Category Archive: Real Estate

Jan 27

1 Yonge Condos

On global news Toronto is quickly shedding its image as an adolescent City. Pinnacle International just announced the development of the largest and tallest development coming to Canada, 1 Yonge Street Condos.  Please check out the official website at www.1-yonge-condos.ca for all details concerning this project. This looks like it will be a major undertaking and will be an awe inspiring addition to the Lakeshore Waterfront.

 

Register at www.1-yonge-condos.ca

Register at www.1-yonge-condos.ca

As you can see this will be an amazing development and will feature 6 Towers that will span 2 blocks. The timing could not be anymore perfect, the real estate condo market is booming in Toronto and there are plenty of foreign investors.  In real estate opportunities like this don’t come to often, many buyers and investors have a keen interest in 1 Yonge Condos. There will be over 4100 units to be sold over 6 phases, that is a staggering number.

If you are looking for a condo on yonge street this will be the place for you.  Located in the center of Toronto you will be a stones throw from lake and you will be surrounded by the most vibrant  neighborhoods around.

1 Yonge Street Condo Specifications

Pinnacle International announces that the development is currently in preconstruction at 1 Yonge Street in Toronto.

Name : 1 Yonge Condo

Website :  www.1-yonge-condos.ca

Builder : Pinnacle International

Type : Condominium

Ownership : Condominium

Address : 1-7 Yonge Street when finished

City : Toronto

Province : Ontario

Postal : M5E 1N4

Construction Phase : Preconstruction/Registration

Total units : 4137 units

If you are a serious buyer visit their website today, they have an experienced sales agent ready to help you out with the purchase of a unit or just to get any extra information about the project.  Don’t delay too long, and don’t misunderstand.  This will be the hottest piece of real estate that will be selling in Toronto for the next decade, so do yourself a favor and get a unit at the lowest possible price.

Oct 22

How to Select a Settlement Attorney

Because today’s real estate settlement is an
extremely complex matter, the competence of the
attorney handling the transaction is clearly the most
important factor. The first question to ask when
inquiring about a settlement is: who will actually be
conducting my settlement? Will I have a Real Estate
Attorney in the room? A licensed settlement Agent?
Or just some employee of a title company with no
formal training in the intricacies of real estate?

Once you have determined that you will have an
attorney at the settlement table, you should ask if the
Settlement Attorney has kept their skills sharp and
current by taking recent continuing education courses
or even better, if the attorney TEACHES
THOSE COURSES? Finally you should ask whether the
attorney belongs to relevant trade and professional
associations such as the Greater Capital Area
Association of Realtors (GCAAR), Maryland Land Title
Association (MLTA), District of Columbia Land Title
Association (DCLTA), and the Real Estate Section of
the Local Bar Associations.

Stress-Free Settlements’ General Counsel are members
of the MLTA, DCLTA, Affiliates of GCAAR and have
been elected to serve on the Steering Committee of
the DC Bar Real Estate, Housing and Land Use Section.
They also have been approved to teach Real Estate
courses which qualify for Continuing Legal Education
Credits for attorneys by the DC Bar and for Realtors by
the Real Estate Commission.

Experience

How many settlements has the settlement attorney
handled? Obviously there are many variables in every
settlement and the more settlements that have been
closed successfully, the more likely that the settlement
attorney will have addressed any problem issues that
may arise during your settlement.

But sheer numbers of closed settlements does not
necessarily mean valuable experience. Additional
factors in determining the settlement attorney’s
experience include whether the settlement attorney
handles others real estate matters besides settlements.
For example, have they ever been Realtors or do they
handle real estate litigation. Each of those experiences
provide valuable skills for a settlement attorney.

Reputation

Is your settlement attorney highly regarded by his or
her peers for honesty and integrity. Have they been
selected by their peers to leadership posts in trade
associations or received other honors, awards or
accolades.

