Protecting Your Property Rights

CALIFORNIA TITLE COMPANY HAS A VESTED INTEREST IN THE CONSUMERS OF THE STATE OF CALIFORNIA.

Protecting Your Property Rights

Califor nia CONSUMER REPORT CALIFORNIA TITLE COMPANY HAS A VESTED INTEREST

IN THE CONSUMERS OF THE STATE OF CALIFORNIA.

JUNE 2018 ISSUE

The information contained herein is deemed to be reliable, but it is not guaranteed. California Title Company assumes no responsibility for errors or omissions. Images may be subject to copyright. ©2018 California Title Company.

AVOID DELAYS by providing as much information as you can as soon as possible.

The following items require added clearance and processing time for escrow and title:

BankruptciesProbates

ForeclosuresEstablishing Fact of Death - Joint Tenancy

Use of, Proper Execution of Power of AttorneyFamily Trust

Business TrustRecent Construction

Physical Inspection Findings: Encroachments, Off-Record Easements

Clearing Liens, JudgmentsClearing Child/Spousal Support Liens

Proper Execution of DocumentsProper Jurats, Notary Seals

Transfers/Loans Involving Corporations/PartnershipsLast Minute Changes in Buyers

Last Minute Changes in Coverage

COMMON TITLE OBSTACLES

April 24, 2018Article can be found: https://www.alta.org/news/news.cfm?20180424-ePN-Expands-Team-in-CaliforniaeRecording Partners Network (ePN) announced the recent additions of Chris Stephan as vice president of client services and Ryan Clegg as operations manager of client services.

Stephan has been involved with the real estate document recording industry for almost 10 years and has played a key role in the growth and expansion of electronic recording within California for title companies as well as county recorders. He is the co-chair of the Northern California Property Records Education Partners (PREP) and is very active within the Property Records Industry Association (PRIA).

Clegg has worked in the real estate transaction industry since 1999. Much of his early career was spent learning real estate recording laws by working for a title and escrow company preparing and issuing title commitments and insurance policies. He also worked for the San Diego County Recorder Office. In 2004, Clegg helped a title and escrow service firm expand into multiple states.

“Both Chris and Ryan are extremely knowledgeable in the document recording industry and have become tremendous assets to ePN,” said Jerry Lewalle, president of ePN. “Because California has unique recording processes compared to most states, they understand the challenges and bring creative and well thought out solutions to the table. We look for-ward to providing these key services to our clients.”

ePN Expands Team in California

• Standard CLTA Owner’s Title Insurance

• Real Estate Commission

• Escrow Fee (50%)

• Notary Fees

• Demand Fees

• Document preparation fee for deed

• Documentary transfer tax ($1.10 per $1,000.00 of sales price)

• Any City Transfer/Conveyance Tax (according to contract)

• Any bond or assessments (according to contract)

• Any and all delinquent taxes

• Any unpaid Homeowner’s dues

• Any FHA or VA loan fees required by Buyer’s Lender

• Payoff of all loans in Seller’s name (or existing loan balance if being assumed by Buyer)

• Interest accrued to Lender being paid off, Statement Fees, Reconveyance Fees and any Prepayment Penalties

• Home Warranty (according to contract)

• Any judgment, tax liens, etc. against the seller

• Recording charges to clear all documents of record against Seller

• Tax proration (for any taxes unpaid at time of transfer of title)

• Seller’s portion of Sub-Escrow Fee

• Homeowner’s Transfer Fee

• Escrow Loan Tie-In Fee

• Escrow Fee (50%)

• Document preparation (if applicable)

• Notary Fees

• Recording charges for all documents in Buyer’s name

• Tax proration (for date of acquisition)

• All new loan charges (except those required by Lender for Seller to pay)

• Assumption/Change of Records Fees for takeover of existing loan

• Beneficiary Statement Fee for assumption of existing loan

• Inspection Fees (roofing, property inspection, geological, etc.)

• Home Warranty (according to contract)

• City Transfer/Conveyance Tax (according to contract)

• Fire Insurance Premium for first year

• Buyer’s portion of Sub-Escrow Fee

The SELLER can generally be expected to pay for:

The BUYER can generally be expected to pay for:

WHO PAYS WHAT? A GUIDE TO CLOSING COSTS

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Form designed to provide disclosures that will be helpful to consumers in understanding the key fea-tures, costs and risks of the mortgage loan for which they are applying. Initial disclosure to be given to the consumer three (3) business days after application and replaces the GFE and early TIL.

LOAN ESTIMATE (LE)

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MWHAT EVERY REALTOR® SHOULD KNOW ABOUT OWNER’S TITLE INSURANCEMAKE SURE ALL OF YOUR CLIENTS ARE PROTECTEDYou’re a Realtor®, so you know that buying a home can be overwhelming for your clients. Homebuyers can feel confused and frustrated by the mounds of paperwork they have to sign. Plus, the fees associated with closing can sometimes be overwhelm-ing even to an experienced buyer. Owner’s title insurance is one of those items often misunderstood by homebuyers at closing, yet its value is tremendous. As an important advisor to your clients, you are in a position to help homebuyers understand the value of owner’s title insurance and the dangers that can be incurred without it.

WHAT IS TITLE INSURANCE?Owner’s title insurance is a policy that protects homebuyers’ property rights. For the same reasons the bank requires a lender’s insurance policy, the homebuyer obtains owner’s title insurance to protect their legal claims to the property. For more information about title insurance, or to find an ALTA member that can issue an owner’s policy, please direct your clients to homeclosing101.org

HOW IT PROTECTSSay, for example, your client recently purchased a new home from a builder, but the builder failed to pay the roofer. Wanting to be paid, the roofer filed a lien against the property. Without owner’s title insurance, your client would be responsible for paying this existing debt. This is just one example of how owner’s title insurance protects homebuyers from various significant risks.

