Posted by CaSigner on 7/15/05 11:42pm
Msg #52624

Preliminary change of ownership report

I know what it is and that the borrower's need to sign and return it. I know that sometimes it is filled out when I receive it and sometimes the borrowers have to do this. Has anyone had the borrowers flat out refuse to fill it out and sign it. I had to return it blank with no signature. It was an 8:00 p.m. signing so no one was available to contact and it's getting sent back tomorrow (Sat). I made a note on a sticky explaining that the borrower refused to fill it out and sign and that they would be contacting their lender on Monday but.. I was wondering what the ramifications are for the notary are.

Reply by TitleGalCA on 7/15/05 11:58pm
Msg #52627

There's no ramifications at all for the notary. This form is for the county assessors office to have information and a sale figure to assess the property correctly. It is turned in with the grant deed when the documents are recorded by the title company. If they refuse to sign, then they can deal with the assessors office at a later date (and perhaps...more expensive date) as there could be fees associated with refusing to provide the information. Not only will they have to pay an additional fee for recording charges, but they are inviting the assessors office to make their own assumptions.

For the purposes of a signing, if borrower refused, just say okay. Not your problem and not an issue for you.

Reply by CaSigner on 7/16/05 10:48am
Msg #52662

That's what I assumed and I knew that I had done what I was sent there to do. let me ask you another question. Isn't it a bit presumptuous for the title company send this form out blank and then expect the borrower's to blindly fill it out?

Reply by TitleGalCA on 7/16/05 11:22am
Msg #52664

The title company sends it out because they know it's required, and the county will penalize any buyer for not providing the information. Most times, escrow fills it out for them - which is why I don't sweat it when the form is blank and I ask buyer to sign it.

It's really not "blind" - all it does is ask questions about the transaction, usually answered by checking the right box on the first page, and filling in amounts of the sale on the second page. The most important part is the total purchase price, because that's what the assessor wants to know when the new tax bill (and supplemental taxes) are prepared.

Reply by CaSigner on 7/16/05 3:01pm
Msg #52680

I see , thanks