[quote=UCGal]I want to correct something since I know something about this.
[quote=bearishgurl]In addition, I believe the familial transfer deed should indicate -$0- in tax stamps (no money exchanged hands) or an amt in tax stamps <=to the current assessed value of the property. The Assessor Change of Ownership form should indicate that the transaction was a familial transfer.
Disclaimer: I am not an attorney and this post should not be construed as legal advice.[/quote]
Wrong. Ours was a traditional purchase with escrow and title company, mortgage, etc. It did NOT affect the transfer of the tax rate. We submitted all paperwork required to the county tax assessor – and if I recall correctly it included our (large) purchase price.
6.To qualify for the exclusion, must the transfer be only a result of a gift?
No. Transfers may be result of a sale, gift, or inheritance.
It should be noted that you are not required to apply the family transfer rate. If your parents bought at peak, then you inherit and the property is worth less – you can claim the current rate. And you’d be foolish not to claim the current rate.[/quote]
Thank you for this clarification, UCGal, but HOW did you fill out the Assessor COO form (used to be yellow, don’t know about now). Did you claim on it that the transaction was a intra-family transfer?
Did your parents sign a form of a familial transfer deed or quitclaim deed when you signed your trust deed? And even though you took out a mortgage loan, did you indicate tax stamps on your deed in excess of the property’s current assessed value at the time??
If these questions are too personal, I understand.