cornsnakecaretiptip

"Why do we need Escrow? Why can't I just have a private transfer of my property to another person?"

Well, Viva Escrow's answer is: "It's not as simple as that." There are transactions that may have issues and challenges that an experienced third party Escrow Holder will pinpoint and bring to parties' attention.

This video demonstrates a worst case scenario, one which could occur if there was not an experienced Escrow Officer looking out for all parties. We hope this video demonstrates not only why we need an Escrow, but also why we need an excellent Escrow Officer.

On the lighter side, for bloopers in the making of this video, go to: http://youtu.be/62qVZraiIDY

Please visit our Youtube channel for other educational videos and our website at http://www.vivaescrow.com for more articles and resources to make your escrow transactions smoother.

Here is a very simple summarization of SB2:

Every document relating to real estate that is recorded will require an additional recording fee surcharge of $75.00, per document, per parcel of land. There are exemptions that you, as a consumer, can claim:

(1) If you are recording a Deed transferring ownership and you are paying a transfer tax on this deed then it is exempt, as well as any document in the same transaction that has to be recorded.

(2) If you have a Deed in which you ARE NOT paying a transfer tax on but you are transferring ownership to someone who is going to be occupying it as a principal residence, then this Deed and any documents in that same transaction will also be exempt.

However, if you have a transaction in which there is no such document that can qualify for this exemption, then the surcharge of $75 is charged for every document that has to be recorded, to a maximum of $225.00.

Simple and easy? Not really.

There are many nuances to the actual bill and California’s 58 independent County Recorder offices are interpreting this Bill with variations, creating questions and confusion.

So how will you know if you will get charged and how much extra you have to pay?

Education is the first step to being proactive. Read this article, read other articles, and if you have questions.

Ask!

During this time of uncertainty, contact your Escrow Officer/ Settlement Agent and run the scenario or the transaction by him/her for a more definitive answer. If they don’t know, they will have the resources to find out for you, especially if they are a member of the California Escrow Association.

Need Real Estate Escrow Help?

Visit our site: https://www.vivaescrow.com/

http://www.vivaescrow.com - California documentary transfer tax questions and answers brought to you by Viva Escrow -- 2549 Huntington Drive, Suite 103, San Marino, California 91108. Specializing in residential, commercial real estate and reverse mortgages escrow transactions.

In this video Viva Escrow explains how the CA documentary transfer tax is calculated and applied.

Need more information about the California documentary transfer tax and how it applies to your situation? Call us at Viva Escrow (626) 304-3592 or visit our website at http://www.vivaescrow.com.

Juliana of Viva Escrow explains what the Statement of Information form is and what may happen in an escrow transaction if you don't fill it out in its entirety.

The TILA-RESPA Integrated Disclosures are coming effective October 3, 2015. Are you prepared? Watch to learn how it will affect the real estate, lending, and settlement industries.

Welcome to Viva Escrow. An impartial and neutral third party that holds documents/funds between buyers, sellers, real estate professionals and lenders.

You can find detailed non biased real estate information related to the escrow process on our website at http://www.vivaescrow.com.

Also, you can visit us at 2549 Huntington Drive, #103 San Marino, California 91108 or call us at 626.584.9999.

Just another day at Viva Escrow. - Cloud on Title! The previous owner never deeded out his interest!
Our client was divorced 14 years ago and the divorce settlement granted the property to her. But her ex-husband never signed a deed. Now, she can’t refinance or sell because he is still on the title and refuses to sign. We are at a standstill! Our client may need to go to court to get this resolved. Lesson: Sometimes the consumer may not get proper legal counsel and there could be future consequences. Do a property ownership search from time to time to make sure everything is as it should be!

Enjoy this compilation of outtakes from our "Why We Need Escrow" video.

You can view the original video here: http://youtu.be/t_NBJVrWaNI

Please visit our Youtube channel for other educational videos and our website at http://www.vivaescrow.com for more articles and resources to make your escrow transactions smoother.

Our Vanessa James Escrow Officer had a transaction that fell right into the FinCEN Geographic Targeting Order parameters - over $2 million, single family residence in Los Angeles County, a corporate entity as a Buyer and it is “all cash” with no loan. She had to explain to the Buyer that he had to report to the government by completing IRS Form 8300 with his personal information as he is the single member of this LLC. Well, I imagine he was not too happy…

To find out more about what this GTO is, go to this link - https://www.vivaescrow.com/fincen/

The TILA-RESPA Integrated Disclosures are coming effective August 1, 2015. Are you prepared? Watch to learn how it will affect the real estate, lending, and settlement industries.

Juliana of Viva Escrow explains what a Power of Attorney is, whether you should use one, and what else you should watch for during and after its purpose has been served.