What is the name of your state? California
There are two parts to my question...
I went to my local Los Angeles Country Recorder's office to file quite claim that my ex domestic partner signed. The title to our home is held JTWROS and she is quit-claiming her portion over to me for a fair amount. She has already been paid.
The Recorder's Office said that there's a Document Transfer Tax Fee that has to be paid in addition to the recording fee.
There are 2 ways to compute it.
1. on value of quit-claim amount
2. on value of quit-claim amount - liens
I asked the supervisor to explain this and she said that you are only allowed to deduct the remaining loan amount if the quit-claim amount is higher thant the loan amount. So, if buyout is 100k and outstanding loan is 200k, tough luck, you still pay the transfer tax on the 100k. However, if the buyout was 200k and the loan amount was 200k, then no transfer tax is owed. Does this seem right to you?
Second question, There are 15 transactions that are exempt from transfer tax and I was wondering if the 1st one applied.. here is the text..
1. Conveyance Confirming Title in Grantee
"This conveyance confirms title to the grantee(s) who continue to hold the same interest aquired on Date...... Document No. ....... wherein $...... Documentary Transfer Tax was paid, R & T 11911."
When we bought the property in 4/2001, we paid the transfer tax then. Since my name will still be on title, albeit as Sole Owndership, would this exemption apply?
If I wasn't facing a 50% increase in property taxes after re-assessment, I wouldn't care so much, but this is becoming a bottomless financial pit for me. Also, does she (the ex) have any financial responsibility for the transfer tax, or is it solely my responsibility? What is customary?
Thanks in advance,
Bonnie
There are two parts to my question...
I went to my local Los Angeles Country Recorder's office to file quite claim that my ex domestic partner signed. The title to our home is held JTWROS and she is quit-claiming her portion over to me for a fair amount. She has already been paid.
The Recorder's Office said that there's a Document Transfer Tax Fee that has to be paid in addition to the recording fee.
There are 2 ways to compute it.
1. on value of quit-claim amount
2. on value of quit-claim amount - liens
I asked the supervisor to explain this and she said that you are only allowed to deduct the remaining loan amount if the quit-claim amount is higher thant the loan amount. So, if buyout is 100k and outstanding loan is 200k, tough luck, you still pay the transfer tax on the 100k. However, if the buyout was 200k and the loan amount was 200k, then no transfer tax is owed. Does this seem right to you?
Second question, There are 15 transactions that are exempt from transfer tax and I was wondering if the 1st one applied.. here is the text..
1. Conveyance Confirming Title in Grantee
"This conveyance confirms title to the grantee(s) who continue to hold the same interest aquired on Date...... Document No. ....... wherein $...... Documentary Transfer Tax was paid, R & T 11911."
When we bought the property in 4/2001, we paid the transfer tax then. Since my name will still be on title, albeit as Sole Owndership, would this exemption apply?
If I wasn't facing a 50% increase in property taxes after re-assessment, I wouldn't care so much, but this is becoming a bottomless financial pit for me. Also, does she (the ex) have any financial responsibility for the transfer tax, or is it solely my responsibility? What is customary?
Thanks in advance,
Bonnie