escrow

When association that helps escrow agents in their work is the

California escrow association

Tenancy in common

Can be the vesting when 2 or more persons own property together

Deed of trust

Is a device that secures the property as collateral for the note

Grant deed

Is a document that transfers title evidence of property ownership with the keyword Being Grant The Grant deed is the usual form of deed in California and the Western States warranty deeds are often used in the Midwest and on the East Coast

Transaction coordinator (tc)

Is a real estate professional Who assist the agent and broker in the processing of the legal compliant real estate property transaction file generally they are responsible for gathering much of the information managing most of the paperwork meeting deadlines and following up of the contractual items involved in a real estate transaction as part of the pre escrow process.

Escrow holder

Is an agent to both principal buyer and seller

Personal property

Is anything which can be own or possess that is not real property

California standard form fire insurance Policy

It ensures the dwelling against one fire and 2 Lightning

Mortgagee

Lender

A transaction coordinator is a Real estate professional who

Manages all the Paper work Manages all the deadlines

Contract

Written escrow instructions to an escrow holder constitute a contract Or a sign purchase agreement and joint escrow instructions

It is dangerous for an escrow agent to give

Wills And living trust

The years of experience in escrow agent must have before Opening a business is

5 years

What must all Grant deeds have to be recorded?

Acknowledgments Notary seal

Regardless of how much input and work a transaction Coordinator puts into a file who is also be responsible for the proper handling of the transaction file

Broker

Car has established a series of courses to handle transaction paperwork for agents who are then allowed to print what letters and logo on their business cards?

CTC

The C LTA extended coverage policy

Can cover in addition to all the above risks the facts that are discoverable by actual inspection of the land for risk Resulting from encumbrances against the property which may or may not be recorded but which are not required to give constructive notice

Cancelation of escrow

Cancelation is never automatic even when there is such a specification

Escrow checklist

Check's escrow progress

Which of the following best things require individuals to be married

Community property

The escrow holder should be sure if items on the memo sheet are

Conditions of escrow Memoranda

A request for for reconvenes is usually printed on the back of the

Deed or trust

Voluntary liens examples

Deeds of trust and other loans secured by property are examples of voluntary leans

A simple sale escrow usually has the following

Deposit funds A new loan A pay off of the old loan All of the above

When determining the pro rating of a 3 year insurance policy

Divide by 3 then 360

Escrow instructions usually expressed funds as

Dollar amounts

Calling for the buyer's funds comes after you have

Drawn a new deed Receive pest control report Arranged for a fire policy All of the above

A point

Equals 1% of the amount of the loan

Memo sheet

Escrow work she or escrow order she is a printed form supplied by your company that contain space to write down all the elements of the transaction The memo sheet when completed will contain all the information necessary to begin an escrow

Which of the following is not an escrow job

Explain or interpret loan documents

Escrow instructions include

Explanation of consideration Title insurance liability Adjustments and proration All of the above

The Grant deed has which Implied warranties

Free of incumberances After acquired title Seller has not conveyed property All of the above

The last job in a sale sequence

Give money to seller Give deed to buy or

Sub ordination agreement

Giving public notice that the junior deed of trust is intended to be in an inferior lien position to other deeds of trust recording concurrently

Easements

Grant persons and cities or properties other than recorded owners the right to use portions of the property for their own purposes

The escrow holder should seek help from the title officer if the

Grantor is a minor grantor is deceased grantor is incompetent all of the above

The final closing statement must be in a form approved by

HUD

Although the escrow checkless is pre printed most of the entries are

Handwritten

The trustee

Holds naked legal title to the property but only in so far as the trustee may have to sell the property for the lender

C LTA joint protection policy

If issued as ACL TA joint protection policy that covers both owner and lender at once

Fraud

If it is discovered in leitigation that one party has knowingly lied a buddy material fact, or that parties are mistaken as to the matter of agreement or that one party is acting under duress, or threat of duress or that a party is acting under the undue influence of another the escrow may be declared invalid and fraudulent

