Posted by William Bronchick on April 03, 2002 at 17:59:23:
The transfer into trust for one’s own benefit is exempt from transfer tax; a transfer subject to someone else’s mortgage IS subject to transfer tax.
The transfer tax is not signficant. The bigger issue is Prop 13 (reassessment).
Bill - Q’s on CA transfer Tax for Land Trusts? - Posted by JPruett
Posted by JPruett on April 03, 2002 at 11:50:40:
I understand when placing a property purchased subject to into a land trust there is a tranfer tax due. My question pertains to California - how much is the tax? When is it due and who is responsible to pay it? Thanks