What should the Contractor do if there is a change in ownership of the possessory interest?

The correct action when there is a change in ownership of the possessory interest is to report the change to the County Assessor. This is essential because changes in ownership can impact taxation and assessment of the property. The County Assessor is responsible for maintaining accurate property records, which includes tracking ownership changes that may influence tax assessments and public records related to property rights. By reporting this change, the contractor ensures compliance with local laws and regulations, maintaining transparency and avoiding potential penalties.

Other options do not fulfill the legal obligations that come with property ownership transfers. Simply notifying the City only if it affects services is insufficient because all ownership changes should be documented. Ignoring the ownership change can lead to complications, such as incorrect property assessments or disputes about ownership. Informing only the previous owners does not address the necessary reporting to the County, which is critical for accurate property records.