Trusts are no longer considered a reportable “Legal Entity”; therefore, the requirements for submitting may be ignored.
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Real Estate Professionals
Tips To Attract Buyers To Your Open House This Halloween!
Halloween is an exciting time to attract attention from home buyers by getting creative with your next open house, especially if the neighborhood is filled with families with young children!
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Read Our 10 Tips To Protect Yourself From Cybercriminals.
Wire fraud is one of the fastest growing cybercrimes in the United States.
An emerging financial cyber threat called business e-mail compromise (BEC) is a multifaceted global fraud scheme that targets businesses and their clients. Highly sophisticated techniques include spear-phishing, social engineering, e-mail spoofing, identity theft, and the use of malware. Cybercriminals forge the identity of a company or an employee or person you know. The cybercriminal will send you an email with new wire instructions to the criminal’s bank account. [Read more…] about Read Our 10 Tips To Protect Yourself From Cybercriminals.
California Bureau of Real Estate (CalBRE) Reemerges as Department of Real Estate (DRE)
The California Bureau of Real Estate (CalBRE) will cease to exist and will become the Department of Real Estate (DRE), effective July 1, 2018.
On October 15, 2017, Governor Brown signed SB 173, which:
- renames the CalBRE the DRE; and
- removes the CalBRE from the Department of Consumer Affairs (DCA) to classify it as an independent department under the Business, Consumer Services and Housing Agency (BCSH).
The California Department of Real Estate became a bureau on July 1, 2013, as part of a government reorganization plan instituted in 2012. The consolidation of California agencies was intended to streamline government services and save money.
So, brokers and agents, be prepared to welcome back the DRE and embark on another mission to update your business materials in conformance with new government changes. The change is not expected to impact consumers, licensees or license.
Buying or Selling Real Estate? Know the California Property Tax Calendar
Property taxes are assessed in California on an annual basis. Late fees can add up quickly, and, in a worst-case scenario, could eventually culminate in a lien on your property.
Paying your property taxes is a straightforward process, if you know when each step will occur. One of the first things you want to do when you enter into a real estate transaction–as either buyer or seller–is to know the property tax schedule so that you stay current on your payment.
Download a free California Property Tax calendar, so you’ll never miss a deadline.
What are the Important Dates for California Property Taxes?
The California state property tax fiscal year begins on July 1st. Owners receive a notice of their home’s assessed value by the end of July; the official bill is mailed the week of October 1st.
Property owners are permitted to pay their property taxes in two equal installments. Taxes for the months of July through December are due November 1st, with a late fee of 10% added if your payment is not postmarked by December 10th.
Then, taxes for January through June are due by February 1st, with a late fee of 10% plus $10 added if you haven’t paid by April 10th. Of course, you can also simply pay your entire bill in one installment if you choose.
There are a few exemptions for homeowners, veterans, and senior citizens that can reduce property taxes; exemptions must be filed annually by April 15.
Stay Up To Date To Avoid Fees With A California Property Tax Calendar
Finally– and this is what you want to avoid–if you haven’t paid your property taxes by June 8th, your name is added to the delinquent taxes list. Once your name is on the list, you still have a small window to pay your property tax bill, albeit with penalty fees, but at least you won’t be considered in default of paying your taxes.
If your payment is not received by the end of the fiscal year (June 30th), you’ll be officially delinquent and charged an additional fee of 1.5% per month, plus $15. Delinquency fees can add up quickly, and being on this list can also affect your credit rating.
Download a free California Property Tax calendar, so you’ll never miss a deadline.
At Escrow of the West, we take pride in keeping buyers, sellers, and realtors up-to-date on California real estate trends and regulations. Our superior customer service and knowledgeable staff are what makes us one of the leading escrow providers for homeowners and real estate professionals in Southern California.
Meet our team of escrow officers or call 866-444-5560 to speak to a representative today.
Thinking About New Construction? Here are 6 Tips for Buyers, Investors and Agents
Thinking about buying a brand-new home? You’re not alone.
According to a joint report by the U.S. Census Bureau and U.S. Department of Housing and Urban Development, about 608,000 newly constructed homes were sold in 2017. This is an 8.3% increase from 2016’s figure of 561,000.
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How To Open Escrow & Tips To Expedite The Process
At Escrow of the West, our goal is to make your next escrow smooth and error-free, and our expertise begins at the first stage of escrow: opening the escrow account.
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Here’s What You Need to Know About SB-2 Building Homes and Jobs Act
As of January 1, 2018, SB-2 Building Homes and Jobs Act mandates a fee on mortgage refinances and other real estate transactions. Here’s what you need to know about SB-2 and how it impacts recording of residential real estate documents.
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