Convenience

When selecting your settlement attorney, you need to
make sure that the office is located in a convenient
location and that the office is willing to accommodate
your busy schedule. As a busy Realtor running from
settlement to settlement and showing to walk-throughs
you are well served to select a well-located office with
easy access in and out which will accommodate early-
morning, evening and weekend settlements when
necessary. Your busy clients will appreciate a flexible
settlement office who will never keep you waiting but
will always find the time to squeeze in one more
evening settlement for that client who is leaving town
the following morning.

Accessibility

These days accessibility is a combination of common
courtesy and use of state of the art technology. You
will have many questions concerning your settlement
and it will be essential that you are able to get answers
from your settlement attorney or his staff.
Accessibility may take the form of returned phone calls
in a timely manner; e-mail exchanges or access to the
settlement attorney’s web site which may contain
useful information about the real estate settlement
process and may link to valuable resources.

Before selecting a settlement attorney, make sure you
can reach him or her 24 hours a day via at least one
means of communication: phone/fax/e-mail or text
messaging.

Stress-Free Settlements uses the latest in
telecommunications technology to stay in touch with
clients. All telephone messages and incoming faxes are
logged into an e-mail system accessible from each
office and from each settlement attorney’s personal cell
phone. Your calls will be promptly returned by a
member of the Stress-Free Settlements team who will
have the answer to your question.

Costs

You want certainty in your real estate transaction.
You should select a settlement attorney who is willing
to provide you with written fixed list of costs which
may be applicable to your settlement. But don’t be
fooled into selecting the cheapest nor the most
expensive settlement provider. The low-cost
settlement agent may cost you far more if the
settlement is not handled properly, delayed or worse,
cancelled due to incompetence or indifference

Apr 21

Odor Can Chase Away Buyers

Having pet odors inside your home can turn off potential home buyers and keep your home from selling. Ask your real estate agent for an honest opinion about whether your home has a pet smell.

If your agent holds her nose, here’s how to get rid of the smell:
Air your house out. While you’re cleaning, throw open all the windows in your home to allow fresh air to circulate and sweep out unpleasant scents.
Once your house is free of pet odors, do what you can to keep the smells from returning. Crate your dog when you’re out or keep it outdoors. Limit the cat to one floor or room, if possible. Remove or replace pet bedding.

Scrub thoroughly. Scrub bare floors and walls soiled by pets with vinegar, wood floor cleaner, or an odor-neutralizing product, which you can purchase at a pet supply store for $10 to $25.

Try a 1:9 bleach-to-water solution on surfaces it won’t damage, like cement floors or walls.

Got a stubborn pet odors covering a large area? You may have to spend several hundred dollars to hire a service that specializes in hard-to-clean stains.

Wash your drapes and upholstery. Pet odors seep into fabrics. Launder, steam clean, or dry clean all your fabric window coverings. Steam clean upholstered furniture.

Either buy a steam cleaner designed to remove pet hair for around $200 and do the job yourself, or pay a pro. You’ll spend about $40 for an upholstered chair, $100 for a sofa, and $7 for each dining room chair if a pro does your cleaning.

Clean your carpets. Shampoo your carpets and rugs, or have professionals do the job for $25 to $50 per room, depending on their size and the level of filth embedded in them. The cleaner will try to sell you deodorizing treatments. You’ll know if you need to spend the extra money on those after the carpet dries and you have a friend perform a sniff test.

If deodorizing doesn’t remove the pet odor from your home, the carpets and padding will have to go. Once you tear them out, scrub the subfloor with vinegar or an odor-removing product, and install new padding and carpeting. Unless the smell is in the subfloor, in which case that goes next.

Paint, replace, or seal walls. When heavy-duty cleaners haven’t eradicated smells in drywall, plaster, or woodwork, add a fresh coat of paint or stain, or replace the drywall or wood altogether.

On brick and cement, apply a sealant appropriate for the surface for $25 to $100. That may smother and seal in the odor, keeping it from reemerging.

Place potpourri or scented candles in strategic locations. Put a bow on your deep clean with potpourri and scented candles. Don’t go overboard and turn off buyers sensitive to perfumes. Simply place a bowl of mild potpourri in your foyer to create a warm first impression, and add other mild scents to the kitchen and bathrooms.

