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If it's determined you are eligible for relocation benefits, OCTA also offers to provide you <br />with assistance in finding anew place in which to live. OCTA will give you at least 90 days <br />notice in writing before you are required to move. <br />WHAT HAPPENS TO THE LOAN ON MY PROPERTY? <br />After you and OCTA have agreed upon a price, your OCTA acquisition agent and/or a title <br />company will contact all other parties having an interest in the property. Payment to <br />satisfy outstanding loans or liens will be made through a title company escrow as in the <br />case in any real estate transaction. <br />WHAT WILL HAPPEN TO MY GI OR CAL -VET LOAN? <br />The Veterans Administration and the California Department of Veterans Affairs allow your <br />veteran loan privileges to be transferred and to become available for coverage on another <br />property. <br />If it's determined that your property needs to be purchased in its entirety, your OCTA <br />acquisition agent will assist you in the transfer. However, it is highly recommended you <br />check with the Veterans Administration or the California Department of Veterans Affairs <br />for procedural instructions. <br />IF THE VALUE OF MY PROPERTY IS HIGHER TODAY THAN WHEN I <br />PURCHASED IT, DO I HAVE TO PAY INCOME OR CAPITAL GAINS TAX ON THIS <br />DIFFERENCE WHEN I SELL/CONVEY TO OCTA? <br />According to the Internal Revenue Service, the sale of property to a governmental agency <br />for public purposes comes under the definition of an "involuntary conversion". In these <br />cases, it is not necessary to pay income tax or capital gains tax if the money you receive is <br />used to buy a similar property within a limited period of time. In every case, however, you <br />should check with your local Internal Revenue Service office and/or accountant. <br />WILL I LOSE THE FAVORABLE PROPERTY TAX BASIS THAT I NOW HAVE <br />UNDER THE PROVISIONS OF PROPOSITION 13? <br />Section 2(d) of Article XIII -A of the California Constitution, Section 68 of the Revenue and <br />Taxation Code, and Rule 462.500 of Title 18 of the California Code of Regulations generally <br />provide that propertytax relief shall be granted to any real property ownerwho acquires <br />comparable replacement property after having been displaced by governmental <br />acquisition or eminent domain proceedings. <br />You will be given a copy of Rule 462.500 with an attached page showing examples of how <br />to calculate estimates of the tax relief you maybe eligible for. These are only <br />approximations. You must see your county Tax Assessor for a final determination. <br />1185095.1 <br />75E-64 <br />