Posted on: 01st Oct, 2008 08:07 am
Can anyone explain the true meaning of California Real estate and Tax Code R & T 11925? When my husband used a grant deed to put my name back on the title this clause was used as the exclusion for reappraisal. What does it mean in English so that I can understand it's full meaning? He converted it back to community property with rights of survivorship but this clause has me bothered. Do we own this property 50/50 ? The property had been out of my name for almost 15 months before I discovered the error. I understand that community property is the method of holding title but what does "same proportionate interest remaining the same mean"?
Hi Bonnie!
Welcome to forums!
There are two parts of the California Real estate and Tax Code R & T 11925 - R & T Code 11925 (a) and R & T Code 11925 (d). R & T Code 11925 (a) states about the conveyance from a partnership to its continuing partnership. This means that the original partnership is not ended in any case. It remains the same. On the other hand, the R & T Code 11925 (d) states about the transfer between individual or individuals and a legal entity or entities which can solely result in a change in the technique of holding the title of the real estate. In this code the proportional ownership interest in the realty remains the same just after the transfer of the property whether represented by membership interest, stock, co-tenancy interest, partnership interest or others.
Whether you hold the property50/50 depends on which clause you have chosen. "Same proportionate interest remaining the same" means that the interest in the property will remain balanced. I think you still have a 50/50 partnership in the property.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
There are two parts of the California Real estate and Tax Code R & T 11925 - R & T Code 11925 (a) and R & T Code 11925 (d). R & T Code 11925 (a) states about the conveyance from a partnership to its continuing partnership. This means that the original partnership is not ended in any case. It remains the same. On the other hand, the R & T Code 11925 (d) states about the transfer between individual or individuals and a legal entity or entities which can solely result in a change in the technique of holding the title of the real estate. In this code the proportional ownership interest in the realty remains the same just after the transfer of the property whether represented by membership interest, stock, co-tenancy interest, partnership interest or others.
Whether you hold the property50/50 depends on which clause you have chosen. "Same proportionate interest remaining the same" means that the interest in the property will remain balanced. I think you still have a 50/50 partnership in the property.
Feel free to ask if you have further queries.
Sussane
I think, you still have 50% partnership in the property. You should immediately contact your legal adviser, show him/her the papers and take the necessary steps.