community property - calif civil code 682.1

california civil code 682.1 now allows community property to be held wros. Our house was bought from hfc because it had been in foreclosure, so we have a corporation grant deed transferring the house to us as community property. I know a plain grant deed from hubby and I as "community property" to "community property wros" will be sufficient, along with a conveyance statement that the grantors and grantees remain the same - to avoid documentary transfer tax. but are there any other forms to file,like the preliminary intent form, for example? (los angeles county)

Oh, and someone told me to check our mortgage because the "transfer" might trigger a "payment due in full clause". Ack! It's not a change of ownership, so I hope that couldn't be true!? Could it?

[HomeGuru]

Please consult with an attorney because in my opinion, there was a title transfer three times:
1) the Court approved that title be in the name of the foreclosure Trustee.
2) Court approved title from Trustee to HFC as purchaser at foreclosure sale.
3) HFC deeded the property to you.
Therefore it can be argued that indeed a valid conveyance took place and transfer tax is due.

In light of the above, there was a change in ownership therefore the mortgage may or may not even beintact depending on the interpretation of the mortgage company.

Lastly, CA always allowed property to be held via Joint Tenancy.

hmm, guess I should have clarified that we bought the house 8 years ago and documentary transfer tax was paid at that time. we now just want to add wros to the community property statement, per the new law that went into effect July 1. it will avoid the probate procedure and it's a better tax break than joint tenancy.

We didn't assume anyone's mortgage. We obtained our own, but the mortgage has been sold twice, too, without any input from us! I don't know if the original terms have been changed. We certainly have never been notified if they were. Guess I'll have to chase that down, too. Ugh. Real estate is a royal pain.

Thanks for your input.

[HomeGuru]

Good luck to you.