Get the free PRELIMINARY CHANGE OF OWNERSHIP REPORT - 1 Loans USA

BOE502A (Front) REV. 8 (804) FOR RECORDERS USE ONLY PRELIMINARY CHANGE OF OWNERSHIP REPORT (To be completed by transferee buyer prior to transfer of subject property in accordance with section 480.03

How to fill out preliminary change of ownership

How to Fill Out Preliminary Change of Ownership:

1. Obtain the necessary form: Start by obtaining the preliminary change of ownership form from your local government office. This form is typically available online or in person.
2. Fill in the property details: Provide accurate information about the property being transferred. This includes the property address, parcel number, and any other relevant details requested on the form.
3. Identify the current and future owners: Clearly state the full names, addresses, and contact information of both the current owner(s) and the intended new owner(s). Provide any additional details required, such as their relationship or business affiliation.
4. Include transfer details: Indicate the type of transfer involved, whether it is a sale, gift, inheritance, or other type of transfer. Include the date when the transfer is expected to occur or when it has already happened.
5. Declare the purchase price, if applicable: If the transfer involves a sale, disclose the agreed-upon purchase price. This helps determine any potential taxes, such as property transfer tax or capital gains tax.
6. Attach supporting documents: If there are any relevant documents or agreements related to the transfer, such as a contract of sale, trust documents, or a will, make sure to include copies of these documents with your application.
7. Sign and date the form: Ensure that both the current owner(s) and the future owner(s) sign and date the form. This confirms their consent to the transfer and acts as a legally binding agreement.
8. Submit the form: After completing all the required sections of the form and gathering any necessary supporting documents, submit them to the appropriate government office. Follow any specific submission instructions provided on the form or by the office.

Who Needs Preliminary Change of Ownership:

1. Property Buyers: Potential property buyers who are in the process of purchasing a property from its current owner need to complete a preliminary change of ownership. This helps formalize the transfer of ownership and ensures that the appropriate government agency is aware of the change.
2. Property Sellers: Property sellers also need to be involved in the preliminary change of ownership process. By providing their details and signing the form, they acknowledge the transfer and release their ownership of the property.
3. Estate Executors: In cases where a property is being transferred as part of an estate, the executor of the estate is responsible for completing the preliminary change of ownership. This helps facilitate the transfer of the property to the rightful heirs or beneficiaries.
4. Gift Recipients: If a property is being gifted from one individual to another, the recipient of the gift needs to be involved in the preliminary change of ownership process. This ensures the transfer is legitimate and allows the new owner to take legal possession of the property.
5. Inheritance Beneficiaries: Individuals who inherit a property from a deceased family member or loved one also need to go through the preliminary change of ownership process. This establishes their legal ownership of the inherited property.

Remember, the specific requirements for completing the preliminary change of ownership may vary depending on your jurisdiction. It's always advisable to consult with a legal or real estate professional to ensure you meet all the necessary obligations and complete the process correctly.

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What is preliminary change of ownership?

Preliminary change of ownership is a form that must be filed when there is a change in ownership of real property in order to reassess the property for property tax purposes.

Who is required to file preliminary change of ownership?

The person or entity acquiring the property is required to file the preliminary change of ownership form.

How to fill out preliminary change of ownership?

The preliminary change of ownership form can usually be obtained from the county assessor's office and must be completed with information about the property transfer.

What is the purpose of preliminary change of ownership?

The purpose of preliminary change of ownership is to ensure that the property is assessed at its current market value after a change in ownership.

What information must be reported on preliminary change of ownership?

The form typically requires information about the property, the new owner, and the terms of the transfer.