Posted by LS_Ca on 8/18/10 11:45am
Msg #349459

Prelim Change of Ownership

Good morning all, can someone please provide clarification on who fills out the Preliminary Change of Ownership. Is it the borrower, the lender or title/escrow? Or a combination of the above.

Thank you in advance

Reply by GWest on 8/18/10 11:53am
Msg #349460

It is the Borrowers/Buyers responsibility to complete the form. You will find alot of Escrow Officers may complete the form for them, but it is the Borrowers/Buyers responsibility.

Reply by GWest on 8/18/10 12:00pm
Msg #349462

PS: The last section of the form must be completed by the Buyer/Borrower (if applicable) as no one would know the answers except the Buyer. As a former Escrow Officer I usually filled out the financing part of the second page and left the rest for the Buyer to complete. Now as a signing agent, when included in the package, they are usually blank and the Borrower/Buyer is required to complete.

Reply by OR on 8/18/10 12:03pm
Msg #349464

The form was sent to you. It should be filled out by your signers if they are the buyer/borrowers. If I ever have questions like this I just call and ask Title. A great rule of thumb is to fill out as much as you can. If it's not needed the form can be replaced easyer then sending you back to fill it out.

Reply by PAW on 8/18/10 12:00pm
Msg #349463

To be completed by transferee (buyer) prior to transfer of subject property in accordance with section 480.3 of the Revenue and Taxation Code. A Preliminary Change of Ownership Report must be filed with each conveyance in the County Recorder’s office for the county where the property is located; this particular form may be used in all 58 counties of California.

Taken directly from the top of the form: http://tinyurl.com/353jtjo