Control ongoing urine smells. If your dog uses indoor pee pads, put down a new pad each time the dog goes. Throw them away outside in a trash can with a tight lid. Remove even clean pads from view before each showing.

Replace kitty litter daily, rather than scooping used litter clumps, and sweep up around the litter box. Hide the litter box before each showing.

Relocate pets. If your dog or cat has a best friend it can stay with while you’re selling your home (and you can stand to be separated from your pet), consider sending your pet on a temporary vacation. If pets have to stay, remove them from the house for showings and put away their dishes, towels, and toys.

Jan 23

Number of Single Women Buying Homes Growing

According to the National Association of Realtors, 22% of the buying force of home sales are women for the year 2006, which is up 14% from 1995.

Single men on the other hand account for just 9% for 2006, unchanged from the mid 90’s.  Home builders and real estate agents are paying attention to this trend by specializing in smaller, low maintenance houses that women prefer.

Good realtors are familiar with the neighborhoods that emphasize safety and houses with attached garages

 

Jan 22

Using Retirement Money to Buy Real Estate

You may be unaware that special provisions under the
tax laws allow you to withdraw funds from your retirement
accounts to buy real estate.

1. First-time homebuyers can tap their IRA without tax
penalty.

You can withdraw up to $10,000 once in a lifetime from your
IRA without tax penalty to purchase a principal residence
for yourself or for a family member. A family member is
defined as

your spouse

your child

your grandchild or ancestor

your spouse’s child

your spouse’s grandchild or ancestor.

The homebuyer must be someone who has not owned a home in
the previous two years. If the homebuyer is married, the
spouse must not have owned a principal residence during
that period, either.

2. You can get a loan tax-free from your retirement funds
to buy real estate, even if it’s not a first-time home.

If you are you self-employed, or a small business owner you
get even more flexibility to tap into your retirement
money. Your business does not have to be elaborate.. for
example, you can operate a part-time business as a sole
proprietor, a 1099 income consultant, or as an independent
contractor.

As long as you are the only employee in your business you
can establish a Self-Employed 401(k) plan. You can then
transfer funds from your IRA, qualified pension plan, like
a 401(k) or a 403(b) tax-sheltered plan, into your Self-
Employed 401(k) plan. Assuming your plan has a loan
feature, you may borrow up to $50,000 from your account
balance (or 50 percent, whichever is less). The loan will
stay tax-free and penalty-free, as long as the money is
paid back on time. You can use the loan for any purpose,
but if you use the money to buy a primary residence, the
loan can be extended from the regular 5 years payback
period to 10 years.

Jan 11

Real Estate and Tobacco

Could anti-smoking measures affect real estate sales in New Hanover County?  New Hanover County Board of Health members are looking to team up with Mecklanburg County to pass stricter anti-smoking measures that must pre-empt NC laws for public places (ie.your favorite bar or restaurant).  This will be attractive to non-smokers to are looking to move NC but the two pack a dayers might not feel the same

Dec 09

Real Estate Negotiate The final purchase price

Once your offer is presented to the seller,negotiations between both parties will start in order to reach a final agreement. A good rule of thumb is that everything is negotiable when you are buying a house. Leverage is the key negotiating factor in the buying process — that is, if you have appropriate information and you use it in a strategic manner. Real Estate Agents will have the market knowledge and aggressive negotiating expertise necessary to ensure that your offer is accepted at the optimal terms and price possible for you.
Some of the things that you may have to negotiate are:

The final purchase price
Financing and assistance
Seller concessions including Closing costs
Issues and Repairs that need to be fixed
Appliances and attached fixtures
Landscaping and painting
Closing date
Occupancy time frame

Successful negotiating has an end result that must make both you, the buyer and the seller, happy. Otherwise, negative and awkward feelings will be present throughout the remainder of the transaction and someone may finish the process feeling that they were not respected or treated fairly.

Nov 26

Real Estate Search and view Listings

At this point you will know exactly what you can afford and the type of area and neighborhoods you will want to invest in. With the completion of the previous steps you are now ready to begin your new home search. If you have limited knowledge about the city and area you’re considering moving to, you will want to start your home search by finding areas and neighborhoods that meet your list of needs and wants and then focusing your search to individual properties in the area and neighborhoods of choice.

