CEA 62nd annual conference vlog 😊 62nd CEA Annual Conference 第62屆加州Escrow大會 上百位Officer 齊聚一堂來學習新的法律update. 講員包函加州參議員麥摩耶爾、地產律師、美國Escrow總會會長、FBI地產詐騙調查人與銀行代表等等。#CEAConference #Updates #Law#Escrowregulation
CEA 62nd Annual escrow conference-my vlog! 😍 “You’re only as young as the last time you changed your mind. “ -Timothy Leary。 be ready for the change. 準備好跟著法律規定改變，世界每日改變，我們能做到的是不間斷的學習。裝備自己準備好。😄#CEAConference #escrow#CEASuperPower #LearningIsALifeLongProcess
Common Questions about Escrow
1. Why is Escrow Important?
Escrow is a service that protects the public and minimizes the potential risk involved in any real estate transaction. With an experienced neutral third party in possession of the legal documents and funds, which party is obligated to safeguard the instruments and funds, buyers and sellers, as well as lenders and borrowers, can safely interact with one another and be assured that no legal documents will be recorded, and no funds will be released, until all of the conditions of the real estate contract or agreement between the parties have been completed.
2. What types of transactions go through escrow?
All sorts of transactions use escrows to facilitate the transfer, lease, or financing of real or personal property. Escrows are most commonly used when – real property is bought, sold, or refinanced, but they are also utilized for the purchase or sale of business opportunities or mobile homes. Bulk sales, stock transfers, and holding escrows are less well known, but are other types of transactions handled by an escrow company. Escrows in non-real estate transactions (e.g., those for personal property) are beyond the scope of this publication.
3. Are escrow costs fixed by law; and how much do escrow services cost?
Escrow fees are not fixed by law or regulated by the State. The escrow fee is typically commensurate with the size and complexity of the transaction, the cost of performing the services, overhead expenses, and the liability involved. Some escrow holders may have a set fee schedule in place, or a formula that they use to calculate their escrow fee by using the selling price of the property in a sales transaction or loan amount in a refinance transaction.
Please note that escrow fees are only a portion of your closing costs. There are other closing costs that you will be responsible for that are not controlled by escrow holders. If you are using the services of a title company, mortgage broker and/or securing a new loan with a lender, there will most certainly be fees charged by those respective parties.
5. Who pays for the escrow fee?
In a real estate transaction, it is customary that the escrow fee be split between the buyer and seller. The northern and southern regions of California have different customs. Ultimately, however, the buyer and seller may negotiate and agree to any arrangement. This agreement should be reflected in writing in the purchase contract.
6. How should I take title to my property?
One of the decisions you will have to make when you are purchasing a property will be how you would like to hold title to the property. There are several different title vesting options (joint tenancy, community property, community property with right of survivorship) in California, and each one has different tax, legal, and/or estate consequences. It is wise not to rush through this part of the escrow paperwork. Rather, you should do your homework and consult a licensed attorney or tax professional if you have questions.
7. What happens when a transaction fail to close and the escrow cancels?
Many escrow instructions provide for cancellation of escrow in the event of a default. Where a transaction fails to close, the parties will need to execute a cancellation agreement. If the parties are able to come to a mutual agreement to cancel, it is likely that the parties will execute a “cancellation of contract” completed by a real estate broker. Also, most escrow companies will prepare and require their own mutual cancellation instructions to be executed, and this is especially true in cases where the escrow holds funds on deposit. Before the escrow officer can release any funds, the parties must agree to the disposition of the funds in writing. This instruction will include the payment of any applicable fees or charges incurred by the escrow holder or other costs indicated in the escrow instructions.
Information collected from http://www.dre.ca.gov
Olympus Escrow has extraordinary customer service with clients and real estate associates. The staff makes the process seamless and with a smile.
Questions about Escrow? Please Call for Your Grace for more information!
Grace Chih, Escrow Officer
Prepare for Escrow Process
The following is a brief list of items that you will be expected to provide and/or deliver to your escrow officer:
- Correct spelling of your name and up-to-date contact information
- Contact information for lender (and/or mortgage broker) if new financing is being obtained
- Mortgage loan account information (lender or loan servicer’s name, address, and account number). If you are selling or refinancing a piece of property; plus any other tax, mortgage, bond or other lien information
- Fire insurance policy information
- Title vesting choice
- Copies of Trust Documents if taking title in trust or selling from a Trust
- Homeowner Association (HOA) and management contact information; copies of HOA documents if held by owner. Any relevant corporate, partnership or LLC documents if taking title in the name of one of those entities, or selling from one of those entities
Beware of Fraud
- Do your own homework and really check out your escrow holder.
- When possible, meet the people working for you in person.
- Retain a copy of everything you sign and receive.
- Do some research when you decide to work with an internet escrow agent who requires your deposit and fees to be sent over the internet.
- Be sure to question unexpected or last minute changes to documents and previously held agreements.