ENDURING VALUEThe good news is that owner’s title insurance protects homebuyers legally and finan-cially, as long as they own their home. For a low, one-time fee, homebuyers can rest assured, knowing they are protected against existing debts or claims to their property.

NOTICE OF SALE (NOS)The Notice of Sale (NOS) generally states: the property address and/or legal description of a statement that the property will be sold at a public auction, and the date, time, and location of the foreclosure sale.

Los Angeles Farmers Markets Ongoingwww.projects.latimes.com/farmers-markets

The Jim Henson Exhibition: Imagination Unlimited June 1 - Sept 2Sesame Street, the Muppets, Fraggle Rock, The Dark Crystal, Labyrinth: The work of Jim Henson has been an indelible part of childhood for boomers, millennials and everyone in between. To celebrate Henson’s legacy of creativity, the Skirball is hosting an exhibition dedicated to late Muppets creator. More than 100 objects, including Sesame Street puppets and Labyrinth costumes, will occupy the space for an exploration of the legacy and impact of Henson’s work.www.skirball.org

BuddhaFest 2018 June 1-3Connect with a greater reality at BuddhaFest, a three-day film festival featuring events that promote spiritual awareness, compassion and peace. Hosted in Los Angeles, the event features renowned films, live music and talks with authors and cultural leaders. The festival brings people together in an effort to encourage meditation, mindful living and greater levels of awareness and compassion.https://www.buddhafest.org

Lummis Day Festival June 1-3Celebrate the history and ethnic diversity of northeast Los Angeles at this annual music, dance and art festival. The three-day affair honors the late Charles Lummis, the journalist who founded the Southwest Museum, hand-built his own home (the Lummis House) and defended Native American rights and culture.www.lummisday.org

Last Remaining Seats June 2-23The L.A. Conservancy offers a delightful summer time machine in the form of live entertainment and classic films, screened across Downtown’s grand old movie palaces throughout the month of June. This year’s lineup includes vintage crowd-pleasers like The Birds and Mr. Smith Goes to Washington alongside some modern classics like Who Framed Roger Rabbit and The Joy Luck Club. Most screenings include a special introduction and a post-film Q&A. Members of the conservancy can snag discounted tickets early; peep the schedule for show time and location details.www.laconservancy.org/last-remaining-seats

LAWineFest June 2-3Listen up, winos! LAWineFest is in its 13th season and better than ever, bringing wines, brews and spirits from all over the world to thirsty Angelenos. Sip on samples at each station with access to wines from dozens of wineries, plus seminars, live entertainment, boutiques and food trucks galore. Be sure to buy tickets ahead of time because prices increase at the door. Oh, and you'll get to keep your glass, so don't feel so smug about sneaking it into your purse.www.lawinefest.com

Los Angeles River Ride June 3This festive annual bike ride is the premier fundraiser for the Los Angeles County Bicycle Coalition and features 10 different bike rides of varying lengths (from 15-100 miles), so there's something for all ages and ability levels. The different rides will take you all across SoCal; most start and end at the Autry Center in Griffith Park. Check the website for the details of each race and to register.http://la-bike.org/bike_ride/river-ride/

Los Angeles Greek Film Festival 2018 June 6-10The Los Angeles Greek Film Festival showcases films from Greek filmmakers worldwide. It promotes Greek cinema throughout the U.S. and acts as a cultural exchange between Greek filmmakers and Hollywood. The festival screens an eclectic lineup of films from a variety of genres and offers up an entertaining after party, wine tasting event and awards show.www.lagff.org

Los Angeles Design Festival 2018 June 7-10Los Angeles is a creative mecca of sorts, but not only in the entertainment industry. The Design Festival brings creative talent together to showcase the seemingly infinite possibilities in art and design. For two weeks, Los Angeles comes alive to celebrate those whose creations inspire even more creativity.https://www.ladesignfestival.org

HopeWalk 5K and Kids Healthy Activity Fair June 9Healthy Living is a Family Affair. Join the Fight against childhood obesity and diabetes! Our Annual HopeWalk & Kids Healthy Activity Fair is committed to bringing families together for a day focused on family, fun and fitness. Local restaurants provide healthy food options; families walk and have a great day.www.discoverlosangeles.com

LA Pride June 9-10One of the biggest pride events in the US, LA Pride attracts as many as a half of a million people during its two-day festival at West Hollywood Park, including its signature Sunday parade. The atmosphere is good-natured and raucous; local color is provided by divas, drag queens and DJs.http://www.lapride.org/

E3 June 12-13Unlike PAX or locally-based IndieCade, E3 was never really meant for gamers. After all, this video game mecca that glues salivating gamers around the world to their computers was technically an industry-only event. But lucky for you, the video game convention is offering a limited number of consumer passes. Even if you don't manage to procure a badge, there are enough party tents, promo trucks and swag bags hanging around Figueroa to make a visit worthwhile—and once you've seen the gridlocked crowds and endless lines of the sensory overload inside, that might just be the best way to enjoy E3.www.e3expo.com/

Arroyo Seco Weekend 2018 June 23-24Arroyo Seco Weekend is a music festival that takes place at Rose Bowl Stadium.www.arroyosecoweekend.com

Vans Warped Tour June 24The tour travels across the United States, Canada, Europe and Australia with more locations hitting the schedule every year. The focus is on major music events combined with skateboarding and other alternative sports competitions, and venues are often atypical, ranging from fairgrounds to open fields to parking lots. https://vanswarpedtour.com

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JUNE 2018Los Angeles Events Calendar