Probably the most efficient and effective way to find properties is to allow your real estate agent to send you up-to-date information new listings and available properties that meet fit your needs and wants, and then allow your agent to screen these new listings and properties for you. When your agent sends you a property that interests you, your agent can then arrange for a private tour the property at your convenience.
Other tools that are effective to help you in your home search are searching for homes on dedicated local real estate web sites, real estate based print magazines, driving around and looking at individual neighborhoods.

Jul 17

Rising Interest Rates

Largely due to a slumping bond market, interest rates on all kinds of things in the Real Estate Market, and all of  Georgia Real Estate are heading higher. Since mid-June, bond prices have slid anywhere from 5% to about 15%, one of the quickest drops in decades. Bond prices suffer when their yields go up. Yields on Treasury bonds rise for various reasons, most recently because of growing federal deficits and signs of an economic recovery.This shift has vast implications for anyone who’s buying a house, using a credit card or trying to figure out what to do about stock and bond investments.Here are ways to cope with this shift in the  real estate.

CONSIDER YOUR MORTGAGE OPTIONS
Rising yields on the 10-year Treasury note have been followed lately by rising mortgage rates. The average rate on a 30-year fixed-rate mortgage is now around 6.4%, according to HSH Associates, financial publishers in Butler, N.J. While this is relatively low when compared with rates of the past five or 10 years, it’s still up more than one percentage point from the lows this spring.The interest-rate rise has the most immediate impact on consumers who are coming late to the refinancing party and those who are ready to move or buy a new home.Unless rates reverse course, some people looking to refinance in Real Estate market now “might not get the rates they’re looking for,” says Brad Sarvak, head of Emery Financial, a Newport Beach, Calif., mortgage broker. Indeed, the Mortgage Bankers Association said last week that its refinancing index dropped 2.4%, the index’s third straight weekly fall. Those who are about to buy  new homes have a few more options. The most popular in recent weeks is adjustable-rate mortgages, or ARMs, which start out as a fixed-rate mortgage and then convert to a variable interest rate after a set period. The typical ARM now costs about 5.25%, roughly a percentage point cheaper than the fixed-rate 30-year mortgage, says Jess Lederman, an executive vice president in charge of the mortgage unit at Ohio Savings Bank. With a typical $200,000 fixed-rate loan, payments of principal and interest currently run about $1,215 a month. But an ARM during its five-year fixed period would have cost about $1,104 a month, generating a savings over five years of $6,650.When buying an ARM, home buyers first need to ask themselves the question of how long they plan to stay in the home. If they’re not likely to stay past the fixed term of the mortgage, which usually lasts anywhere from three to 10 years, the ARM is even a better deal. “You’re a fool not to do it,” if you’re going to move anyway, says Mr. Lederman.The trickier call is for the home buyer who is probably staying put. For those planning to put down roots, a fixed-rate mortgage could look savvy if rates rise over time. Because ARMs adjust to current market conditions after a set period, you could end up paying a higher interest rate in the future if you go with an adjustable rate.Most ARMs limit how far the interest rate can move after the fixed period expires. A five-year ARM that starts at a 5.25% rate, for example, could have a cap that limits the possible rate increase to six percentage points. If so, the rate would stay at 5.25% for the first five years, then change to a variable rate no higher than 11.25% after the fixed term ended. Ask your lender about specific caps since there are distinctions such as first-year caps, annual caps and life-of-mortgage caps.

HOME BUILDERS, BEWARE
Another group that’s caught in a bind amid fluctuations in interest rates — those building homes. The key question here is whether to lock in today’s rates or to wait until the house is finished.Waiting could save a few bucks if rates turn back down or cost money if rates continue drifting higher. Most lenders offer various options to lock in a mortgage rate including a more flexible option that tentatively locks in a range of rates. But whatever you do, get the agreement in writing if you want to lock in today’s rates.E*Trade Group Inc. also recently introduced the new wrinkle of “portable” fixed-rate mortgages that lock in current fixed rates even if the home buyer moves once. (The deal doesn’t extend to a second move.) This mortgage costs a bit more than a standard fixed-rate mortgage, but will come in handy if the home buyer moves at a time when rates are higher.Since 1976 the average yield on the 10-year Treasury note has been about 8.1%, significantly higher than the current rate, according to Lehman Brothers. But it’s been more than a decade since rates have been that high in the  Residential Real Estate Market, and the Cumming Georgia Real Estate Market..