Drop an escrow

If the parties agree to drop in escrow they must notify you in writing to cancel it

reconveyances

In all re conveyances accept that completely in house transaction the seller pays interest up to and including the day the lender receives final payment or as per the instructions written in the demand

Fiduciaries relationship

In fiduciary relationship that is the agent has a duty to act in the highest faith and to protect the trust and confidence of his principles

Statement of information

Is a strictly confidential method of eliminating leans that may be against persons with names that are the same as or similar to those of the seller or buyer

Acceleration clause

Is an installment note provides that when the trust or fails performer acquired act such as paying the property taxes the lender has a right to demand the entire payment of the loan

American land title association the lender's policy

Is design for the protection of real property loans both institutional and private

Trustee's sale

Is here she fails to do so the property will be sold at auction any public trustee sale

Commission instructions

Is it simple printed form that gives us crew permission to pay the broker his or her commission

Severalty

Is ownership by one person or corporation

Due on sale clause

Is regarded as synonymous with the alien nation clause

Escrow settlement sheet

Is the accounting report for escrow

Promissory note

Is the promise to pay according to the stated conditions a sum of money

After acquired title

Is title to property of fired after the owner attempts to sell or transfer the title to another person before here she actually got legal title

A statement of information is requested by title companies because

It helps eliminate leans with names the same as or similar to the principal It reduces confusion

Exculpatory

It means we do not and 10 to assume any blame or Gil if the matter sets out here are not resolved as Written

California property Tax time table

January 1st Property tax becomes a lien on real property July 1st Fiscal year starts November 1st 1st installment is due and delinquent after December 10th at 5:00 p.m. February 1st 2nd installment is due and delinquent after April 10th at 5:00 p.m.

Deficiency judgment

Kiss the property must be sold at the foreclosure sale and the selling amount is less than is owed on the loan the beneficiary can not get a judgment called a deficiency judgment This protection extends to the owner of 1 to 4 residential units where the owner lives in one of the units

Loan fees include

Loan origination fee Loan processing fee Credit report All of the above

encumbrance

Means more than loans against the property It covers calls the following since any of them could affect clear title Liens such as Taxes, trust deeds, and involuntary liens. Covenants, Conditions, And restrictions Easements

Escrow instructions

Most title in escrow companies provided computer system with escrow instructions that are printed once the escrow holder has filled in the blanks then struction spell out exactly the terms and conditions escrow holder is to follow to close escrow

Full reconveyance

Must be recorded in the county records and the trustee must keep it as proof that here she no longer owes money to the beneficiary

Calling for the buyer's funds comes

Near and Of escrow

Which of the following is not a basic process in the escrow procedure

Negotiate between the principles or the parties to the escrow

Incompetent

Not having or showing the necessary skills to do something successfully (Not of sound mind, legally insane, or non compos mentis)

property taxes

November 1- first installment due December 10-first installment delinquent. February 1- second installment due and payable April 10- second installment delinquent. June30 - end fiscal year July 1- beginning new fiscal year.

The adjustment and payment

O the adjustment payment of property taxes extremely uporn in escrow a slip up here could result in the property being forcibly held for public sale by the state

The purpose of an escrow memo is to

Obtain all information about the transaction

Bi lateral escrow instructions

One set of instructions is prepared that include instructions for the buyer seller lender and escrow holder The set of instructions is signed by both the buyer and seller

Commission for the realestate cells person is paid

Only if escrow is instructed to

When hiring an in house transaction coeordinate or ideally you should start by looking within your firm for a potential candidate but if there is not a logical contract conscientious person available you might expand your search to

Other agents outside your brokerage Knowledgeable people of really say transactions like title insurance representatives

liens

Our financial Obligations against the property

Covenants conditions and restrictions

Our rules that apply to the land and building such as zoning regulations and restrictions on building's height and Architectural style Restrictions are not usually printed on grand deeds nor are they using spelled out in the prelims or policies.

He transaction coeordinate or may be asked to border a preliminary title report because it contains various details about a property including ?

