Which professional to contact for transfer of property

[Emilie Pa]

Hello everyone,

My Canadian company owns a residential property in California and I want to sell it to my own personal name as I am closing my company.
I don't know which professional to consult to help me do the transfer besides my CPA.

Can I do the transfer of the deed myself (going to the County Recorder’s Office) and just check with my CPA for taxes due?

As it's me to me, I wouldn't need title search and title insurance and such. I own 100% of my corporation. I don't think there is going to be capital gain.
Or should I go through an Escrow company or a Title company anyways or another professional for some reason?

Thank you so much for your help!

[Ben Trageser]

How is your Canadian company set up? Is it an S-Corp, C-Corp, LLC?

[Emilie Pa]

It would be the equivalent of a C-Corp in the US.

[Chris K.]

@Emilie Pa

Go the CPA first BEFORE transferring. Their ability to help you is limited if you go after. 

As for who can help you transfer the property, it depends on the state. Not sure what California says on the topic. But you may have to go to an attorney or maybe a title company can help. You may need to get a new title policy if you had one from the past. 

 Disclaimer: While I’m a licensed attorney, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

[Ashish Acharya]

@Emilie Pa Consult a real estate attorney to ensure the property transfer from your Canadian company to yourself is legally sound and compliant with California laws. While you could file the deed yourself, an escrow company can help manage the process efficiently. Additionally, check with your CPA for any tax implications, even if you don't expect capital gains. This ensures a smooth and accurate transfer.

This post does not create a CPA-Client relationship. The information contained in this post is not to be relied upon. Readers should seek professional advice.

[Shannon Wright]

I cannot comment on the tax ramifications but you can prep the deed yourself or pay a service to handle it for you. It is not easy to do on your own if you have never done it before. A title or escrow company cannot likely help you since there is no actual transaction happening and we (escrow and title) are only permitted to perform the act of deed prep for transactions, otherwise, it is considered practicing law.

Here are a few options to help with the doc prep and recording:

https://recordmydocs.com/

https://directlegal.com/e-record/

http://docstarservices.com/

[Jason Malabute]

Hi Emilie,

For a transaction like this, it’s crucial to work with a CPA who specializes in international tax law. Transferring property from a Canadian-owned company to a personal name in the U.S. can have specific tax implications, especially when it involves international entities. International tax law is complex and requires years of experience to fully understand, so be sure to consult with a qualified professional in this area to ensure everything is handled correctly and any potential tax liabilities are addressed.

Hope this helps, and best of luck with the transfer!