This form is a deed of trust modification. It is to be entered into by a borrower, co-grantor, and the lender. The agreement modifies the mortgage or deed of trust to secure a debt described within the agreement. Other provisions include: renewal and extension of the lien, co-grantor liability, and note payment terms.
Change Deed To Trust In Alameda
State:
Multi-State
County:
Alameda
Control #:
US-00183
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
One disadvantage of placing your house in a trust is the loss of direct ownership. Transferring your property to a revocable living trust makes the trust the legal owner. While you retain control as the trustee, this change in ownership may affect your ability to mortgage or refinance the property.
You must choose the trust you want then draft and notarize a trust deed, record it and notify the relevant parties. The process is similar for all types of property.
Transferring a property into a living trust does not typically affect its assessed value. In fact, California law explicitly states that property taxes will not be reassessed if a house is transferred into a revocable trust 3.
Here is the rough outline: Select the trust that is best suited to your needs, such as a revocable living trust. Draft a trust deed and have it notarized so that it is legally binding. Record the deed at the county recorder's office. Notify the relevant parties, such as your mortgage lender and insurance provider.
Example Scenario Obtain the Current Deed: Get a copy of your existing deed from the county recorder's office. Prepare a New Deed: Draft a grant deed transferring the property to “John Doe, as Trustee of The John Doe Living Trust, dated January 1, 2024.” Notarize the Deed: Sign the new deed before a notary public.
Record the Signed Documents at the County Recorder's Office Take the original signed and notarized Deed of Trust and Promissory Note to the County Recorder's Office for the county where the property is located. In Sacramento, this is at 3636 American River Drive, Ste. 110, Sacramento CA 95864.
Example Scenario Obtain the Current Deed: Get a copy of your existing deed from the county recorder's office. Prepare a New Deed: Draft a grant deed transferring the property to “John Doe, as Trustee of The John Doe Living Trust, dated January 1, 2024.” Notarize the Deed: Sign the new deed before a notary public.
Step-by-Step Instructions Determine the Parties to The Agreement. There will be three parties to these agreements. Prepare the Deed of Trust and Promissory Note. Get the Signatures Notarized. Record the Signed Documents at the County Recorder's Office. What Happens Next?
More info
• Complete the new deed. • Grantor signature needs to be notarized.There is no charge for the Preliminary Change of Ownership Report (PCOR) if it is complete and accompanies the transfer document. Stepbystep guide on how to transfer property to a living trust in California preparing deeds, recording with the county and more. Is my Living Trust "revocable" – can I cancel or change it? Make the trustee pay for losses to the trust or a beneficiary that are the trustee's fault. Approve or direct a change in the trust, or end the trust. Alameda County Law Library has a research guide to steer you through the process of making changes in ownership for property located in Alameda County, CA. Please note that due to Proposition 19, there are new forms available for Change in Ownership Exclusions. Enter the amount of the First Deed of Trust, if any.