Ownership liens and encumbrances and easements

The reconveyance is a polite way to

Pay off a loan of record

Ways to end escrow

Performance Written agreements between parties Interpleader action by escrow

Installment note with a balloon payment

Periodic Payments with a large payment at the end

Aliennation clause

Permits the lender to require that then tyerman be paid whenever though riginal trustor sells or transfers ownership of the property

Freeze the loan

Permitting no further action on the count so that it will be in the condition you expect when it is recorded Freezing the account prevent sudden changes such as unexpected large loan payments totally outside escrow that could foul up you are accounting for escrow

These men's Grant the right to use portions of the property to

Persons Entities Properties All of the above

When the escrow holder send the check to pay off alone in must include

Principal Interest Interests to cover mailing time All of the above

Escrow is a

Process

Valid deeds must have

Proper writing Acknowledgement CapableParty Delivery and acceptance Proper signatures Legal transfers

A valid deed must have

Proper writing Proper signatures Delivery and acceptance All of the above

Involuntary liens

Property Texas special assessments for sewers or sidewalks judgments and mechanical liens are involuntary liens

Property Taxes

Property taxes are the most common adjustments in escrow

The C LTA standard coverage policy

Provides joint protection for both lender and owner the standard a LTA policy is for the protection of the lender

Request for notice

Provides the superior deed of trust folder with notice that the junior deed of trust holder wants to be given notice should the superior deed of trust holder recording notice of the fall and where to send the Notice

After receiving signed amendments from both parties

Put a copy in the file Send certified Copy to

Community property

Refers to the property acquired during marriage Community property is the only manner of vesting which depends exclusively upon martial status

He transaction coeordinate are basically works for which side of the transaction?

Sale listing side Buying purchase agreement side Either a or B or both

Upon further authorisation

The same ment is important in in that it makes clear that you are only asking for a report on the condition of the title and do not want anything recorded until you give later permission

Land contract

The seller retains full title of the property until the final payment has been made

The escrow process is Essentially the same throughout California the difference are?

Timing of the steps The use of amendments to estro instructions When escrow instructions are signed All of the above

Title insurance

Title insurance has a one time premium or policy fee paid when the policy is issued

The rican vans this charges the relationship between

Trustor trustee Beneficiary All of the above

A full re conveyance is completed by the trustee when

Trustor makes payments Beneficiary receive payments

Delayed recording

When the new Grant deed on deed of trust are recorded the loan department will issue a full re conveyance which will be recorded a few days after the closing of us grew this is called delayed recording and is perfectly proper in a reckon veins while it can be an appalling mistake and recording the deed and new loans

When must your opinion and be said

Whenever your opinion is requested about the manner of vesting or funding you must suggest they seek the advice of their tourney or other counsel of choice to not give legal or financial advice

Hypothecation

Which is the Putting up of a property as collateral for a loan without giving up possession of it

Organization

Within the organization of each escrow agent corporation there must be one or more persons possessing a minimum of 5 years of responsible escrow experience

The escrow settlement Sheet is

Written pencil

Vesting is absolutely necessary when typing the name of the

grantee buyer

Straight note

All paid at once at the end

Preliminary title report

A preliminary title report is a good start to most real estate transactions because it contains various details about a piece of real state including Ownership Leans and encumberances Easements

Bi lateral instructions

A single instruction signed by both buyers and sellers in the South is called a bi lateral instruction

The escrow officer is considered

A stakeholder

Stakeholder

A stakeholder is the agent of the respective parties until the escrow closes

Trust deed Deed of trust

A trust deed more commonly referred to as a deed of trust is not a transfer deed it is a financial instrument acting as a security device do not confuse Trustees deed with Trust deed

