Common Ways of Holding Title in California

First-time homebuyers face a bewildering array of vesting options. They may reach out to you, as a real estate professional, for guidance on what those options are and what they mean.

Rather than trying to remember the ins and outs of each option, provide them with this flyer. It will only enhance your reputation as the go-to person for all things real estate.

21 Reasons for Title Insurance

Every transaction someone asks “Why do I have to buy Title Insurance?” Maybe you answered “Well, the lender requires it. It protects the lender.”

It may surprise you to learn there are myriad ways that title insurance protects buyers, sellers, and everyone else related to the transaction. To give you insight as to the many ways that title insurance benefits everyone, I am providing the following flyer. Feel free to copy this and give it to your buyers and sellers. It only adds to your credibility as a consumate transaction specialist.

CA Homestead Exemption 2021

The homestead exemption applies when a creditor attempts to enforce a money judgment against a qualified dwelling.

Prior to January 1, 2021, California Code of Civil Procedure§ 704.730 stated that a specified portion of equity in a homestead is exempt from execution to satisfy a judgment debt and prescribes that the amount of the homestead exemption is $75,000 for a single homeowner, $100,000 for married couples or heads of household, or $175,000 for those over 65 years of age or disabled.

EFFECTIVE JANUARY 1, 2021, California Code of Civil Procedure § 704.730 states as follows:
(a) The amount of the homestead exemption is the greater of the following:

(1) The countywide median sale price for a single-family home in the calendar year prior to the calendar year in which the judgment debtor claims the exemption, not to exceed six hundred thousand dollars ($600,000).
(2) Three hundred thousand dollars ($300,000).
(b) The amounts specified in this section shall adjust annually for inflation, beginning on January 1, 2022, based on the change in the annual California Consumer Price Index for All Urban Consumers for the prior fiscal year, published by the Department of Industrial Relations.

Click here to download a .pdf version of this flyer

California’s Proposition 19

Proposition 19 significantly changes certain property tax transfers, exemptions and revenue for Wildfire Agencies and Counties.

Specifically, primary residents over 55 may now carry their current tax assessments to a replacement residence in any California county.

Also, Parent-to-Child exemptions are limited to the first $1 million of value over the parent’s assessed value. The exemption is also limited to only primary residences of both the parent and child.

Understanding Forbearance in Escrow

Due to the 2020 pandemic, millions of homeowners have requested a forbearance plan from their loan servicer. Under the Coronavirus Aid, Relief, and Economic Security Act (CARES) homeowners were given the option to suspend their mortgage payments by entering into a forbearance agreement with their loan servicer if they have a federally backed mortgage.

Click HERE to download a printable image of this flyer.

Stay Savvy…Stay Safe…

The FBI recently released its 2019 Internet Crimes Report. The top category, Business Email Compromise (BEC), and Email Account Compromise (EAC) once again topped the list, dwarfing all other categories and, despite continued warnings, continues to grow year after year.

These BEC scams often lead to wire transfer fraud. According to the FBI, there were 11,677 victims in 2019 with $221 million in losses due to wire transfer fraud. This compares to 11,300 reported victims and $150 million in losses in 2018.

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Stay Savvy - Stay Safe Anon