LIGHTEN UP ON VARIABLE-RATE DEBT
Other types of  home borrowers have a little bit more wiggle room than home buyers. Those with credit card debt and those who have borrowed to buy a car pay an interest rate more closely tied to the short term target rate of the Federal Reserve. That rate isn’t expected to change substantially — the Fed has said that it is planning to keep its target rate at the long-time low of 1% for the foreseeable future.Still, all eyes will be on Washington this week to see if the Federal Reserve reveals its bias toward tightening or cutting rates. And even though bond yields fell a bit last week, the increase in yields over the past two months indicates that bond mavens see an increased risk of higher rates, perhaps as early as this winter.If rates do eventually rise, paying off some variable-rate debt now will look like a good idea. The less debt you have when rates go up, the lighter the burden of paying interest on what you owe.

KNOW YOUR BOND TYPES
With rates rising, it’s good to remember that not all bonds are created equal. Long-duration bonds of 10 to 30 years have the most sensitivity to interest rates, so they stand to lose the most when yields rise. Shorter-duration bond funds decline less in a rising rate environment, but also rise less when times are good for bonds. As in stocks, mixing the volatile with the more stable is a sensible approach.Anton C. Pil, global head of fixed income at J.P. Morgan’s private bank, says that he sees “very few clients wanting to shoot the lights out” in bonds. Instead they use stocks or alternative asset classes such as hedge funds for their riskier investments.But this year, the bonds viewed as the safest Treasurys — have been among the hardest hit. The end of the major fighting in Iraq and the slowdown in corporate scandals and defaults convinced investors that it was safe to move from Treasurys to more volatile parts of the bond market including high-yield corporate bonds.The KDP High-Yield Index for instance has gained 12% through July this year, while 10-year Treasurys have declined about 3% after starting the year with a big rally.Amy Falls, global head of fixed income strategy at Morgan Stanley, points out that Treasurys in recent years have been trading more independently from other parts of the bond market. That means investing in a broadly diversified bond fund or hedging bets among several different types of bonds is likely to minimize losses

Jun 28

Escrow uses in Real Estate

Escrow – What is it?

