Glossary of Terms
The following is a short glossary of commonly used terms during your escrow transaction. For a more complete glossary
The following is a short glossary of commonly used terms during your escrow transaction. For a more complete glossary
Closing costs are what the buyer and seller will pay as part of the escrow transaction. Some fees are negotiable between the seller and buyer
The following schedule lists some of the more significant dates for California property taxes affecting property owners.
There are many types of tax issues which should be considered during a real estate transaction. Lawyers Title provides the following information
A loan payoff is an extremely important service provided by title companies to facilitate the handling of money in the closing of a real estate transaction.
PMI is a type of insurance required by the lender that helps protect lenders against losses due to foreclosure.
Disclosure reports are designed to assist sellers (and their agents) in disclosing legally required information to a potential purchaser
Generally, your escrow instructions will be mailed to you for completion and signature. Your escrow officer or real estate agent
Your loan process should go smoothly if you complete your loan application properly and provide all necessary documentation
In addition to the buyer, seller, lender and real estate agent(s), Escrow may involve several other participants.
Below are some of the items which may cause delays or other problems within a transaction and must be addressed well before the closing.
Lawyers Title can also handle the specialized “short sale” escrow in which you need an experienced escrow officer in short sale transactions.
In general, the first item to enter the escrow is the buyer’s initial deposit. The escrow file will grow, item by item, until all of the conditions
The escrow is a depository for all monies, instructions and documents necessary for the purchase of your home, including your funds
The escrow is an independent neutral account and the vehicle by which the mutual instructions of all parties to the transaction are complied with.
Downloadable PDF – Vesting Descriptions – California
Statements of Information provide title companies with the information they need to distinguish the buyers and sellers of real property
The Lawyers Title Preliminary Report is an offer to issue a policy of title insurance covering a particular estate or interest in land subject to stated exceptions.
Homeowners depend upon the strength and stability of a reputable title insurer to back their policies for years to come.
Download PDF – Title Policy Comparison Chart
Customer Service verifies legal property description and how title to real property is held
With home ownership comes the need to protect the property against the past, as well as the future.
The purchase of a home is often the single largest investment people will make in a lifetime
10 Reasons Why Title Insurance is Important and Worth the Money.
Everyone has a will or plan, whether created or by default. Even if you have not made out a will or a trust, you still have a plan.
When you die, the identified property will transfer to your named beneficiary without probate. The TOD deed has no effect until you die. You can revoke it at any time.
The process of buying a home can be complex, particularly when the home is currently owned by more than one person.
The Protecting Americans from Tax Hikes (PATH) Act created significant changes to the Foreign Investment in Real Property Tax Act (FIRPTA).
A Mello-Roos fee is a separate charge on a property tax bill in addition to the 1% property tax rate allowed by Proposition 13.
New Homestead Protection Amounts On January 1, 2021 the amount of equity a Homestead Declaration.
Change of Ownership Filings When property changes hands, local government agencies require notice of change of ownership.
An escaped assessment/tax bill may be the result of a reappraisable event that has not been reported to the Assessor’s Office.
How to hold title in California. Common Methods of Holding Title Explained.
Community Property With Right Of Survivorship (section 682.1 of the Civil Code) is a relatively new way for married couples to hold title to property in California.
When a Change of Ownership Requires Reappraisal Joint Tenancy Under this method of holding title, each owner holds the property jointly with the other owners.
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