Preliminary Change Of Ownership Report

There are all sorts of forms executors, beneficiaries, and probate court clerks have to fill out and correspond with during probate and estate settlement, including affidavits, letters, petitions, summons, orders, and notices.

Preliminary Change Of Ownership Report is a commonly used form within California. Here’s an overview of what the form is and means, including a breakdown of the situations when (or why) you may need to use it:

To be completed by the transferee (buyer) prior to a transfer of subject property, in accordance with section 480.3 of the Revenue and Taxation Code. A Preliminary Change of Ownership Report must be filed with each conveyance in the County Recorder’s office for the county where the property is located.

Atticus Fast Facts About Preliminary Change Of Ownership Report

Sometimes it’s tough to find a quick summary— here’s the important details you should know about Preliminary Change Of Ownership Report:

• This form pertains to the State of California

Government forms are not typically updated often, though when they are, it often happens rather quietly. While Atticus works hard to keep this information about California’s Form BOE-502-A - Preliminary Change Of Ownership Report up to date, certain details can change from time-to-time with little or no communication.

Step 1 - Download the correct California form based on the name and ID if applicable

Double check that you have both the correct form name and the correct form ID. Some California probate forms can look remarkably similar, so it’s best to double, even triple-check that you’re using the right one! Keep in mind that not all States have a standardized Form ID system for their probate forms.

Step 2 - Complete the Document

Fill out all relevant fields in Form BOE-502-A, take a break, and then review. Probate and estate settlement processes in CA are long enough to begin with, and making a silly error can push your timeline even farther back. No thank you!

Note: If you don’t currently know all of the answers and are accessing Form BOE-502-A online, be sure to avoid closing the browser tab and potentially losing all your progress (or use a platform like Atticus to help avoid making mistakes).

Step 3 - Have Form BOE-502-A witnessed or notarized (if required)

Some States and situations require particular forms to be notarized. If you have been instructed to get the document notarized or see it in writing on the document, then make sure to hire a local notary. There are max notary fees in the United States that are defined and set by local law. Take a look at our full guide to notary fees to make sure you aren’t overpaying or getting ripped off.

Step 4 - Submit Preliminary Change Of Ownership Report to the relevant office

This is most often the local probate court where the decedent (person who passed away) is domiciled (permanently resides) or the institution involved with this particular form (e.g. a bank). Some offices allow you to submit forms online, other’s don’t, and we while we generally recommend going in-person to expedite the process, sometimes that simply isn’t an option.

It’s also a generally good idea to establish a positive working relationship with any probate clerk (unfortunately there’s enough people & process out there making things more difficult and unnecessarily confusing for them), so a best practice is to simply ask the probate clerk proactively exactly how and where they’d prefer you to submit all forms.

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Different probate forms or processes can require different deadlines or response times for completing the appropriate form.

While some steps in the process are bound to specific deadlines (like petitioning for probate, having to submit an inventory of assets, or filing applicable notices to creditors and beneficiaries), many probate forms or processes are not tied to a specific deadline since the scope of work can vary based on situational factors or requirements involved.

Either way, there are a bunch of practical reasons why personal representatives should work to complete each step as thoroughly and quickly as possible when completing probate in California.

5 reasons you should submit BOE-502-A as quickly as possible:

1. The sooner you begin, the faster California can allow heirs and beneficiaries to get their share of assets subject to probate. Acting promptly can also decrease the costs & overall mental fatigue through an otherwise burdensome process.
   
   Helpful Context: What’s the Difference Between Probate and Non-Probate Assets?

2. In general, creditors of an estate usually have around 3-6 months from the time you file notice to creditors to file any claims for debt against the deceased’s assets. If they don’t, then that debt is forfeited (and more importantly, the executor won’t be held personally responsible). So doing this sooner means you have a better idea of who is owed what and ensures you won’t get a surprise collector months later.

3. Not filing a will within 30 days (on average) could mean that the probate process proceeds according to intestate laws (laws that govern what happens to someone's stuff without a will) or is subject to unnecessary supervision by the probate court. And if you aren't directly related to the deceased (a.k.a. next of kin), this could also mean you lose your inheritance.

4. It’s important to file any necessary state tax returns on behalf of the deceased or estate by the following tax season in California. If you don’t, you could owe penalties and interest. This also includes any necessary federal tax returns such as Forms 1040, 1041, or even a Form 706 estate tax return.

