This happens more often than you think: ownership of a home in Rio Crossing changes, without a sale. Here is a short list of ways that generally happens:
- The current owners — “real people” — start a trust which is given ownership of major assets, including homes, vehicles, and other valuables. The legal and tax reasons are beyond the scope of this web site, but you can watch a number of YouTube videos from Lee Philips (not an endorsement, just a good resource).
- Older owners sometimes deed the property over to their kids — again, often for a variety of legal and tax reasons.
- One company (often an LLC) transfers an asset directly to another company (often owned by a common group of people).
- A person who acquired the property as a single person later adds a spouse or partner as an owner.
Please Update Contact Information
When a home is transferred without a sale, very often the association isn’t informed. You should contact our community manager with information about any transfer, even if a sale was not involved. Even if the contact information remains the same, we need a copy of the deed. Ownership records are important to the association.