Very simply defined, an escrow is a deposit of funds, a deed or other instrument by one party for the delivery to another party upon completion of a particular condition or event. The California Escrow Law – Section 17003 of the Financial Code – provides the legal definition.
Why Do I Need an Escrow?
Whether you are the buyer, seller, lender or borrower, you want the assurance that no funds or property will change hands in an Atlanta Real Estate transaction until ALL of the instructions in the transaction have been followed. The escrow holder has the obligation to safeguard the funds and/or documents while they are in the possession of the escrow holder, and to disburse funds and/or convey title only when all provisions of the escrow have been complied with.
Escrow – How Does it Work?
The principals to the escrow – buyer, seller, lender, borrower – cause escrow instructions, most usually in writing, to be created, signed and delivered to the escrow officer. If a broker is involved, he will normally provide the escrow officer with the information necessary for the preparation of your escrow instructions and documents to help your Atlanta real estate closing to go smoothly.
The escrow officer will process the escrow, in accordance with the escrow instructions, and when all conditions required in the escrow can be met or achieved, the escrow will be “closed.” Each escrow, although following a similar pattern, will be different in some respects, as it deals with your property and the transaction at hand.
The duties of an escrow holder include; following the instructions given by the principals and parties to the transaction in a timely manner; handling the funds and/or documents in accordance with the instruction; paying all bills as authorized; responding to authorized requests from the principals; closing the Atlanta Real Estate escrow only when all terms funds in accordance with instructions and provide an accounting for same – the Closing or Settlement Statement.
Who Chooses the Escrow?
The selection of the escrow holder is normally done by agreement between the principals. If a real estate broker is involved in the transaction, the broker may recommend an escrow holder. However, it is the right of the principals to use an escrow holder who is competent and who is experienced in handling the type of escrow at hand. There are laws that prohibit the payment of referral fees; this affords the consumer the best possible escrow services without any compromise caused by a person receiving a referral fee.
What Do I have to do while in Escrow?
The key to any transaction as important as your sale, purchase or loan is to read and understand your escrow instructions. If you do not understand them, you should ask your escrow officer to explain the instructions.
Your escrow officer is not an attorney and cannot practice law; you should consult your lawyer for legal advice. Do not expect your escrow officer to advise you as to whether or not you have a “good deal” or are doing things the right way. The escrow officer is there to follow the instructions given by the Atlanta Real Estate principals in the escrow.
In order to expedite the closing of the escrow, you should check with your escrow officer as to what specific items you could do to assist. Ask the question – “What can I do to expedite the closing of this escrow?”
Respond quickly to correspondence. This will assist in the timely closing of the transaction.
If you are required to deliver funds into the escrow, make sure that you provide “good” funds in the form required by the escrow officer. Company procedures differ in this regard, and there are many ways you can help at the time of closing; check with your escrow officer. Do not give the escrow officer a personal check and expect the escrow to close immediately; the escrow can only close on cleared funds, and the processing of a personal check can take days, possibly even a week or more.
When the escrow officer closes the escrow, some of you may want the closing papers, checks, title policies, statements, etc. Made available immediately. There are many aspects to the closing of the escrow, and some of these cannot be processed on the day of the closing; they may take several days. If you have a special need, for example, a cashier’s check on the day of closing, you should communicate that need to the escrow officer early in the processing of the escrow.
Escrow and Your New Loan
If you are obtaining a new loan, your escrow officer will be in touch with the lender who will need copies of the escrow instructions, the preliminary title report and any other documents escrow could supply. In the processing and the closing of the escrow, the escrow holder is obligated to comply with the lender’s instructions.
It has become a practice of some lenders to forward their loan documents to escrow for signing. You should be aware that these papers are lender’s documents and cannot be explained or interpreted by the escrow officer. You have the option of requesting a representative from the lender’s office to be present for explanation, or arrange to meet with your lender to sign the Atlanta Real Estate documents in their office.
Escrow: What is a Closing Statement?
A closing statement is an accounting, in writing, prepared at the close of escrow which sets forth the charges and credits of your account. The items shown on the statement will reflect the purchase price, the funds deposited or credited to your account, payoffs on existing encumbrances and/or liens, the costs for all services and a determination of the funds you are entitled to at the close of the escrow. When you receive your closing papers, review the closing statement; it is extremely logical and reflects the financial aspects of your transaction. If anything does not make sense to you, you should ask your escrow officer for an explanation.
When going through your closing papers, examine all of them; there may even be a refund check hiding in there. Cash the check quickly, please. Be sure to have the check properly endorsed. All payees must endorse the check. This will eliminate the check being returned unpaid due to irregular or missing endorsements.
Your closing statement and all other escrow papers should be kept virtually forever for income tax purposes.
Your accountant will need the information about the sale or purchase of the property. IRS and other agencies may require you to prove your costs and/or profit on the sale of any property. The closing statement will assist in this task.
Do not rely on your escrow holder retaining the escrow file so that you can “always call and get copies of the closing statement.” Most escrow holders will be destroying the files after the statutory retention period, usually five years. Maintaining and storing the closed escrow files is a costly endeavor to the escrow holder. Therefore, a nominal fee may be charged by your escrow holder for the retrieval of a file from storage, photocopying the requested documents and returning the file to storage.
What Fees and Costs will be Charged?
Escrow fees are not regulated by the State. Escrow holder, like any other businesses, will charge fees that are commensurate with the costs of producing the service, the liability undertaken, and the overhead expenses which include a profit factor. Therefore, the fees will vary between companies and from county to county. Normally, the escrow holder will follow its minimum fee schedule, which will provide for extra charges based upon the differing elements of your escrow. On occasions, an additional fee will be charged for unusual expenditures of time on a given transaction.
The escrow holder has no control over the costs of other services that are obtained, such as the title insurance policy, the lender’s charges, insurance, recording charges, etc.
Your escrow officer, upon request, can provide you with an estimate of the escrow fees and costs as well as fees charged by others, provided such information is available.

