All Forum Posts by: K Khanna

Highly recommend Selborne Properties Inc. in Oakland.

Highly recommend Selborne Properties. Look them up on Yelp. 

Highly recommend Selborne Properties. Ask for Tim Browne.

You can mention my name: Kasturi Khanna

Yes, we have experience with this. When we bought our property in 2016, I learned about 8.58 through my own research.  Never got any notice from the city but I voluntarily contacted the program manager and signed up. They definitely liked the proactiveness.  Lol....BTW, our property also had a notice in 2011 to the former owner but never went into foreclosure. We cleared all permit requirements and were marked compliant. 

We had to get the Sewer Lateral Compliance Certificate before close of escrow when we purchased our rental property last July. This certificate is good for 7 years. 

How do you normally take a deduction for this expense? We were charged $3100 by the plumber who did it and obtained the paperwork from the City. 

Do you write it off completely as expense in the first year? OR

Do you amortize it over 7 years? OR

Do you add it to the basis of the property?

Any helpful responses appreciated as we have barely 1 day more to file the taxes for 2016! Thank you.

Chris, thanks for responding. The loan was reconveyed in 2009 upon completion of construction work. There is no balance. I was not the original borrower. All I want to access is the Construction Loan Agreement which was done between the original borrow and the bank, and where and how I can get access to it. 

We did get Owner's Title Insurance when we bought the property.

Thanks again.

We recently bought a property which had construction work & improvements done back in 2007-2009 under a construction loan. I have the Construction Deed of Trust from the county assessor public records. Is there a way for me to obtain the Construction Loan Agreement governing the construction loan? Who would have a copy of the Construction Loan Agreement? Is it a publicly available document? Would it be available with the Escrow Title company who recorded the construction deed of trust? 

I do not have access to the prior owners and the lending bank is not responsive. Thanks.

The Grant Deed executed in Apr 2012 does say Deed in Lieu of Foreclosure hand written on the document. Amount of consideration = 900K. Unpaid Debt = 900K. Transfer tax = 0

However, the transaction amount recorded with the County Assessor is 450K. That is their basis for property taxes.

So, the private lender bought the loan from the bank in Dec 2011, and the original Deed of Trust shows 900K balance. 

However, that may not be what they paid the bank?? Were they able to record the transaction for 450K with the County Assessor because that is the amount they bought the loan for?

How does it work? Thank again for the insight.

@Wayne Perfect. Thanks for confirming. I need to get hold of this Deed document and read up the verbiage.

@ Christopher thanks for confirming my initial understanding.

@ Wayne in the chain of records, there is an Assignment Deed of Trust recorded in  Dec 2011, where the bank/lender is assigning the mortgage to (XYZ)/private lender. My understanding is that this is the bank selling of the loan to a new lender. The details of the document do not mention "in lieu". 

After this, the bank is not party to any document following this date.

Would the Deed in Lieu be the Deed transferring title from the owners to the new lender in Apr 2012?