5. If a house in the State of California is left empty (or abandoned) for a while, insurance can get dicey. For example, if the house burns down and no one has been there for a year, an insurance company may get out of paying your claim.

If you’re not using Atticus to get specific forms, deadlines, and timelines for California probate, then try and stay as organized as possible, pay close attention to the dates mentioned in any correspondence you have with the State’s government officials, call the local California probate clerk or court for exact answers regarding Form BOE-502-A, and when in doubt— consult a qualified trust & estates lawyer for that area.

Preliminary Change Of Ownership Report is one of the many probate court forms available for download through Atticus.

It may also be available through some California probate court sites, such as . In order to access the latest version, be updated with any revisions, and get full instructions on how to complete each form, check out the Atticus Probate & Estate Settlement software or consider hiring a qualified legal expert locally within California.

While Atticus automatically provides the latest forms, be sure to choose the correct version of Form BOE-502-A - Preliminary Change Of Ownership Report f using any other site or resource in order to avoid having to re-complete the form process and/or make another trip to the California probate court office.

Preliminary Change Of Ownership Report is a .pdf, so opening it should be as simple as clicking “View Form” from within the Atticus app or by clicking the appropriate link found on any California-provided government platform. Once you’ve opened the form, you should be able to directly edit the form before saving or printing.

Here’s the text, verbatim, that is found on California Form BOE-502-A - Preliminary Change Of Ownership Report. You can use this to get an idea of the context of the form and what type of information is needed.