 
What About Cancellations?
No escrow is opened with the intention that it will cancel, but there are occasions when a contingency cannot be met or when the parties disagree during the pendency of the escrow. Some escrow holders provide for such an event by incorporating an instruction in the typed or printed General Provisions.
Ordinarily, an escrow holder will take the positions that no funds on deposit can be refunded until the escrow holder is in receipt of mutual cancellation instructions signed by the principals. The escrow holder cannot normally make a determination as to who is the “rightful” party in a dispute on a cancellation and therefore will not return the funds or documents until the principals agree; the escrow holder is not a judge.
Do expect to be charged a cancellation fee, as this is a charge for professional services rendered and quite often for several “out of pocket” expenses that have been incurred on the client’s behalf. These fees can vary from company to company depending upon their policies.
Sometime, when a dispute exists, the escrow holder may be forced to allow a court to decide which party is entitled to what documents or funds; this is called an Interpleader Action. Fortunately, most disputes are resolved before the Interpleader is filed, as the costs for such legal actions are extreme. Those costs, incidentally, are normally paid out of the funds on deposit in the escrow.
What about Title Insurance?
Title Insurance is usually obtained when real property is purchased. The policy of title insurance insures the owner and/or the lender of ownership of the property. There are various coverages afforded, but a basic policy insures that the buyer is the owner and that any lender shown on the policy is an “insured” lender. Many different types of extended coverages are available; for example, an ALTA policy is quite often required by institutional lender to afford them additional protection under the title insurance policy. The title policy is written after an extensive examination of the public record is made and the recording of the required documents as called for in the escrow.
The title insurance policy fee is a one-time fee, paid at the close of escrow. The determination of who pays for the policy is not uniform from county to county in California. In some counties, the buyer will pay while in others the seller will pay. In other counties the seller will pay for the lender’s title policy. But in almost every case, the question of who pays closing costs is a matter of agreement between the parties. Usually this agreement is based on the customary practice in your county or area. In the case of some FHA or VA transactions, the escrow officer must follow the guidelines as required by the lender and/or government.

 
What About Property Taxes?
The terms of your transaction and the resultant escrow instructions determine how the Atlanta Real Estate property taxes will be handled. If there is no mention of the proration of taxes, your escrow officer will not deal with any credits or charges for prorated taxes. However, if your escrow calls for a proration of taxes, there will be an item in your closing statement that will reflect either a credit or charge to your account. If the taxes are not paid (even though there has been a credit or charge against your account), the buyer is obligated to obtain a tax bill and pay the taxes. If the buyer does not have a tax bill with which to pay the taxes, you can request a bill from the Tax Collector; send a photocopy of the deed.
Supplemental Property Taxes is another concern of the buyer. Upon transfer of real property, a supplemental tax bill is generated. This is accomplished in cooperation with the County Assessor and the County Tax Collector.
Shortly after the close of an escrow involving the conveyance of real property, the County Assessor will request information about the property from the buyer. This information assists the Assessor in determining the value of the property for taxation purposes. The escrow holder may have previously supplied some of the information at the time of the closing of the escrow, via Preliminary Change of Ownership form that should accompany each deed when it is recorded.
The Perfect Escrow; Does it Exist?
Perfection is sometimes difficult to achieve, especially in dealing with the complexities of the escrow, the desires of the parties and other matters that are sometimes far beyond the control of the escrow officer. It is human nature to err on occasion, but your escrow officer has the background, training, education, support and systems in place necessary in order to accomplish the objectives of the escrow instructions.
In the event you have any problems in the handling of your escrow, you should first contact the escrow officer.
If you problem is not resolved, you should next contact the management or owner of the company.

Older posts «