramento. The change in ownership statement must be filed within 90 days from the date of the change in control of a corporation, partnership, limited liability company, or other legal entity. The law further requires that a change in ownership statement be completed and filed whenever a written request is made therefor by the State Board of Equalization, regardless of whether a change in control of the legal entity has occurred.

Continue reading “California Requirements for Change Of Ownership Interest in Real Property BOE-100-B”

Abstract and Torrens Property (Real Estate) in Minnesota

There are two different ways of owning and indexing real property in Minnesota: Abstract Title and Torrens (Registered). Registered land is more common around the Twin Cities area, while rural counties have more Abstract land. The Torrens System has been used to promote land development, but it is still not widely used in the United States.

Continue reading “Abstract and Torrens Property (Real Estate) in Minnesota”

How to Remove a Deceased Joint Tenant from an Arizona Real Estate Deed

The process of removing a deceased joint tenant from an Arizona deed is fairly simple.

When two or more property owners hold title as joint tenants with right of survivorship, and one of those co-owners dies, the surviving owners share the decedent’s interest in the land by function of law, and without the need for distribution through probate.

Continue reading “How to Remove a Deceased Joint Tenant from an Arizona Real Estate Deed”

Removing a Deceased Community Property Owner’s Name from an Arizona Real Estate Deed

Arizona law allows married couples to hold title to real estate as community property with right of survivorship (A.R.S. 33-431). With this type of ownership, the property becomes a shared marital asset. If one spouse dies, the other gains full rights to the title automatically, by function of law.

Continue reading “Removing a Deceased Community Property Owner’s Name from an Arizona Real Estate Deed”

Types of Vesting Related to Real Estate Ownership

Title vesting is the way an owner (or owners) of property takes title to their real estate. The way that title is held will affect what the owner (or owners) can do with the property during his or her lifetime, and will also determine whether or not the property has to go through probate proceedings upon the owner’s death.

When a deed is written for real property, the ownership is described using the owner’s name and a descriptive phrase for the legal relationship between multiple owners or married people. Vesting decisions will vary from state to state.

Continue reading “Types of Vesting Related to Real Estate Ownership”

California Now Requires Real Estate Deeds that are Subject to Transfer Tax Show the Tax Amount on the Face of the Deed

Documentary Transfer Tax (AB 1888)

Effective January 1, 2015, pursuant to Assembly Bill 1888, all California County Registrar/Recorder/County Clerk’s Offices will require that “EVERY document subject to tax that is submitted for recordation shall show on the face of the document the amount of tax due and the incorporated or unincorporated location of the lands, tenements, or other realty described in the document” before acceptance for recording.

Continue reading “California Now Requires Real Estate Deeds that are Subject to Transfer Tax Show the Tax Amount on the Face of the Deed”