Change Deed Trust With Future Advance Clause In Alameda
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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.
File the form: Once completed and signed, it should be recorded with the county recorder's office where the property is located. A Preliminary Change of Ownership Report (PCOR) in California should also be filed with the county assessor's office within 45 days of the transfer.
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.
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.
Please contact the Alameda County agencies listed below to obtain information and specific documents for your properties. Contact the Alameda County Clerk. Request a Copy of a Grant Deed. Contact the Alameda County Tax Assessor. Learn More About Your Property Tax Assessment. Contact the Alameda County Treasurer.
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.
To record a deed in California, you must submit the completed deed along with the appropriate fees to the County Recorder's Office in the county where the property is located. The deed will then be officially recorded, making it a part of the public record.
Recording a document means that it is filed with the county recorder's office and becomes a public record. In California, living trusts are not required to be recorded, nor is it recommended.
