por Eloy Rodriguez hace 10 años
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benefits
depreciation, 1031 tax defer and installment sales.
Basis
Adjusted Cost Basis
e.g. building a wall
Cost Basis
purchase price
Mello-Roos act
More general
Must be disclosed to buyer
Street Improvement Act of 1911
Specific location tax
For streets, side walks and curves
Senior Citizen
State Controller
for deferment options
Tax bill does not have legal descriptions
use tax assessor's parcel number
e.g. sold home in 10/01
buyer would pay remainder tax bill plus supplement if any
Seller would pay taxes from 07/01 to 10/01 by pro-ration into escrow
06/30
starts the 5 year lien period
Second installment
Due 02/01 to 04/10 delinquent
First installment
Due 11/01 to 12/10 delinquent
01/01
lien date
precedes tax year
07/01 to 06/30
hears appeals from owners who believed they have been over assessed
Prepares the bill
Determine the tax rate
limited to 1% plus an amount to cover existing debt
Property assessed at 100% of taxable value
creates assessment roll
assesses the value of all taxable property
$.55 per $500 of new money
Replaced by Title Insurance
Not Deeds
Loan Documents
may notarize
when notary has no personal interest
Home owners insurance is cancelled
refund will be less than a pro-ration
use 30 day month and 360 day year
Who is going to pay
Debit and Credits
are usually different for buyer and seller
Recurring cost
impounds
Assumed loan is a debit to seller and credit to buyer
Interest on an assumed loan does not appear as a debit to the buyer
Prepaid Takes is a credit to seller
Selling price is a debit to buyer
Broker may file if disputes over the deposit before opening of escrow
unresolved disputes between buyer and seller preventing closing
Can authorize changes or cancel Escrow
preventative work is usually paid by buyer
Otherwise needs license Department of Corporations
Charge fee only if agent to seller or buyer
After Escrow agent may become the separate agent of either party.
Exclusions
Acts by government
Defects known by buyer and seller
extended coverage
ALTA (lender)
includes survey and unrecorded events
Standard CLTA (buyer)
Defective Delivery
Forgery
Lack of Capacity
Matter of Records
records of recorded documents by insurance companies
Statue of Succession
.333 to spouse; .666 two children if more than one
.5 to spouse; .5 to only child
One to list; two to sell
One party can lease for a period of less then one year
Purchase of real property encumbered by one spouse is voidable within one year by the non consenting adult
Husband and wife
each owns 50%
The assumption is CP
One tenant in common cannot grant an easement
May will there share
Right of Possession
Only One Title for all
Recording a Lien
will not sever interest
Foreclosure lien will sever his particular interest
Rights of survivor-ship
May sell without permission new buyer often new buyer holds community property
Disadvantage it can be severed by voluntary transfer or operation of law
They can do anything with their interest except will it
Possession
Interest
Title
Time
taken possession
Taking possession
with unrecorded deed
recording
Unless prior to recording
actual or constructive had been given
to quiet title
implies there are no encumbrances other than those revealed
is the only deed which confers after-acquired title
Acknowledgement
Required for recording
prima facie evidence in court
possession
of deed by grantee
presumes a valid delivery
Intention
title of pass immediately
Acceptance
grantee must accept
Action Clause
convey
transfer
grant
grantee
grantor
