The Affordable Housing Recording Fee: What You Should Know.

January 5, 2018

You may have heard about the new Affordable Housing Recording Fee. Here is what you need to know:

Q1: What is the new Affordable Housing Recording Fee?
A: The new fee is an additional charge passed by the legislature and signed by the governor to fund Affordable Housing. The fee is assessed at the time documents are recorded into the public record with the county recorder’s office.

Q2: Does the new Recording Fee replace previous charges for recording?
A: No, the new Recording Fee is charged in addition to previous recording charges collected by county recorders. read more

More Insight on the Secured Tax Bill for 2018

December 29, 2017

What are Secured taxes?
Secured taxes are real estate taxes. These taxes are a lien on a real property.

What period does the secured tax bill cover and how does tax prorating occur if I buy or sell the parcel during the period?
The tax bill covers the period from July 1 to June 30 of each year.  The property tax bill for property purchased after January 1 may still reflect the previous owner’s name and assessed property value; however, it is still a valid property tax bill for the tax year.  Any proration of property taxes between a seller and buyer during this period is usually handled through the escrow process.  You should check with your real estate agent or escrow officer to determine whether property taxes were paid.  It is the responsibility of the new owner to make sure the property tax installments are paid timely.   read more

What’s in a Preliminary Title Report?

December 12, 2017

When you’ve been in the real estate and title industry for many years, a Preliminary Title Report is something that might almost be second nature. However, for those new to the title process or for those of you who are looking to expand your vocabulary or perhaps you simply might like a refresher on some less-commonly used vocabulary, read on.

Below you will find a list, compiled by Fidelity, of commonly used vocabulary pertaining to the contents of a Preliminary Title Report. For continued questions, please contact your Fidelity National Title Orange County Sales Executive. read more

Understanding a Living Trust

December 6, 2017

Estate planners often recommend “Living Trusts” as a viable option when contemplating the manner in which to hold title to real property. When a property is held in a Living Trust, title companies have particular requirements to facilitate the transaction. While not comprehensive, the following are answers to many commonly asked questions. If you have questions that are not answered below, your Fidelity National Title Sales Executive may be able to assist you, however, one may wish to seek legal counsel.

Who are the parties to a Trust?
read more

Joint Tenants vs. Community Property

November 29, 2017

Holding title as joint tenants or as community property involves a multitude of issues to be dealt with. Here are two distinguishing features between taking title as joint tenants or community property, that most people are concerned with.

When title is taken as joint tenants and one spouse dies, the surviving spouse automatically receives the property. This is called a right of survivorship. (Although the property does not go through any probate proceedings, the surviving spouse must still file an affidavit of death of joint tenant to remove the deceased’s name from the deed.) read more