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Hi all,
I'm in closing for a condo in California, reviewing all the million bits and pieces. I'm asked to sign this as part of Escrow documents:
ACKNOWLEDGEMENT REGARDING PRELIMINARY CHANGE OF OWNERSHIP REPORT
I hand you herewith a completed Preliminary Change of Ownership Report. Encore Escrow cannot guarantee the acceptance by the County Assessor's office of the PCOR provided at the close of escrow.
The undersigned buyer, or transferee, hereby acknowledges that the County Assessors may send a duplicate Preliminary Change of Ownership Report following the close of this escrow.
Buyer's/Transferee's failure to comply with the Assessor's request to complete information and return the form, may cause penalties or fines to be imposed.
The undersigned hereby does, and shall, indemnify and hold Encore Escrow Company, harmless from and against all penalties, fines, costs, damages, losses, attorney's fees, claims and liabilities of any nature whatsoever, which may arise in connection therewith.
I understand the middle 2 paragraphs, but the first and last paragraphs read to me as "we like to cover our ass because we can, and even in the case we won't be doing our job right we'd like to not be liable for it". If a buyer provides wrong information then understandably Escrow cannot be held liable, but other than that, isn't it part of Escrow's duty to handle the paperwork properly? I asked them for clarification, all they said is "It is required to be provided with the grant deed that will be recorded when escrow closes." Why would the state require this?
Can you shed some light on this legalese, and if this is standard procedure that you've all signed in your real estate purchases?
The tax assessors office asks you those questions to help them understand if the purchase price is market value, or if they need to look at market value from other factors.
The title company is saying they will provide the tax office with the info you submit, but the tax office might ask for it again, and you might get penalized if you don't answer. And if you get penalized for not answering, the title company is held harmless.
Bottom line, though you filled out this piece of paperwork, if the tax office send you another one, fill it out again and send it back on time.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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I've helped folks fill out the form, but you are responsible for the content. Some counties send the form to the new buyer at the property address. I disagree with Nina, once you fill one out, you've done your job. Our county doesn't send out a second form.
I've helped folks fill out the form, but you are responsible for the content. Some counties send the form to the new buyer at the property address. I disagree with Nina, once you fill one out, you've done your job. Our county doesn't send out a second form.
Ours usually doesn't, but we actually got an extra one when we moved here. The tax office isn't perfect...
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