What is needed to change the deed to exclude from reappraisal under California law?
Full Question:
Answer:
In California, the transfer of property between husband and wife usually does not require a reappraisal for property tax purposes. These husband/wife transfers are automatically excluded from reappraisal. Other changes in ownership can be excluded from reappraisal, if a timely claim is filed with the Assessor's Office. Some of the common exclusions requiring that applications be filed include:
-the transfer of a principal place of residence between parents and children and the transfer of up to $1 million of any other real property between children and parents
-some transfers between grandparents and grandchildren when the parent-child relationship between grandparent and his child has been severed
-the replacement of a principal residence with one of equal or lesser value by a person who is 55 years old or older
Some restrictions may apply in each of these cases - owners with questions should contact the local tax assessor's office for additional information.
California is a community property state. In a divorce, the courts in California will divide the community property of the parties equally after setting aside to each spouse that spouse's separate property. Community property is presumed to be all property acquired by the parties during the marriage and held in joint form. This presumption may be rebutted by a clear statement in the title by which property is acquired that the property is separate and not community property or by proof that the parties have a written agreement that the property is separate property.
An interspousal transfer grant deed is used to transfer real property between spouses so the property is not reassessed for tax purposes, and may be used to convert community property into separate property. It is sometimes used when one spouse suffers credit problems that adversely impact the other spouse when trying to obtain financing.
When a couple is married in a community property state and sign such a deed, the property is converted to separate property. However, if the property was purchased by a spouse before the marriage and the other spouse hasn't contributed to the property, it is generally considered the separate property of the spouse without having to sign an interspousal transfer deed. It is possible for a title company to request an interspousal transfer deed when another spouse wishes to sell property that is in that spouse's name only so that they are assured the spouse not named on the deed doesn't object to the sale or try to claim an ownership interest that would prevent the owner spouse from passing clear title.
A deed is the written document which transfers title (ownership) or an interest in real property to another person. The deed must describe the real property, name the party transferring the property (grantor), the party receiving the property (grantee) and be signed and notarized by the grantor. In addition to the signature of the grantor(s), deeds must be acknowledged to be recorded and acceptable as evidence of ownership without other proof. A valid deed must be delivered and accepted to be an effective conveyance. Most states assume delivery if the grantee is in possession of the deed. The deed also must be accepted by the grantee. This acceptance does not need to be shown in any formal way, but rather may be by any act, conduct or words showing an intention to accept such as recording the deed. To complete the transfer (conveyance) the deed must be recorded in the office of the county recorder or recorder of deeds in the county in which the real estate is located.
There are many situations in which it may be desirable to add or delete a person's name from a deed, such as adding or removing a spouse, child or sibling. A person can only be deleted from a deed with their approval, i.e., they must execute the deed (sign and have their signature notarized).
