In every purchase/sale of Real Estate, a Preliminary Change of Ownership Report (PCOR) must be filed. The PCOR must be filed for other types of transfers as well, but in this blog we will consider only purchase/sale transactions. After opening escrow, a buyer can expect to find the PCOR in the opening document package. What [...]

When real estate is sold in California, the state requires that income tax for that sale must be withheld.  In this post we will discuss sellers who are individuals or who may qualify as an individual.  We will also explain qualified exceptions and exemptions to withholding. What is the 593-C Form? The seller will need [...]

Senate Bill 931, providing California Short Sale Deficiency Protection, will go into effect on January 1, 2011.  This new law states that existing lenders of record who have approved and agreed upon a short sale will not be able to obtain a deficiency judgment against the seller after the short sale is completed.   After providing [...]

Most often, when a property sells, the transaction is negotiated and the purchase agreement is put together by the real estate agents representing the buyer and seller.  The real estate agents also act as the primary point of contact with escrow during the escrow process.  In contrast, a “for sale by owner” escrow does NOT [...]

In every purchase/sale of Real Estate, the buyer is granted title to the property from the seller through the delivery of a Deed.  The escrow company/title company or an attorney prepares this Deed, and the Deed shows the seller, currently vested on title, is granting the title to the buyer, as the buyer has chosen [...]

An Impound Account, also known as an Escrow Impound Account, is an account set up and managed by mortgage lenders to pay property taxes and insurance on behalf of the home buyer.  These accounts are set up with the lender during escrow to ensure that the home buyer’s property taxes and insurance are paid on [...]

Tuesdays, here at the Coachella Valley Escrow website, we post Technology Tips designed to help you, the REALTOR®, grow your business, keep up to date on the latest technologies, and move you forward into the new era of real estate. Today, QR codes, or “Quick Response” codes, can be found in newspapers, magazines, brochures, billboards, [...]

One of the many important documents received by Escrow from a lender is the Truth in Lending Disclosure Statement (TIL).  The TIL disclosure statement is one of the most misunderstood documents required for closing, and Escrow Officers are often faced with many questions from the borrower regarding this document. This post is designed to educate [...]

In Today’s tight-lending market, individuals looking to invest have the opportunity to capitalize on some great deals and benefits when making an “all cash offer” on a property.  An “all cash offer” is an offer that does not require a third party lender.  Cash offers also make for one of the smoothest escrow processes possible. [...]

For some, the escrow process can be perceived as confusing, perhaps even overwhelming at times.  Buyers and sellers are dealing with deadlines, mounds of paperwork, and signatures galore. It is not uncommon to feel anxious and have questions during the process.   As the neutral third party at the center of the transaction, escrow’s goal is [...]