Tuesday, August 13, 2013
Friday, May 17, 2013
In order to ensure a successful escrow process without any delays, the following documents must be reviewed, completed, signed and returned to your escrow officer. Failure to complete and return the following items in a timely manner could result in a delay in closing your escrow on time.
- Escrow instructions
- Confidential Statement of Information
- Request for insurance information
- Preliminary change of ownership
- Vesting worksheet
- Any other miscellaneous documents that your Escrow Officer has specified
Monday, March 25, 2013
Nevertheless, even in a seller's housing market, it is imperative to have a house priced to sell. One little-known research tool that can be useful for sellers to find information to price their home to the best of their knowledge is the Los Angeles County Office of the Assessor Property Assessment Information System (maps.assessor.lacounty.gov). There you can find up-to-date information on recent sale information, roll values, property boundary description, building description, and when applicable, recent parcel change activity.
Friday, September 21, 2012
Thursday, August 23, 2012
• Upon agreement to sale, Asset Manager and/or Listing Agent provides completely executed Purchase Agreement and any Addendums/Counter Offers (including copy of signed Residential Listing Agreement from Listing Agent), as well as contact information for all parties to Escrow Holder.
• Escrow Holder contacts Selling Agent to obtain Buyer’s Deposit and verify contact information (Purchase Agreement usually requires that said deposit be made within 3 days of acceptance).
• Escrow Holder requests new Lender(s) information and/or Pre-Qualification letter from Selling Agent.
• Escrow Holder opens title order, requesting Preliminary Report and CC&R’S from Title Company.
• Escrow Holder prepares Escrow Instructions and supporting documents, distributing same to all parties.
• Upon receipt of Preliminary Report, Escrow Holder orders all applicable documents, including HOA disclosures, to ensure that clear title can be granted at Close of Escrow.
• Upon receipt, Escrow Holder distributes Preliminary Report, CC&R’s and other applicable disclosures (including Termite Report) for approval.
• Escrow Holder contacts new Lender(s) for status of Loan(s), including receipt of Credit Report, Appraisal and other required documentation. If loan(s) is/are approved, Escrow Holder verifies when loan documents will be ordered.
• Escrow Holder contacts applicable parties if any documents are still outstanding (ie; Receipts for Reports, Buyer’s Insurance, Statement of Information, etc.).
• If the Seller has authorized any repairs, Escrow Holder verifies if they have been completed, and how they will be paid (either outside of escrow or through escrow).
• Escrow Holder confirms receipt of Home Protection Plan or requests that the applicable Realtor order same if it has yet to be received.
• Loan Documents are received by Escrow Holder and prepared for prompt closing.
• Escrow Holder forwards Seller’s Estimated Closing Statement to Asset Manager for review and approval.
• Escrow Holder makes appointment with Buyer to sign Loan Documents, advising Buyer of the amount of money to bring to Escrow.
Tuesday, July 31, 2012
The big question is WHY someone would need to “probate” a property once someone passes away.
In order to sell a Decedent’s property, the heirs, if there are any, must hire an attorney that specializes in probate in order to set up the Decedent’s estate. If someone passes away with a will, it is obviously much easier on the appointed Executor or Executrix to handle that individual’s final affairs in accordance with their wishes. However, many, many people die without creating a will. In that event, the individual passes away “intestate,” or without a will and the Probate Attorney must set up the estate to have an Administrator appointed to handle the final affairs of the Decedent.
The probate that the attorney establishes for the Decedent can address many issues in addition to real property, including assets such as stock, personal property, cash in banks, etc. If one dies intestate or without a will, then all legal heirs are located by “heir hunters” (if necessary) and the total assets of the estate are divided amongst the legal heirs, whether or not that was the intention of the Decedent.
A common misconception is that if one doesn’t have children, it is not necessary to make out a will. However, once real property and large dollar amounts are involved, it is critical that one creates a will or a trust. Although the probate process can be timely and involved, and truly this is dependent on the heirs and who stands to inherit what, the attorney fees are absolutely statutory and are pre-established in accordance with the probate code, based on the size of the individual estate.
There are many arguments and issues, both pro and con, in going through the probate process or setting up and establishing a trust. The main issue to remember with regard to the probate process is that it is highly regulated and scrutinized by the Court in order to keep the individual representing the estate honest and that all matters are handled according to the last wishes of the Decedent. In a situation where the Decedent has transferred all of their assets into a trust, all of the heirs are relying on the honesty and integrity of the successors trustee(s) to comply with the terms of the Decedent’s trust agreement.
Thursday, June 14, 2012
When looking to buy or sell a home, every person eventually arrives at the question of who pays closing costs on the transaction. To put it simply, both buyers and sellers typically pay some of the closing costs. However, the exact amounts paid can vary significantly from area to area and depending on what agreements the buyers and sellers come to in the process of writing and agreeing to an offer/counteroffer.
As these costs frequently change from state to state and often city to city, it is important to research the area you are looking to buy or sell in and be knowledgeable regarding any laws and standards of practice for the area. By knowing what you will have to pay ahead of time, you can be prepared to cover these costs.
Below are some examples of what buyers and sellers generally have to pay in Southern California:
Buyers typically pay the following closing costs: fees charged for obtaining a mortgage; inspection fees; homeowner's insurance (must be prepaid for one year at closing); lender’s title insurance (if the Buyer obtains a loan) and escrow fees.
Sellers' closing costs typically include: loan payoff fees; the real estate; owner’s title insurance (to protect the Buyer from any pre-existing liens or encumbrances on the property); termite repairs; cash payments in lieu of repairs to the property; home warranty; all or part of transfer taxes and escrow fees.
In addition to the fees described above, there are many other charges that may apply to a particular transaction and local customs will dictate which party is expected to pay for these items.