Posted by alicia/CA on 1/29/05 1:30pm
Msg #18740

Prelim Change of Ownership

Can someone explain this form and let me know what sections the borrowers are to fill out. I assume they fill out Part IV and sign? Thanks.

Reply by alicia/CA on 1/29/05 1:38pm
Msg #18743

Also, there is no RTC. Do I have them sign anyway and just provide a note saying there was no RTC?

Reply by alicia/CA on 1/29/05 1:42pm
Msg #18744

Well, I checked with the Broker and he said there is no RTC on investment or purchase property.

Reply by Becca/FL on 1/29/05 2:40pm
Msg #18753

No RTC on investment/2nd home and the like. RTC is only required on principal residence.

The "PCOR" is attached to a conveyance deed in the state of CA for tax purposes. The bwrs need to fill out a small section and sign. Sorry, it's been a year since I worked in CA and forget the actual section # that needs to be filled out. Perhaps a CA notary will chime in.

Reply by Elizabeth_CA on 1/29/05 5:03pm
Msg #18764

This form is usually pre-filled. If not, I usually have the new owner(s) sign and print their name(s) at the bottom of the 2nd page. I have the title company complete the rest of the form.

Reply by Alicia/CA on 1/29/05 7:03pm
Msg #18773

Well the borrower refused to sign after all that. Thanks for the info.

Reply by Jon on 1/31/05 11:02am
Msg #18845

The PCOR is used to let the county know why there is a change of ownership in the subject property. You normally do not see these unless the borrower's are changeing the vesting(i.e. removing or adding someone to title) using a grant deed. If the borrowers do not sign it, the recorder will add additional fees($20 in San Bernardino county, unless they changed it) to record the grant deed, then send a PCOR out to the new owners to have them fill it out and send back.