Huntington Beach, CA (PRWEB) July 20, 2017
Successor Trustees, executors and heirs can transfer real property in California owned by a decedent with a judicial council form titled “Affidavit re Real Property of Small Value.” This Tip Sheet by Deed and Record explains how.
The “Affidavit re Real Property of Small Value”, oil leases, undeveloped land and timeshares located in California.]form is used for post death transfers of real property located in California valued at less than $50,000. This limits the procedure to mineral rights, oil leases, undeveloped land and timeshares. The affidavit is signed, under penalty of perjury by the heir claiming ownership.
The affidavit if filed with the probate clerk in the county where the decedent lived or if the decedent lived outside of California, the county where the real property is located. The affidavit is a Judicial Council form. Use of the form is mandatory. Attached to the Affidavit are; a certificate of death, Will or assertion of intestacy right, legal description and an “Inventory and Appraisal.”
On the “Inventory and Appraisal” is the fair market value of the real property as of date of death. The appraisal must be performed by a probate referee. Probate referees are appointed by the court and are officers of the court.
The affidavit is filed with and reviewed by the clerk of the court who affixes the court’s seal, certifies, signs and returns the affidavit. Next the affidavit is recorded in the county where the real property is located. Recording establishes the heir who signed the affidavit as the owner of the real property.
Additional requirements for use of transfer by affidavit are the lapse of six months from decedent’s death and there is on other proceeding in any probate court in California. The $50,000 limitation excludes real property owned in joint tenancy with a surviving joint tenant and real property owned by a trust.
Mark W. Bidwell, a licensed California attorney explains how executors of Wills, Successor Trustees and heirs of a decedent can use “Affidavit Real Property of Small Value” to avoid formal probate, save time and save money. Transfer by affidavit is available for real property in California with a market value less than $50,000.
This press release is provided by Mark W. Bidwell. Mr. Bidwell markets mineral rights, oil leases, undeveloped land and timeshares change in ownership through a website http://www.deedandrecord.com and press releases. Office is at 4952 Warner Avenue, Suite 235, Huntington Beach, California 92649. Phone is 714-846-2888.