BOE-502-A (P1) REV. 17 (05-22) PRELIMINARY CHANGE OF OWNERSHIP REPORT To be completed by the transferee (buyer) prior to a transfer of subject property, in accordance with section 480.3 of the Revenue and Taxation Code. A Preliminary Change of Ownership Report must be filed with each conveyance in the County Recorder’s office for the county where the property is located. NAME AND MAILING ADDRESS OF BUYER/TRANSFEREE (Make necessary corrections to the printed name and mailing address) ASSESSOR'S PARCEL NUMBER BUYER’S EMAIL ADDRESS BUYER’S DAYTIME TELEPHONE NUMBER SELLER/TRANSFEROR STREET ADDRESS OR PHYSICAL LOCATION OF REAL PROPERTY YESNO This property is intended as my principal residence. If YES, please indicate the date of occupancy or intended occupancy. MOYEARDAY YESNO Are you a 100% rated disabled veteran who was compensated at 100% by the Department of Veterans Affairs or an unmarried surviving spouse of a 100% rated disabled veteran? MAIL PROPERTY TAX INFORMATION TO (NAME) MAIL PROPERTY TAX INFORMATION TO (ADDRESS) CITYSTATEZIP CODE PART 1. TRANSFER INFORMATION Please complete all statements. YESNO This section contains possible exclusions from reassessment for certain types of transfers. A. This transfer is solely between spouses (addition or removal of a spouse, death of a spouse, divorce settlement, etc.). B. This transfer is solely between domestic partners currently registered with the California Secretary of State (addition or removal of a partner, death of a partner, termination settlement, etc.). C. This is a transfer: between parent(s) and child(ren) ntor’s principal residence? between grandparent(s) and grandchild(ren). Was this the transferor/graYES NO * D. This transfer is the result of a cotenant’s death. Date of death ___________________________ E. This transaction is to replace a principal residence owned by a person 55 years of age or older. * F. This transaction is to replace a principal residence by a person who is severely disabled. * * G. This transaction is to replace a principal residence substantially damaged or destroyed by a wildfire or natural disaster for which the Governor proclaimed a state of emergency. H. This transaction is only a correction of the name(s) of the person(s) holding title to the property (e.g., a name change upon marriage). If YES, please explain: I. The recorded document creates, terminates, or reconveys a lender's interest in the property. J. This transaction is recorded only as a requirement for financing purposes or to create, terminate, or reconvey a security interest (e.g., cosigner). If YES, please explain: K. The recorded document substitutes a trustee of a trust, mortgage, or other similar document. L. This is a transfer of property: 1. to/from a revocable trust that may be revoked by the transferor and is for the benefit of the transferor, and/or e transferor's spouse registered domestic partner. 2. to/from an irrevocable trust for the benefit of the creator/grantor/trustor and/or grantor's/trustor’s spouse grantor’s/trustor’s registered domestic partner. M. This property is subject to a lease with a remaining lease term of 35 years or more including written options. N. This is a transfer between parties in which proportional interests of the transferor(s) and transferee(s) in each and every parcel being transferred remain exactly the same after the transfer. O. This is a transfer subject to subsidized low-income housing requirements with governmentally imposed restrictions, or restrictions imposed by specified nonprofit corporations. th * * P. This transfer is to the first purchaser of a new building containing a leased owned active solar energy system. Q. Other. This transfer is to __________________________________________________________________________________ * Please refer to the instructions for Part 1. Please provide any other information that will help the Assessor understand the nature of the transfer. THIS DOCUMENT IS NOT SUBJECT TO PUBLIC INSPECTION I:\\\\BOE Forms\\\\502-A Rev. 17 (05-22) Web cc.pdf 12/07/22 BOE-502-A (P2) REV. 17 (05-22) PART 2. OTHER TRANSFER INFORMATION Check and complete as applicable. B. Type of transfer: A.Date of transfer, if other than recording date: PurchaseForeclosureGiftTrade or exchangeMerger, stock, or partnership acquisition (Form BOE-100-B) Contract of sale. Date of contract: Inheritance. Date of death: Sale/leaseback Creation of a leaseAssignment of a leaseTermination of a lease. Date lease began: Other. Please explain: Original term in years (including written options): _____________ Remaining term in years (including written options): C. Only a partial interest in the property was transferred. YESNO If YES, indicate the percentage transferred: PART 3. PURCHASE PRICE AND TERMS OF SALE Check and complete as applicable. B. Cash down payment or value of trade or exchange excluding closing costs A.Total purchase price $_______________ Amount $_______________ C. First deed of trust @ ______% interest for ______ years. Monthly payment $_____________Amount $_______________ FHA(___ Discount Points) Cal-Vet VA (___Discount Points) Fixed rate Variable rate ank/Savings & Loan/Credit Union Loan carried by seller Balloon payment $_____________Due date: _____________ _% interest for ______ years.D. Second deed of trust @ _____ Variable rate Monthly payment $Amount $_______________ Fixed rate Bank/Savings & Loan/Credit Union Loan carried by seller Balloon payment $_____________ Due date: _____________ E. Was an Improvement Bond or other public financing assumed by the buyer? YES NO Outstanding balance $_______________ % B F. Amount, if any, of real estate commission fees paid by the buyer which are not included in the purchase price$_______________ G. The property was purchased:Through real estate broker. Broker name:Phone number: Direct from seller From a family member-Relationship Other. Please explain: H. Please explain any special terms, seller concessions, broker/agent fees waived, financing, and any other information (e.g., buyer assumed the existing loan balance) that would assist