What is a Change in Ownership (involving legal entities)?
In general, there are two types of transfers involving legal entities that result in a change in ownership of California real property owned by the legal entity. One type of transfer is the transfer of interest in real property to and by a legal entity. The second type of transfer is the transfer of ownership interest in a legal entity that owns real property. Transfer of Interest in Real Property: This involves a transfer of an interest in real property between a corporation, partnership, LLC, or other entity and a shareholder, partner, or any other person (including another entity) that results in a change in ownership of the real property transferred. Note: This type of transfer should be reported to the local county assessors’ office where the real property is located, not with the Board of Equalization. Transfer of Ownership Interest in Legal Entities: The second type of involves a transfer of ownership interest in legal entities that own real property. A change in ownership of th
