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Video instructions and help with filling out and completing hospital change of ownership
Hello today I am going to talk about the preliminary change of ownership form or the PCOR as we call it in the industry again another government form one that requires the buyer to look it over fill out boxes fill out blanks and buyers never like it but there is a reason for this form and it is a very important reason the main function of the preliminary change of ownership form is to figure out what kind of taxes the county is going to assess against the property there are four basic functions of the form first of all they want to know who the new buyer is going to be secondly they want to know what is the purchase price of the property thirdly they want to know whether or not the homeowners exemption is going to qualify in your case and fourthly they need to know if they do not need to reassess the property at all our buyers are requested to fill out this two-page form and as I say they have no patience for it first of all there's a whole bunch of questions they need to ask you and secondly there are a lot of blank lines that you need to fill out but if you don't fill out this form well you're going to be charged an additional $20 per recording of your grant deed and that is not good the story doesn't end there it's not just a preliminary change of ownership form that the buyer has to complete within about four to six weeks after your escrow closes and the grand deed is recorded you're going to get another form and it's called the change of ownership form again this form is very important and because it looks just like the preliminary change of ownership form buyers tend to ignore it and even throw it away which becomes a really bad thing first of all if you do not fill this form out and return it to the County Assessor's Office you can be charged a penalty of five thousand dollars if this is a principal residence and if this happens to be an income property well the fee goes up to twenty thousand dollars let's say that you are transferring the property not as a sale but as a transfer to your children or from the trust now this transfer would not be reassessed to your property right correct however if you don't fill out the change of ownership form or the preliminary change of ownership form then the county won't know and they will reassess your property so the next time you get a preliminary change of ownership form or a change of ownership form after the close of escrow remember this video and fill out the form because if you don't your property taxes could be putting right on the line thank you my name is juliana to and i hope that this video has been.