Commercial Loan Corporation Resources Page
Here you will find information and documentation to assist you with your Commercial Loan Corporation Trust Loan, California Proposition 19 and Proposition 58. If you can not locate the information that you need, please call us at 877-464-1066 so that we may assist you.
Borrower Contact Authorization – BorrowerContactAuthorization.pdf
Borrower Signature Authorization – BorrowerSignatureAuthorization v2.pdf
Broker Submission Form – BrokerSubmissionForm.pdf
Certificate of Business Purpose Loan – CertificateOfBusinessPurposeOfLoan.pdf
Certificate of Non-Owner Occupancy – CertificateofNonOwnerOccupancy.pdf
Loan Purpose Letter – LoanPurposeLetter.pdf
Statement of Identity – StatementofIdentity.pdf
Standard IRS W9 – W9.pdf
Taxpayer Authorization to Release Information Form – TaxpayerAuth.pdf
California Proposition 58
California Proposition 58 became effective on November 6, 1986 and with certain limitations allows for the exclusion for reassessment of property taxes on transfers between parents and children. Proposition 193 provides some of the same exclusions as Proposition 58 for Grandparents and Grandchildren when all of the qualifying parents of the Grandchildren are deceased.
California Proposition 19
California Proposition 19, also known as the Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act. Prop 19 was approved by California voters on November 3, 2020. California Proposition 19 takes effect on February 16, 2021. Proposition 19 modified California Proposition 58 by requiring that the child or children use the residence as their principal residence in order to avoid property tax reassessment. Additionally Prop 19 put a cap of $1,000,000 on the amount of property value that can be excluded from reassessment.
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