the Assessor in the valuation of your property. PART 4. PROPERTY INFORMATION Check and complete as applicable. A. Type of property transferred Single-family residence Co-op/Own-your-own Manufactured home Mu Other. Description: (i.e., timber, mineral, water rights, etc.) ltiple-family residence. Number of units: Condominium Unimproved lot TimeshareCommercial/Industrial B. YES NO Personal/business property, or incentives, provided by seller to buyer are included in the purchase price. Examples of personal property are furniture, farm equipment, machinery, etc. Examples of incentives are club memberships, etc. Attach list if available. C. If YES, enter the value of the personal/business property: If YES, enter the value attributed to the manufactured home: $ Incentives YES NO A manufactured home is included in the purchase price. YES NO The manufactured home is subject to local property tax. If NO, enter decal number: $ D. YES NO The property produces rental or other income. E. The condition of the property at the time of sale was: GoodAverageFairPoor Please describe: __________________________________________________________________________________________________ If YES, the income is from: Lease/rent Contract Mineral rightsOther: I certify (or declare) that the foregoing and all information hereon, including any accompanying statements or documents, is true and correct to the best of my knowledge and belief. CERTIFICATION SIGNATURE OF BUYER/TRANSFEREE OR CORPORATE OFFICER t DATETELEPHONE NAME OF BUYER/TRANSFEREE/PERSONAL REPRESENTATIVE/CORPORATE OFFICER (PLEASE PRINT)TITLEEMAIL ADDRESS The Assessor’s office may contact you for additional information regarding this transaction. $ I:\\\\BOE Forms\\\\502-A Rev. 17 (05-22) Web cc.pdf 12/07/22 BOE-502-A (P3) REV. 17 (05-22) ADDITIONAL INFORMATION NAME AND MAILING ADDRESS OF BUYER: Please make necessary corrections to the printed name and mailing address. Enter Assessor’s Parcel Number, name of seller, buyer’s daytime telephone number, buyer’s email address, and street address or physical location of the real property. NOTE: Your telephone number and/or email address is very important. If there is a question or a problem, the Assessor needs to be able to contact you. MAIL PROPERTY TAX INFORMATION TO: Enter the name, address, city, state, and zip code where property tax information should be mailed. This must be a valid mailing address. PRINCIPAL RESIDENCE: To help you determine your principal residence, consider (1) where you are registered to vote, (2) the home address on your automobile registration, and (3) where you normally return after work. If after considering these criteria you are still uncertain, choose the place at which you have spent the major portion of your time this year. Check YES if the property is intended as your principal residence, and indicate the date of occupancy or intended occupancy. DISABLED VETERAN: If you checked YES, you may qualify for a property tax exemption. A claim form must be filed and all requirements met in order to obtain the exemption. Please contact the Assessor for a claim form. PART 1: TRANSFER INFORMATION If you check YES to any of these statements, the Assessor may ask for supporting documentation. C, D, E, F, G: If you checked YES to any of these statements, you may qualify for a property tax reassessment exclusion, which may allow you to maintain your property’s previous tax base. A claim form must be filed and all requirements met in order to obtain any of these exclusions. Contact the Assessor for claim forms. NOTE: If you give someone money or property during your life, you may be subject to federal gift tax. You make a gift if you give property (including money), the use of property, or the right to receive income from property without expecting to receive something of at least equal value in return. The transferor (donor) may be required to file Form 709, Federal Gift Tax Return, with the Internal Revenue Service if they make gifts in excess of the annual exclusion amount. H: Check YES if the reason for recording is to correct a name already on title [e.g., Mary Jones, who acquired title as Mary J. Smith, is granting to Mary Jones]. This is not for use when a name is being removed from title. I: Check YES if the change involves a lender, who holds title for security purposes on a loan, and who has no other beneficial interest in the property. Beneficial interest is the right to enjoy all the benefits of property ownership. Those benefits include the right to use, sell, mortgage, or lease the property to another. A beneficial interest can be held by the beneficiary of a trust, while legal control of the trust is held by the trustee. J: A cosigner is a third party to a mortgage/loan who provides a guarantee that a loan will be repaid. The cosigner signs an agreement with the lender stating that if the borrower fails to repay the loan, the cosigner will assume legal liability for it. N: This is primarily for use when the transfer is into, out of, or between legal entities such as partnerships, corporations, or limited liability companies. Check YES only if the individuals and the interest held by each remains exactly the same in each and every parcel being transferred. O: Check YES only if this property is subject to a government or nonprofit affordable housing program that imposes restrictions. Property may qualify for a restricted valuation method (i.e., may result in lower taxes). P: If you checked YES, you may qualify for a new construction property tax exclusion. A claim form must be filed and all requirements met in order to obtain the exclusion. Contact the Assessor for a claim form. PART 2: OTHER TRANSFER INFORMATION A: The date of recording is rebuttably presumed to be the date of transfer. If you believe the date of transfer was a different date (e.g., the transfer was by an unrecorded contract, or a lease identifies a specific start date), put the date you believe is the correct transfer date. If it is not the date of recording, the Assessor may ask you for supporting documentation. B: