|
Broker
This is the person who
represents the buyer/seller during a real property transaction. When buying or
selling real estate in California through a broker, you are protected by
dealing with a party who is operating under state license.
Escrow
This means to deposit money
and documents with an escrow agent, usually in the form of a corporation, to be
used as specifically described in the written instructions of the parties.
Escrow Officer
This person writes
the written instructions of the parties for the escrow agent. These
instructions govern the use of money and documents given by the parties
involved.
Preliminary Report
This report shows
preliminary ownership and encumbrance information. It is given to the escrow
officer after the escrow is opened.
Taxes
The prorating of county, city,
and irrigation district taxes and the calculation of bonds and special
assessments requires skillful handling.
Insurance
At the time of closing,
all premiums must be adjusted and all policies transferred. All changes must be
made and the insurance companies must be notified.
Prorate
The division of
proportionate shares of rent, insurance, taxes, etc. between the parties
involved. This is usually calculated by an escrow officer.
Revenue Stamps
These are put on
deeds to show that taxes have been paid at a transfer rate of .11% based on the
sale price. The escrow officer uses these when appropriate.
Deed
This is a document that is used
to transfer the ownership of land from one person to another. The form of the
deed may vary.
Title
The right by which the owner
of the land has possession of the property. Publicly recording a deed is a
common way to establish a title.
Title Insurance
A policy which
protects your rights as owner of a property, and will reimburse for any
problems with the title to the property. Your real estate professional can
provide free information about title insurance.
Back to Main Menu |