- Your lender and/or mortgage broker can most competently answer questions about your loan.
- Payments made outside of escrow.
Escrow Updates- from Olympus Escrow February 2017
Questions about Escrow?
Please Call for Grace for more information!
正常的房屋轉讓在各縣都會收取每一千元收$1.10的縣轉讓稅 (County Transfer Tax). 但是有少許城市像洛杉磯市有另外多收取市轉讓稅(City Transfer Tax).
就是說要是您想要賣掉位於洛杉磯市的房子, 除了本來每一千元將被收取的$1.10縣轉讓稅金, 還將被洛杉磯市加收$4.50的市轉讓稅.
以$500,000.00 (50萬)來估計的話, 縣轉讓稅$550.00 +市轉讓稅$2,250.00= 您將總共被收取$2,800.00 的稅金. 了解這些將幫助您更了解評估售價與所得!
但是如果有另一棟房子位於柯文那市 (Covina), 就沒有市轉讓費,只有縣轉讓費. 所以同樣是$500,000.00 的房子, 在賣屋時屋主只需繳交$550.00 稅金.
County Tax $1.10 per $1,000.00
The County assesses a Documentary Transfer Tax on the consideration or value of the interest or real property conveyed (exclusive of the value of any lien or encumbrance remaining thereon at the time of sale) exceeds $100 at the rate of $0.55 per $500 or fraction part thereof.
Additional Tax Rates for Specific Cities 以下5個城市在洛杉磯縣有多的市轉讓稅
The following five cities have passed ordinances imposing additional rates of tax per $1,000 of the consideration or value of property conveyed and is added to the present County Documentary Transfer Tax.
LOS ANGELES COUNTY
City Transfer Tax
Addition Per $1,000 Valuation
Culver City – $4.50
*Los Angeles – $4.50
Pomona – $2.20
Redondo Beach – $2.20
Santa Monica – $3.00
*Also Consider as City of Los Angeles:
Arleta Korea Town Silver Lake *Athens Lakeside Park Studio City Bel Air Lakeview Terrace Sunland Bel Air Estates Larchmont District Sun Valley Beverly Glen *La Tijera Sylmar Boyle Heights Laurel Canyon Sylmar Square Brentwood Leimert Park Tarzana Cahuenga Park Lincoln Heights *Terminal Island *Calabasas Los Feliz *Toluca Lake Canoga Park *Marina Del Rey *Topanga *Carson Mar Vista *Torrance Castellamare Mission Hills Tujunga Century City Montecito Heights *Universal City Chatsworth Monterey Hills Valley Plaza Crenshaw District Mt. Olympus Valley Village *Culver City Mt. Washington Van Nuys Eagle Rock North Hills Venice *East L.A. North Hollywood *Vernon East San Pedro Northridge *View Park Echo Park Olive View Warner Center El Sereno Pacific Palisades Watts Elysian Park Pacoima Westchester Encino Palasades Highlands West Hills *Gardena (FigueroaVermont) Palms *West Hollywood Garvanza Panorama City Westlake Glassell Park Playa Del Rey West L.A. Granada Hills Porter Ranch Westwood Hancock Park Rancho Park Wilmington Hansen Heights Reseda *Wilshire District Harbor City San Pedro *Windsor Hills *Hidden Hills *San Fernando Winnetka Highland Park *Sawtelle Woodland Hills Hollywood Sepulveda Hyde Park Shadow Hills *Inglewood Sherman Oaks
Grace Chih 撰文
2017 County Recorder’s Holiday Schedule! Good to plan your recording accordingly.
PDF click here! county-recorder-holiday
Grace Chih 分享
更多問題 歡迎來電 (626)538-1868
年底成交買賣房屋了, 開開心心的過戶了! 這個時候, 別忘了看清楚你的closing statement, 確定一下地稅Property tax到底付到甚麼時候. 如果是peroration 寫說是到年底 12/31, 那seller沒有付接下來該付的第2期稅哟! 因為地稅單是一次一年分兩次繳錢 (見上表)
第一期於7/1開始 12/31結束 ; 第二期於1/1開始 6/30結束. 每年9月出新的地稅付款單
Example: 12/20/16 是在2016-2017 Tax Year (cover 7/1/2016-6/30/2017)
當你在年底成交的房子, 屋主名字雖然已經在縣政府變成您的名字了, 但是county不會重新寄一份地稅單給你, 很多新屋主, 因為沒有接到稅單而超過4/10都忘記付款, 就會被罰繳10%+$10的罰金.
地稅是屋主的責任! 因為沒收到單子而被罰款是得不償失. 一定不要忘記!!!
New homeowner beware! See if 2nd installment is included in your closing statement, if not! Don’t forgot to pay it in February. You WILL NOT received a new bill in your name because property tax bill only release once a year in September. It’s your responsibility as a homeowner to make payment even when you did not receive a bill.