Check the box that corresponds to the type of transfer. If OTHER is checked, please provide a detailed description. Attach a separate sheet if necessary. Please answer all questions in each section, and sign and complete the certification before filing. This form may be used in all 58 California counties. If a document evidencing a change in ownership is presented to the Recorder for recordation without the concurrent filing of a Preliminary Change of Ownership Report, the Recorder may charge an additional recording fee of twenty dollars ($20). NOTICE: The property which you acquired may be subject to a supplemental assessment in an amount to be determined by the County Assessor. Supplemental assessments are not paid by the title or escrow company at close of escrow, and are not included in lender impound accounts. You may be responsible for the current or upcoming property taxes even if you do not receive the tax bill. I:\\\\BOE Forms\\\\502-A Rev. 17 (05-22) Web cc.pdf 12/07/22 C. If this transfer was the result of an inheritance following the death of the property owner, please complete a Change in Ownership Statement, Death of Real Property Owner, form BOE-502-D, if not already filed with the Assessor’s office. PART 3: PURCHASE PRICE AND TERMS OF SALE It is important to complete this section completely and accurately. The reported purchase price and terms of sale are important factors in determining the assessed value of the property, which is used to calculate your property tax bill. Your failure to provide any required or requested information may result in an inaccurate assessment of the property and in an overpayment or underpayment of taxes. A. Enter the total purchase price, not including closing costs or mortgage insurance. “Mortgage insurance” is insurance protecting a lender against loss from a mortgagor’s default, issued by the FHA or a private mortgage insurer. B. Enter the amount of the down payment, whether paid in cash or by an exchange. If through an exchange, exclude the closing costs. “Closing costs” are fees and expenses, over and above the price of the property, incurred by the buyer and/or seller, which include title searches, lawyer’s fees, survey charges, and document recording fees. C. Enter the amount of the First Deed of Trust, if any. Check all the applicable boxes, and complete the information requested. A “balloon payment” is the final installment of a loan to be paid in an amount that is disproportionately larger than the regular installment. D. Enter the amount of the Second Deed of Trust, if any. Check all the applicable boxes, and complete the information requested. E. If there was an assumption of an improvement bond or other public financing with a remaining balance, enter the outstanding balance, and mark the applicable box. An “improvement bond or other public financing” is a lien against real property due to property-specific improvement financing, such as green or solar construction financing, assessment district bonds, Mello-Roos (a form of financing that can be used by cities, counties and special districts to finance major improvements and services within the particular district) or general improvement bonds, etc. Amounts for repayment of contractual assessments are included with the annual property tax bill. F. Enter the amount of any real estate commission fees paid by the buyer which are not included in the purchase price. G. If the property was purchased through a real estate broker, check that box and enter the broker’s name and phone number. If the property was purchased directly from the seller (who is not a family member of one of the parties purchasing the property), check the “Direct from seller” box. If the property was purchased directly from a member of your family, or a family member of one of the parties who is purchasing the property, check the “From a family member” box and indicate the relationship of the family member (e.g., father, aunt, cousin, etc.). If the property was purchased by some other means (e.g., over the Internet, at auction, etc.), check the “OTHER” box and provide a detailed description (attach a separate sheet if necessary). H. Describe any special terms (e.g., seller retains an unrecorded life estate in a portion of the property, etc.), seller concessions (e.g., seller agrees to replace roof, seller agrees to certain interior finish work, etc.), broker/agent fees waived (e.g., fees waived by the broker/agent for either the buyer or seller), financing, buyer paid commissions, and any other information that will assist the Assessor in determining the value of the property. PART 4: PROPERTY INFORMATION A. Indicate the property type or property right transferred. Property rights may include water, timber, mineral rights, etc. B. Check YES if personal, business property or incentives are included in the purchase price in Part 3. Examples of personal or business property are furniture, farm equipment, machinery, etc. Examples of incentives are club memberships (golf, health, etc.), ski lift tickets, homeowners’ dues, etc. Attach a list of items and their purchase price allocation. An adjustment will not be made if a detailed list is not provided. C. Check YES if a manufactured home or homes are included in the purchase price. Indicate the purchase price directly attributable to each of the manufactured homes. If the manufactured home is registered through the Department of Motor Vehicles in lieu of being subject to property taxes, check NO and enter the decal number. D. Check YES if the property was purchased or acquired with the intent to rent or lease it out to generate income, and indicate the source of that anticipated income. Check NO if the property will not generate income, or was purchased with the intent of being owner-occupied. E. Provide your opinion of the condition of the property at the time of purchase. If the property is in “fair” or “poor” condition, include a brief description of repair needed. BOE-502-A (P4) REV. 17 (05-22) I:\\\\BOE Forms\\\\502-A Rev. 17 (05-22) Web cc.pdf 12/07/22