Pre escrow transaction checklist

Agency disclosure this form does not so like any type of agency but rather describes a 3 agencies available to the seller buyers and agents. Transfer disclosure statement The transfer disclosure statement must be filled out primarily by the Seller. Foreign investment in real property tax act The FIR PTA should also be filled out by the seller and the buyer must acknowledge receipts of same Deposit The agent can and should have the buyers bring their own earnest money deposit to the escrow company. Preliminary title report Be sure to read the PTR for any exceptions and bring these to the buyer's attention further not reading the PTR can be devastating Termite inspection The termite inspection if available and even if it's not part of the escrow must be approved by the buyer. Repairs The request for repairs from the buyer needs a written response or request for repairs from seller to Buyer

Agent

Agent is anyone who is properly authorized to act for another

Alaska Arizona California Idaho Nevada and wisconsin

All have community property with rights of survivorship

Escrow

An escrow is created when a separate written agreement instructs a neutral 3rd party to hold funds and only proceed when All the agreed to conditions have been performed

Extended coverage indorsement

An extended coverage endorsement that will ensure you against the additional perils of when storm explosion hail aircraft smoke right and vehicles not attributed to a strike or civil commotion

California land title association standard covered policy

Another commonly issued policy of title insurance in California is the C LTA standard covered policy

Land patents Or Land grants

Are given by a monarch or a government to a citizen and returned 4 or as a reward for faithful and meritorious service

Escrow instructions

Are usually computer generated forms that permit the listing of all the funds and documents that will move through escrow and specify the Conditions under which they may be transmitted

Quit claim deeds

Are you scavay less than full ownership in real property such as part ownership or mineral rights

How often in 110 year. CAL BRE conduct an audit of a brokerage

As often as they want

CAL BRE S regulations

As per regulations it is a broker's legal responsibility to maintain a property transaction file for 3 years we recommend the longer statue of limitations requirement 10 years.

Joint tenancy

Contains the right of survivorship without probate

Escrow instructions

Escrow instructions advise the escrow holder how to make the arrangements for completing the transaction and here she must not deviate from them

Transaction File

Even though a copy of the appropriate parts of the transaction file will have been given to escrow on property transaction files must be kept for 3 years by the broker and their subject to audit by CAL BRE

Every state

Every state has its own land title association and Florida it is the Florida land title sociation FLT a

Forgery

Forgery is the production of something counterfeit or fradulent.

Sub TypesGrant deeds

Gift deed Granted as a gift of love and affection no other consideration is necessary but is void if given to defraud creditors Tax Deed Given is property is sold as payment of pass do property Taxes Sheriff's Deed Granted to the purchasers at a court ordered sale Administrators deed or executor's deed Given to the purchaser of the deceased person's real property Trustees deed Given to the purchaser of property at a trust deed foreclosure sale Guardians deed Use by a garden to transfer the real property of minors or incompetence

S croes in California are

Highly recommended

Not all contracts must be in writing

Most contracts involving real property must be in writing personal property item such as refrigerators Are transferred with a bill of sale a written contract is not necessary for enforcement any court of law for transfers of personal property where the amount paid is under 500$

Real property

Real property is land and those things affixed to it . a thing is affixed to land if It is attached to the land by Roots It is embedded and in it such as retaining wall a basement well or septic system. It is attach in any way to 123 by way of mortar nails bolts or screws This is usually called a fixture and includes anything which contributes in a basic way to the proper intended use of the property such as Built-In store equipment or bathroom fixtures

Which of the following is not one part of the 3 page Car transaction checklist

Servicing your listing before and during the escrow.

A complete checklist of tasks you may want your transaction coordinator to do for you should include

Servicing your listing before the Sale Servicing your listing during the Escrow. Arrange documents for you after the escrow has closed All of the above

Warranty deeds

Spell out in specific wording exactly what they warrant usually that the grand tour has lawful authority to sell or transferred title and that here she would defend the title against the claims of others

Documentary transferred tax

Tax applied to the actual money consideration in a transaction involving a recordable deed may vary from one as go to another

tax rates

Tax rate is 0.55 cents in California The tax applies to all real property transfers that involve actual money consideration over $100 is figured @ 55 cents per each $500 of consideration and an additional 55 for any portion of 500000 are is remaining is a consideration happens to be and even 1000 for instance 37000 the tax can be conventually figured at $1 . 10 per 1000

