Ownership Agreement For Property In Riverside

State:
Multi-State
County:
Riverside
Control #:
US-00036DR
Format:
Word; 
Rich Text
Instant download

Description

The Ownership Agreement for property in Riverside establishes a legal understanding between two parties, referred to as Alpha and Beta, regarding their joint investment in a residential property. This document outlines the purchase conditions, including the purchase price, down payment contributions, and financing details. Key features include shared escrow expenses, title as tenants in common, and specific allocations of responsibilities for maintenance and taxes pertaining to the property. The agreement defines the process for sharing proceeds from a future sale of the property, as well as provisions for occupancy and improvements. Moreover, it addresses potential situations such as the death of a party and the assignment of interests in the venture. Filled with clarification on contributions and the distribution of funds upon sale, the form aims to protect the interests of both parties while promoting collaboration. This form is particularly useful for attorneys drafting legal documents, partners entering investment agreements, owners seeking clarity in property ownership, associates assisting in real estate transactions, and paralegals or legal assistants managing documentation. Each party should ensure to complete all required sections accurately to facilitate a smooth transaction and adherence to legal requirements.
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FAQ

Please allow 6-8 weeks to receive your original recorded document back in the mail. Documents are not processed on weekends or on official Riverside County holidays. The County of Riverside is not responsible for the delivery of mail by the United States Post Office or any other delivery service. Prepare your document.

The PCOR is to be signed and certified by the transferee. The county assessor may also request other information about a deed, or other matters related to the transfer, after reviewing the PCOR.

The law requires the owners of any property that has changed ownership (except those caused by the death of an owner) to file a change in ownership statement (PCOR) when the transfer is recorded, or, if not recorded, within 45 days of the date of transfer.

A Statement of Error or Erasure (REG 101) form is required for any erasure and/or lined out information on the California Certificate of Title. For example, if an individual's signature appears on the title in error and is lined out, a REG 101 must be completed by that individual explaining the error.

A property deed is a legal document that transfers real estate ownership from a seller to a buyer. It's not the same thing as a title. For a deed to be legal, it must state the name of the buyer and the seller, describe the property being transferred, and include the signature of the party transferring the property.

Recorder Offices County Administrative Center. 4080 Lemon St, 1st floor / PO Box 751, Riverside, California 92501 / 92502-0751. Gateway Office. 2724 Gateway Dr, Riverside, California 92507. Hemet Office. Palm Desert Office. Temecula Office. Blythe Office.

State law requires the buyer of real property to file a Preliminary Change of Ownership Report with the County Recorder's Office at the time a document is recorded which transfers ownership of the property.

The tax rate is $0.55 for each $500 or fraction thereof when the consideration or value of the interest or property conveyed, exclusive of the value of any lien or encumbrance remaining at the time of sale, exceeds $100. Within the City of Riverside the tax rate is $1.10 per $500.

It's a written legal document signed and dated by the grantor. You'll find most California property deeds at the County Clerk's office, also called the Registrar/Recorder office.

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Ownership Agreement For Property In Riverside