請見以下網站查詢或上網繳交. 教您上網付地稅 How to pay property tax online
Grace Chih 撰文
更多問題 歡迎來電 (626)538-1868
What’s the difference between “Escrow Company” v.s. “Escrow account“?
很多人看到上面的兩個escrow, 會不經意地搞混. 讓我們先來從簡翻字義看看有甚麼不同?
- Escrow company= 公證公司
- Escrow account (also called an impound account)= 貸款 代管暫存帳戶
我們公證公司(Escrow company) 是由業務監督部 (Department of Business Oversight) 所監察ˋ所管理的,值得信賴公司, 由我們 在您交易的過程中, 暫時保管交易所需的公證文件或買賣金.
Escrow company = Escrow Holder, is an agent who service the buyer and seller, temporary holds the recordable documents or funds during the courses of transaction.
常常聽到很多人搞混Escrow account, 當您有一個escrow account 又稱 impound account時, 其實這個是您貸款銀行幫你設置一個暫存帳戶, 每個月在月貸款應付金(Monthly payment)之外, 多付約200-500不等(不限), 由您的貸款公司幫你管理, 這筆錢會放置到您的暫存帳戶裡, 應該付地稅或房屋火險的時候到了, 銀行會幫你自動付清, 這個的好處的是您不會因為忘記付地稅而導致國家來跟你追討這筆錢或者被罰高額(10%)的late fee.
When you have an escrow account, also called impound account. This type of account is set up by your mortgage lender at the time acquires new loan. In additional of your monthly mortgage payment, you will deposit monies into your impounds account. Your mortgage lender will keep those monies in the account until property taxes (or fire insurance…etc) is due. They (your mortgage lender) will pay it off for you. This way, you will never be late or get charge for expensive penalty of 10%.
關於Escrow (impound) account 的詳細, 請詢問您的貸款經紀人. Please ask your mortgage lender regarding detail of your escrow (impound account).
更多Escrow 問題 歡迎來電詢問.
Grace Chih 撰文
更多問題 歡迎來電 (626)538-1868
買家購屋金都存進公證公司的信託裡, 大家都開開心心的要 Close escrow了. 突然!! County recorder 縣政府登記處通知你, 你的文件被退件了! 晴天霹靂!! 怎麼辦? 當拿到登記文件多檢查可以防止這種慘劇發生.
How to prevent your recordings being pulled
以下是一些常見的原因 Reasons for Pulled Recordings:
- 模糊的簽名 Illegible handwriting on the documents
- 稅務區號碼不在文件上 TRA (TAX Rate Area) number not on deeds
- APN 地稅評估號碼不在文件上 APN (Assessor’s Parcel Number) should be on all deeds and trust deeds
- 回函地址不在文件上 Return address not on documents
- 文件交易稅數字錯誤 Doc stamps to be in the correct amount
- 文件交易詳解說明書沒有填寫完全或不是正本 Doc transfer tax affidavit must be completed in its entirety and must be the original
- 文件交易稅減免原因不在或錯誤 Exemption reason for not paying documentary transfer tax is missing or incorrect
- 公證人圖章蓋印不清楚或有問題 Notary seal- the stamp must be dark and legible. Also , there have been problems with notary stamps that are blue ink
- 公證人頭銜填寫錯誤或沒有在文件上 The title of Notary Public is missing, improperly executed and verbiage between the box and venue
- 格子中公證人說明錯誤或沒有在文件上 Notary Disclosure box is missing, improperly executed and verbiage between box and venue.
- 文件必須是足夠掃描的顏色 太淺會使得文件無法輸入正確 Documents must be dark in color. If documents i s too light, they will not scan correctly.
- 破壞扭曲的文件像是有退色或印表機髒縣通常不會被接受 Distorted documents that have fades lines through the center of the documents may not be accepted
- 復件沒有隨付在文件之後 Exhibits not referenced or attached when referenced.
- 簽名人姓名沒有列印在格式中 Name of individual not printed under signature
- 當代表公司簽名時 公司名稱沒有隨付 Company name not printed above the signature when a party signs on behalf of an entity
- 產權轉讓說明文件PCOR沒有填寫完全或簽名 PCOR not completed correctly or it’s a copy and not signed by the buyer/transferee
- 稅務宣明表單沒有簽名 Tax declaration is not signed
- 文件交易稅報稅方式沒有勾選 How the tax is computed is not check on Documentary Transfer Tax affidavit
- 信託代表人簽名時 名稱跟職位需列印於簽名後Principal must be identified as trustee on the signature point on behalf of a trust
- 修改複印本不被接受 Altering certified copies
- 當事人沒有清楚被確認於文件中 Required parties not identified in the body of document (example: party being release or property owner)
- 清楚的復件沒有跟隨於正本後 No clarity copy when the original is other than a clear standard size original
Sourced from Nicole and Yvonne Team– Fidelity Title
Grace Chih 翻譯
更多問題 歡迎來電 (626)538-1868