Transfer on Death Deed
NO TRUST? Check out a Revocable Transfer on Death Deed
Always learn more and follow guidelines set forth on the County’s website: https://arcc.sandiegocounty.gov/content/arcc/home
THIS ONE EASY STEP COULD SAVE YOU
TIME AND MONEY
File a Transfer on Death Deed here:
https://arcc.sandiegocounty.gov/content/arcc/home/forms
While a TOD deed is attractive because of its simplicity and inexpensiveness, there are specific limiting criteria and procedural requirements for TOD deeds.
First and foremost, there are limitations on the type of property that can be transferred through this deed. Only the following are covered:
1) A single-family home or condominium unit,
2) A single-family residence on agricultural property of 40 acres or less, or
3) A residence with no more that four residential dwelling unit.While a TOD deed is attractive because of its simplicity and inexpensiveness, there are specific limiting criteria and procedural requirements for TOD deeds.
Effects of Recording this Deed:
• Not reassessable upon recordation, saving new Deed holder from rise in prop tax
• The interest in the real property only transfers when the transferor dies. Then the property is reassessed per the date of death, unless an exclusion applies.
• The beneficiary identified on the TOD deed does not have any rights to the real property when the transferor is alive. Furthermore, creditors of a named beneficiary cannot place any liens on the property.
PROs of a TOD
• Fast, simple, and very inexpensive
• Protects property from probate as long as the beneficiary does not predecease the grantor
• It is fully revocable during the transferor’s lifetime
• Permits the transferor to retain full ownership of the property during his/her/they lifetime, instead of adding the beneficiary as a joint tenant and making him/her/them an immediate owner
• The recoding of a TOD is not a taxable event.
Contacts at the San Diego County Assessor’s Office
https://arcc.sandiegocounty.gov/content/arcc/home/forms
THIS INFORMATION CAME FROM A PRESENTATION BY:
Robert Gomez Robert.Gomez@sdcounty.ca.gov who encourages questions by email. He will inform you of many issues regarding supplemental tax billing.
Ray Kim New Const./CPI/Disaster/Prop. 8 619-531-6206
Susie Azhocar General CIO 619-531-4983
Kelly Aguilera Leases/Legal Entities 619-531-5630
Christina Palanca Intergenerational Exclusions 619-531-5293
Cresnel Irwin Cotenant/Trusts/Life Estates 619-531-5725
Veronica Burgos Senior/Disabled/Eminent Domain
Other Resources
619-531-4820 619-531-5554
Board of Equalization www.boe.ca.gov/proptaxes/proptax.htm