Alameda California Partnership Agreement for Home Purchase

Name: Alameda California Partnership Agreement for Home Purchase
Brand: US Legal Forms
Rating: 4.73 (475 reviews)

Category:

Partnerships - Agreements

State:

Multi-State

County:

Alameda

Control #:

US-0766-WG-11

Format:

Instant download

Description

This form is an agreement between partners where each partner has an agreed percentage of ownership in return for an investment of a certain amount of money, assets and/or effort.

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FAQ

It requires County Recorders throughout California to charge an additional $75 fee at the time of recording every real estate instrument, paper, or notice, except those expressly exempted from payment of recording fees, per each transaction per parcel of real property, not to exceed $225 per single transaction.

Like the California community property laws, the California Revenue and Tax Code treats a married couple as a single economic unit. As long as the owners were married at the time of the transfer, a transfer from one spouse to another does not cause reassessment.

A claim must be filed with the Assessor of the county in which the replacement property is located. A claim for relief must be filed within 3 years of the date a replacement primary residence is purchased or new construction of that replacement primary residence is completed.

Government Code section 27585 authorizes the Survey Monument Fee, in order to finance the Survey Monument Preservation Fund to pay the necessary expenses incurred or authorized by the county surveyor in any retracement or remonument survey of major historical land division lines upon which later surveys are based (

Is this a cause for reassessment? No. A deed of reconveyance is only to officially document the fact that you paid off your loan. This is not a transaction that would cause a change in ownership simply because there is no transfer of beneficial use.

Completion of new construction or a change in ownership (CIO) triggers a reassessment to a new Base Year Value equal to the current fair market value, meaning higher property taxes.

As long as you do not transfer more than 50% of the LLC interests, no reassessment is triggered. Once you reach the 50% threshold, you can then distribute the property to the LLC members proportionately (as long as it is done proportionately per the membership interests, there is no reassessment).

Adding someone to the title of your property in order to obtain or qualify for a loan may cause a reassessment of the property under Proposition 13 unless certain conditions are met.

In addition to the basic recording fee of $89.00 for the first page and $3.00 for each page thereafter, there are other fees which may be due on deeds and leases. Collection of fees include: Documentary Transfer Tax.

When property changes owners, the County Assessor's Office has a form that must be filed to update the tax records. You can submit this form when you go to record your deed at the Alameda County Clerk-Recorder's Office. It is forwarded to the Assessor's Office. The Alameda County PCOR form can be downloaded HERE.

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Alameda California Partnership Agreement for Home Purchase

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FAQ

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