Get the free Preliminary change of ownership report - Fidelity Title EDesk

BOE502A (FRONT) REV. 10 (807) PRELIMINARY CHANGE OF OWNERSHIP REPORT FOR RECORDERS USE ONLY To be completed by transferee (buyer) prior to transfer of subject property in accordance with section 480.3

How to fill out preliminary change of ownership

How to fill out preliminary change of ownership:

1. Obtain the necessary form: The first step is to obtain the preliminary change of ownership form. This form can usually be obtained from your local county assessor's office or downloaded from their website.
2. Provide property information: Fill out the form with accurate and detailed information about the property. This includes the property address, parcel number, and legal description. Make sure to double-check the information for any errors or misspellings.
3. Identify the parties involved: Specify the names, addresses, and contact information of both the current owner (seller) and the prospective owner (buyer). It is essential to provide accurate information to ensure smooth processing of the ownership change.
4. Sale details: Enter the sale details, such as the purchase price, date of sale, and any additional terms or conditions agreed upon between the buyer and seller. This information helps determine accurate property assessments and tax obligations.
5. Notarization: Some regions may require notarization of the preliminary change of ownership form. Check the specific requirements of your county and ensure that the necessary parties sign the form in front of a notary public.
6. Submit the form: Once the form is completed and signed, submit it to the appropriate county assessor's office. Make sure to include any required supporting documents or fees as stated by your local jurisdiction.

Who needs preliminary change of ownership:

1. Home buyers: If you are purchasing a residential property, you will likely need to fill out a preliminary change of ownership form. This form notifies the county assessor's office of the transfer of ownership and aids in assessing property taxes.
2. Real estate investors: Investors who frequently buy and sell properties may also require a preliminary change of ownership. This includes individuals or entities involved in flipping houses or building a real estate investment portfolio.
3. Estate planning: In cases of inheritance or estate planning, a preliminary change of ownership may be necessary to transfer the property from the deceased owner to the rightful heir(s) or for other estate planning purposes.
4. Marriage or divorce: Changes in marital status, such as getting married or divorced, may require the completion of a preliminary change of ownership form. This is to update property ownership details based on the new legal circumstances.
5. Property transfers: Any transfer of property ownership, whether it be gifting a property, transferring ownership to a trust or business entity, or adding or removing a co-owner, may necessitate the filing of a preliminary change of ownership.

It is important to note that the specific requirements for a preliminary change of ownership may vary depending on your location. It is always recommended to consult with your local county assessor's office or a real estate professional for accurate and detailed instructions tailored to your situation.

For pdfFiller’s FAQs

What is preliminary change of ownership?

Preliminary change of ownership refers to the process of reporting a change in ownership of real property or a business. It is typically done before the official transfer of title or ownership.

Who is required to file preliminary change of ownership?

The person or entity acquiring the property or business is usually required to file the preliminary change of ownership form with the appropriate government agency.

How to fill out preliminary change of ownership?

The preliminary change of ownership form typically requires information about the property or business being transferred, the parties involved, the purchase price, and other relevant details. It is important to complete the form accurately and submit it on time.

What is the purpose of preliminary change of ownership?

The purpose of filing a preliminary change of ownership form is to provide the government with information about changes in ownership of real property or businesses. This helps ensure that property taxes are accurately assessed and collected.

What information must be reported on preliminary change of ownership?

The information required on a preliminary change of ownership form typically includes details about the property or business, the parties involved, the purchase price, and other relevant information related to the transaction.

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