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How a California home sale closes

California sales usually close through escrow, a neutral third party that holds funds and documents until the contract conditions are met.

• Escrow holders can include licensed escrow companies, title companies, banks, and some attorneys and brokers, per the California Department of Real Estate.
• Buyer and seller normally agree on the escrow holder together, and the choice is written into the purchase contract.
• Independent escrow agents are licensed and overseen by the Department of Financial Protection and Innovation (DFPI).
• A Preliminary Change of Ownership Report (PCOR) goes with the deed when it is recorded (Rev. and Tax. Code 480.2).

Documentary transfer tax

California counties may charge a documentary transfer tax of $0.55 per $500 of value, which equals $1.10 per $1,000 (Rev. and Tax. Code 11911).

• The county tax applies when the consideration for the transfer is more than $100.
• The same statute lets cities add their own tax, so the total can vary by city.
• Who pays the tax is set in your purchase contract. Your escrow officer can confirm the amount for your address.

Seller disclosures

California home sellers generally give the buyer a Transfer Disclosure Statement under Civil Code 1102 and the sections that follow.

• Civil Code 1102.2 exempts some transfers, such as probate court-ordered sales, foreclosure sales and fiduciary sales by an estate or trust administrator.
• Transfers between co-owners, to a spouse or blood relative, and in a divorce are also on the exemption list.
• An as-is sale is not on the exemption list, so as-is sellers who are not otherwise exempt usually still complete the form.
• For homes built before 1978, federal law requires a lead-based paint disclosure and the EPA pamphlet, with a few exemptions such as foreclosure sales.

Foreclosure process and timeline

California lenders often foreclose through a non-judicial trustee's sale, which follows timing rules in Civil Code 2924c and 2924f.

• The notice of sale cannot be given until at least three months after the notice of default is recorded (Civil Code 2924c).
• The notice of sale must be posted, first published and recorded at least 20 days before the sale date (Civil Code 2924f).
• Owners can generally reinstate the loan until five business days before the sale date in the first recorded notice of sale (Civil Code 2924c).
• Many owners in this situation choose to explore a sale before the sale date. An attorney or housing counselor can explain your options.

Probate and inherited homes

California offers simplified small estate procedures for some estates instead of full probate (Probate Code 13100 and 13200), with different limits for personal property and real property.

• The small estate limit adjusts every three years under Probate Code 890, so check the figure that applies to the date of death.
• A personal representative with full authority under the Independent Administration of Estates Act can usually sell without court confirmation (Probate Code 10503).
• With limited authority, a sale of real property requires court supervision (Probate Code 10501).
• Under Prop 19, a child who inherits a parent's home must make it a primary residence within one year. That is needed to claim the parent-child exclusion, per the Board of Equalization.
• A probate attorney can confirm which process fits your situation.

Selling a rental with tenants

After a tenant has lawfully lived in a unit for 12 months, California requires just cause to end the tenancy (Civil Code 1946.2).

• For no-fault just cause terminations, the owner provides relocation help or waives the final month's rent, equal to one month of rent.
• Some single-family homes and condos are exempt if the owner is not a corporation or REIT and the tenant received the required written notice.
• Civil Code 1946.2 is set to remain in effect until January 1, 2030.
• Cities can add their own rules. The City of San Diego, for example, has a tenant protection ordinance effective June 24, 2023.
• You can request a cash offer on an occupied or vacant rental. A local landlord-tenant attorney can explain the notice rules for your property.

Property tax and capital gains basics

Under Prop 13, the general property tax rate is limited to 1 percent plus voter-approved bonds. Yearly assessed value increases are capped at 2 percent.

• A property is reassessed to market value on a change in ownership or completed new construction, per the San Luis Obispo County Assessor.
• Federal law lets many sellers exclude up to $250,000 of gain, or $500,000 for married couples filing jointly (IRS Publication 523).
• To qualify, you generally must have owned and lived in the home for at least 24 months of the five years before the sale.
• A tax professional can tell you how these rules apply to your sale.

Notes for military sellers

The Servicemembers Civil Relief Act (SCRA) adds protections for servicemembers who own a home in California or elsewhere.

• For a mortgage taken out before service, a lender generally needs a court order to foreclose non-judicially. This applies during service and for one year after, per the Department of Justice.
• The SCRA caps interest at 6 percent on qualifying pre-service debts, including mortgages for service plus one year.
• IRS Publication 523 lets eligible uniformed services members suspend the five-year test during qualified extended duty, for up to 10 years.
• A military legal assistance office or an attorney can review your situation.

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Talk with a local investor

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Review your offer

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Close on your date

You choose the closing date. The title or escrow company handles the paperwork and the funds.