All Forum Posts by: Dave Newgass

Thanks for all that have taken a moment to offer some input.  

I did find something called a "Parent-Child Exclusion From Reassessment" and it states, 

"The Claim for Reassessment Exclusion for Transfer Between Parent and Child form is filed when applying for an exclusion from reassessment on property transferred between parents and children. This exclusion prevents the property taxes from being reassessed to current market value when parents or children transfer property to each other. This allows the transfer of the parent's (or child's) assessed value (Prop 13 value) to be passed to their child or parent. Typically the Prop 13 value is less than the current market value, which would become the assessed the value if the exclusion is not applied."

I will be getting some legal advice but on the surface, I may not have to have the property reassessed after all.  We'll see!

If anybody has any other advice, I'll happily take it onboard.

Cheers,

Dave

Hello,

Does anybody have any thoughts on this?

Thank you,

Dave

Hello,

I recently inherited a house when my Step Dad passed away four months ago.  In case it matters, the property is located in San Luis Obispo County.  He did a Transfer on Death Deed so all we need to do now is complete this 502 form and supply a copy of the death certificate.  

I am having a problem with completing the 502 form so I can get that recorded.

There is one part titled the Descriptive Information that I am not sure what box to tick.  I'm assuming it's the copy of the TOD that has been recorded.` The other box that states, Disposition of Real Property I would assume to tick the box that says, "Action of trustee pursuant to terms of a trust"?

The last one is the most confusing for me though.  The Transfer Information...... I'm not one of his children, I'm a step-child.  Would it be most appropriate to check the "other beneficiaries or heirs"?

The reason he did the TOD was so that when he passed away, it wasn't part of the trust that is dealing with all his other properties as it relates to his children and grandchildren.

Is there anything else I need to be aware of?  Prior to his passing, he mentioned something about an appraisal or assessment?  I'm not sure if/how that works.

Any thoughts or direction would be greatly appreciated.

Thank you!

Dave

Hi @Kyle J.,

Thanks for taking the time to reply.....all of your points sound pretty solid.

Cheers,

Dave

Hello,

I have a piece of property I inherited in March.  When I advised the current tenants I was the new landlord, I tried to put their mind at ease and let them know everything will remain the same as it is and if I ever decided to sell, they would have first right of refusal.  I think they spooked as now they have just served me with a 30-day notice to move as they now have a house in escrow.

They told me they will be out of the house by August 20th and asked if I wanted them to pay pro-rated rent for the month up until the 20th or if I would just like to keep a portion of the deposit to cover the pro-rated amount.  This is where my questions arise and I need some help with how to handle this legally.

My initial thought is that they still pay a full month's rent and that I would refund them back a pro-rated amount based on the day they hand the keys in.  Then, after inspection give them back their deposit, subject to the state of the house.

The reason I am thinking this (rightly or wrongly) is that just because a house is in escrow doesn't mean they will be ready to move out on a specific date even with all good intention on their end.  Also, it could fall out of escrow.  

Is it legal to do what I am proposing?

Also, they did mention the carpets will need to be cleaned.  What can I debit from their deposit in order to make the house to where it can be ready to move into?

On a side note as well, my step-father who gifted me the house rented to these tenants for 5 years at a rate that is under the current market.  It should be getting $300 more per month.  The most I can raise the rent on the current tenants is about $100.  Even though they have given notice, can I serve them with a rent increase just in case their house falls out of escrow and they have to continue to live there?  I'll be putting the house on the market regardless but thought if I can get another $100 per month over a few months, that would be nice.

Thanks for the help and advice!

Cheers,

Dave

In further research, it would appear as though I need to give them a letter of some sort explaining my intentions.

I read to add the following as well - 

"Exception: Sale Termination Clauses

If you are considering selling your property soon, you may want to consider adding a sale termination clause to the property’s lease. The tenant would be made aware of your desire to sell, and you would be able to ensure that you can sell the property without a tenant if the new buyer is not interested in keeping a tenant."

Is there a standard template somewhere that I can download or purchase that has the 60-day letter and also includes a Sale Termination Clause?

Thanks again for the help!

Cheers,

Dave

Good points, @Twana Rasoul.

What are my legal obligations to end their month to month rental agreement?  Is this where I need to give them a 60 day notice or what's proto for something like this?

Cheers,

Dave

@Dave Foster, thanks for the input!  Just for clarification, would I pay federal income tax on the sale price of the home (eg - as if it were income)?  I know I'll probably have to do that here in the UK.  The Queen wants her money :)

Many thanks,

Dave

Hello,

I recently inherited a house in my home state of California.  I currently live in the UK and would just like to sell it.  The house currently has tenants that have been there about five years now.  I told them my intention of selling and asked if they would like to purchase it.  After a few days, they came back and said, "no thank you".  They want to move out of state and start a new life.  

Now, I just want to sell the property and move on.  What is the 'legal' side of things in advising them the house is going on the market and what options would the new buyer have if they buy the house and it currently has tenants residing in there?  I would like minimum disruption and would also like to continue to collect the rent during the process!

What I am looking at navigating here?

Many thanks!

Dave

Thanks @Nabil Suleiman!

@Dennis Cosgrave, I own the property personally.  I just hope I won't be double taxed if you get me.

Cheers,

Dave