A California property seller asks the escrow officer about the Preliminary Change of Ownership Report (PCOR). The escrow officer explains that the PCOR is required to be filed:
Correct Answer
C) With the county recorder at the time the deed is recorded
Under California Revenue and Taxation Code §480, the Preliminary Change of Ownership Report (PCOR) must be filed with the county recorder at the time the deed is recorded. The PCOR provides information to the county assessor about the nature of the transfer, helping the assessor determine whether a reassessment is required under Proposition 13. If the PCOR is not filed with the deed, a penalty of $20 is imposed.
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Previous Question
A California property sells for $650,000, with the buyer assuming an existing loan of $200,000. The county documentary transfer tax at $1.10 per $1,000 is calculated on the amount of consideration excluding the assumed loan. What is the documentary transfer tax?
Next Question
Owner A received and recorded a deed to a California property in January 2024. Owner B later received a deed to the same property in March 2024, paid fair market value, recorded the deed immediately, and had no actual or constructive notice of Owner A's prior deed at the time of purchase. Under California's race-notice recording statute, which owner prevails?