California land title

The California land title association was founded in 1907

Grant deed

The Grant deed uses the word Grant to conveyed title there are 3 main types of Gran deeds listed here is a descending power of their warranties The land patent or land Grant The warranty deed The Grant deed

Oversight of the property transaction file

The careful and detailed oversight of the property transaction file by the broker is the foundation for fulfilling their required management and supervision function mandated by the realestate commissioner and regulation 2725

Common loans

The common form of loans for real property in California is a deed of trust and note

The deed

The deed is Possibly the most valuable evidence of title that can be associated with land

Full reconveyance

The instrument that discharges the dept and ends the tripartite borrower lender trust holder agreement is called the full reconvyance

Fire insurance

The lender requires that fire insurance be at least as great as the amount of the loan

California land title association homeowner policy

The most commonly issued policy of title insurance for residential property is the C LTA

Fully amortized

The note whether fully amortized which means equal monthly payments including principal and interest

Who pays the escrow fees

The principal pays the escrow fees

Freehold State

These kinds of ownership indicate by the word feet are called Freehold estate

Uni lateral instructions

This slight difference in priorities generally results and separate instructions for buyers and sellers in the North unilateral instructions

Deed transfer

Throughout the world the most common method of acquiring ownership or title to real property is by deed transfer

Realestatey brokers may conduct Escrow if the escrow Are

Transactions where the broker is an agent for buyer or seller

Community property with right of survivorship

Transfers ownership to the spouse a death with income tax benefits

Life estate

Where title is given for the lifetime of the grantee

Beneficiary (Lender)

bank or private lender

Trustor

borrower

mortgagor

borrower

A preliminary report of title is synonymous with

The prelim the title report

Fiscal

The property text timetable follows the fiscal not the calendar year

The authors estimate what maximum magic number of transactions that an agent can handle before here she risk losing control of pre S girl paperwork and should hire ATC

18 Transactions per year

The California escrow association was founded in

1956

How many principles other than the neutral escrow are usually involved in an escrow

2

Unilateral Escrow instructions

2 complete sets of a Escrow instructions each containing all conditions and provisions common to both principals are prepared With unilateral instructions the various conditions and provisions may be in a different order from one set of instructions to the next

Title insurance policy

A buyer should have a title insurance policy for the full amount of the purchase price a lender will request the amount of coverage in their lenders instructions generally the minimum they were request is amount of the loan and may request as much as 125% For example if the loan is in the amount of 100000 some lenders will request that the coverage be in the amount of a 125000 then title insurance premium is based on the maximum amount of coverage the lender is requesting

The title order with the words upon further authorization is

A condition of Title A Preliminary report

The main transfer of real property California is

A deed

Deed

A deed is a written instrument which transfers the title to real property from one owner to another

Initial money put into the Escrow is called

A deposit

Full release of mortgage

A full release a mortgage executed adding knowledge notarized by the mortgagee it may be obtained by any of the above methods and treated the same way as escrow

Transaction Coordinator

A person who assist the agent and broker in the 1st processing of the realestate file gathering on for mation paperwork and following up of the contractual items also the transaction coeordinate are puts together the final broker file of the real estate transaction

Voluntary

Applied to property by owners such as a deed of trust

liens

Are a general term to describe any kind of incumbrance against the property

The reasonable length of time for an escrow is

Sixty days

A statement of information requires

Social security numbers Address Occupations All of the above

Involuntary

Such as a mechanic's lien abstract of judgment franchise tax board F TB taxes property taxes or IRS liens

The 1st step in the escrow procedure is

Take Escrow

Checklist

Tesco requirements she is a pre printed sheet use for keeping track of the escrow progress

Assignment of beneficial interests

That 1 recorded will make it a matter of public that the beneficial interests of the deed of trust has been assigned to a new beneficiary

The pest control notice of completion should be approved by

The buyer