Quit Calim Deed Question.....
This is weird. I am purchasing a property and the tax records showed last week it was in the sellers name. Now, it is in a Trust?! I think their is some funny business going on. The Seller seems to be a straight shooter, and without any recording numbers, I cannot call the recorders office. It is listed as Trust
_ _ _ _ (house number) did multiple searches...no luck. When the title company pulls title....willi it show the name of the trust, who set it up, and the recording numbers?? How do I find out this info, thanks.
The seller possibly transferred the property into a trust , in order to not have to pay the 3.33% withholding tax to the state of California per Assembly Bill 1338, which went into affect January 1, 2005. If the correct A.P.N. is on the quitclaim deed the title company will find it. It is very unlikely that they will see the name of whomever set it up.
[ Edited by Darryle-CA on Date 04/19/2005 ][ Edited by Darryle-CA on Date 04/19/2005 ]