Posted by al on 6/23/05 3:19pm
Msg #47193

preliminary change of ownership report

I am a new notary, and in my loan package is a preliminary change of ownership report.
The borrower is having her daughter removed from the grant deed. Do i need to have her fill out the preliminary change of ownership report? It seems complicated for your average person to fill out .

Reply by TitleGalCA on 6/23/05 3:57pm
Msg #47206

It's a form for the county assessor's office to know the value of the property conveyed, so they can assess them correctly for taxes. In family transfers, there's usually no consideration.

There should be a box to check to describe what your transfer is - a purchase for full value, transfer between family members, etc. However, it is not YOUR responsibility to fill this form out. It is the borrower/buyers responsibility only (in the real world tho, most escrows do it for them, and have them sign) I usually ask the buyer/borrower if they've received the form from escrow already, generally the answer is yes, and that they've already sent it back to escrow. Now that you know what it's for, you can ask borrower the same question, and have them follow up with their escrow later.

Reply by Sam I am on 6/23/05 8:41pm
Msg #47268

I did three loans with quit claims in the past week. It was crazy! I agree with the original poster who stated that it is a difficult form for the average person. All of my borrowers use English as a second language and they all took forever to fill out the forms. From now on I will take Title Gal's approach!

Reply by DellaCa on 6/23/05 10:13pm
Msg #47298

My experience has been they can't understand how to fill it out, In this case which is all the time I just have them sign it and it can be filled out later, have not had a problem doing it this way.

Reply by SANDRA LEE on 10/23/07 11:25pm
Msg #217930

That really simplifies things. Thanks! Sandi CA