Real Estate

Preliminary Title Report

What Is the Preliminary Title Report

The Lawyers Title Preliminary ReportThe 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. Since these exceptions may point to potential problems with an intended purchase, it is important for all parties to review the report once it is received.“Since these exceptions may point to potential...

Vesting Descriptions – How to Hold Title in California

This chart is for reference purposes only. How title is vested has important legal consequences, and this chart should not be relied upon to make that decision. You should consult an attorney and/or CPA to determine the most advantageous form of ownership for your particular situation. Someone who is not an attorney cannot give advice regarding how to hold title because doing so would constitute the...

Real Estate Fraud

Common Types of – REAL ESTATE FRAUD

The dream of home ownership remains one of the most important goals for many people. Unfortunately, real estate scams can steal these dreams and have a serious, long-lasting impact on the victims. Anyone can become a victim to real estate fraud. Below are examples of the most common types of real estate fraud. Keep in mind there may be completely legitimate real estate transactions with similar...

Easement

What Is an Easement?

An easement is an interest in the land of another which entitles the owner of such interest to a limited use or enjoyment of the land in which the interest exists. In owther words the right to use the real property of another without possessing it. The essential qualities of an easement are: An interest in land and usually created by grant or agreement and generally must be transferred and used...

Understanding Probate

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 – a plan dictated by the laws of the state where you reside upon your death. Making a will is not a way to avoid “probate”, the court procedure that changes the legal ownership of your property after your death. Probate makes sure it is your last valid will, appoints the...

What Is a Mechanics’ Lien?

California Mechanics’ Lien Law California law provides special protection to contractors, subcontractors, laborers and suppliers who furnish labor or materials to repair, remodel or build your home. The law allows contractors, subcontractors, laborers and suppliers to record a mechanics’ lien to ensure payment. If any of these people are not paid for the services or materials they have provided, the...

Hero Program

What is the HERO Program?

How Could It Affect My Closing? What Does “HERO” Stand For?HERO is an acronym for Home Energy Renovation Opportunity. HERO partners with local governments to make energy efficient, water efficient and renewable energy products more affordable for homeowners.Program EligibilityProgram eligibility requirements may vary in each city or county. In accordance with California law, the Program maintains...

Escaped For Tax Bills

Escaped Tax Bills

An escaped assessment/tax bill may be the result of a reappraisable event that has not been reported to the Assessor’s Office. An example of such an event would be construction done without a building permit or an unrecorded transfer of ownership. An escaped assessment/ tax bill may also be the result of a business audit or a correction to an assessment. The most common example of an escaped assessment...

Closing Made Easy – Entity Documentation

  What is required prior to closing.   If you hold title or will be taking title as a Corporation, please send the following: Articles of Incorporation By-Laws Resolution to sell or borrow (required to purchase) Certificate of Good Standing from Secretary of State (signatures must have two (2) Corporate Officers: President or Vice-President and Secretary or Treasurer. Less than...

Ownership changes

Change of Ownership

Joint Tenancy Under this method of holding title, each owner holds the property jointly with the other owners. Upon the death of one owner, the property passes to the surviving joint tenant. For assessment purposes, the termination of joint tenancy (other than husband and wife or parent/child transfers) causes a reappraisal. Tenancy In Common Under this method of co-ownership, each owner owns a...

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