Escrow EBooks

AB 957“The Buyers Choice Act”“The Buyers Choice Act”

Information deemed reliable, but accuracy is not guaranteed.

UPDATE

What is AB 957 the “Buyer’s Choice Act?”

The Buyer’s Choice Act prohibits owners (typically banks) of foreclosed properties from forcing

California homebuyers to use a particular title company, escrow company or other real estate

service provider. The Buyer’s Choice Act requires that a disclosure notice be provided to buyers

informing them of their rights to choose their own real estate service companies to close their

transactions.

When does AB 957 become law?

The Buyer’s Choice Act became law on Sunday - October 11, 2009.

FACT 1:

Any seller of residential real property improved by four or fewer dwelling units shall not require

directly or indirectly, as a condition of selling the property, that title insurance covering the property

or escrow service provided in connection with the sale of the property be purchased by the buyer

from a particular title insurer or escrow agent. This section does not prohibit a buyer from agreeing

to accept the services of a title insurer or an escrow agent recommended by the seller if written

notice of the right to make an independent selection of those services is first provided by the seller

to the buyer.

FACT 2:

A seller who violates this section shall be liable to a buyer in an amount equal to three times all

charges made for the title insurance or escrow service. In addition, any person who violates this

section shall be deemed to have violated his or her license law and shall be subject to discipline

by his or her licensing entity.

FACT 3:

This article shall remain in effect only until January 1, 2015, and as of that date is repealed, unless

a later enacted statute, that is enacted before January 1, 2015 deletes or extends that date.

Note: If buyer agrees to “Sellers Choice” in the purchase contract there is still a chance for the

buyer to use a title insurer or escrow agent of his/her choice once they receive the written notice of

the right to make an independent selection of services from the Seller / Bank.

In the event that the buyer exercises their rights to put into effect The Buyers Choice Act, the Seller/

Bank should not counter the decision of the buyer in the purchase contract.

The county transfer tax is $1.10 per $1,000 (rounded to the nearest $500) statewide in all counties except San Francisco. The County Transfer Tax is based on the sales price.

A number of cities have imposed additional city transfer taxes. Shown below is a quick reference list of the cities which impose transfer taxes and the various rates. Do not rely upon thisinformation without first confirming the current rate with the applicable city.

San Francisco:$100,000 - $250,000 $5.00$251,000 - $1,000,000 $6.80$1,000,000 + $7.50

Compliments Of

Information deemed reliable, but accuracy is not guaranteed.

City Transfer

TAX List

CITY Rate Per $1,000 CITY Rate per $1,000

Alameda $12.00Albany $11.50Berkeley $15.00

Redondo Beach $2.20Richmond $7.00

Cloverdale $1.10Riverside $1.10

Culver City $4.50Sacramento $2.75San Jose $3.30

Hayward $4.50 San Leandro $6.00Los Angeles $4.50 San Mateo $5.00Mountain View $3.30Oakland $15.00Palo Alto $3.30

San Rafael $3.10

Petaluma $2.00

Santa Monica $3.00

Piedmont $13.00

Santa Rosa $2.00

Pinole $5.50

Sebastopol $2.00

Pomona $2.20

Vallejo $3.30

The county transfer tax is $1.10 per $1,000 (rounded to the nearest $500) statewide in all counties except San Francisco. The County Transfer Tax is based on the sales price.

A number of cities have imposed additional city transfer taxes. Shown below is a quick reference list of the cities which impose transfer taxes and the various rates. Do not rely upon thisinformation without first confirming the current rate with the applicable city.

San Francisco:$100,000 - $250,000 $5.00$251,000 - $1,000,000 $6.80$1,000,000 + $7.50

Compliments Of

Information deemed reliable, but accuracy is not guaranteed.

City Transfer

TAX List

CITY Rate Per $1,000 CITY Rate per $1,000

Alameda $12.00Albany $11.50Berkeley $15.00

Redondo Beach $2.20Richmond $7.00

Cloverdale $1.10Riverside $1.10

Culver City $4.50Sacramento $2.75San Jose $3.30

Hayward $4.50 San Leandro $6.00Los Angeles $4.50 San Mateo $5.00Mountain View $3.30Oakland $15.00Palo Alto $3.30

San Rafael $3.10

Petaluma $2.00

Santa Monica $3.00

Piedmont $13.00

Santa Rosa $2.00

Pinole $5.50

Sebastopol $2.00

Pomona $2.20

Vallejo $3.30

Cities Requiring Pre-Sale Inspection/ City Reports

THESE ARE THE CITIES THAT REQUIRE PRE-SALE INSPECTION REPORTS WHEN YOU GO TO ESCROW. Please check with the local agency to get updated information. Information deemed reliable, but accuracy is not guaranteed.

Azusa 626.812.5235Bell 323.588.6211Beverly Hills 310.285.1141Carson 310.952.1766Compton 310.537.8000Cudahy 323.773.5143Culver City 310.253.5800El Monte 626.580.2050El Segundo 310.524.2380 or 310.524.2379Gardena 310.217.9530Hawaiian Gardens 562.420.2641 Ext. 217Hermosa Beach 310.318.0235Huntington Park (1-4 Units Only) 323.582.6161Inglewood 310.412.5294 (Order online or in person)Irvine 949.724.6470Laguna Beach 949.497.3311Long Beach 562.570.6651Los Angeles (City of LA Only) 213.473.3231

Lynwood 310.603.0220Manhattan Beach 310.802.5505Maywood 323.562.5000Monterey Park 626.307.1300Newport Beach 949.644.3255Orange 714.744.7200Oxnard 805.385.7925Palos Verdes Estates 310.378.0383Pasadena 626.744.4200Port Hueneme 805.986.6500Rancho Palos Verdes 310.541.7702Redondo Beach 310.372.1171Rolling Hills / Rolling Hills Estates 310.377.1521 / 310.377.1577San Marino 626.300.0711Santa Monica 310.458.8341Signal Hill 562.989.7300South Gate 323.563.9500Thousand Oaks 805.449.2100

Cities Requiring Pre-Sale Inspection Reports

AZUSA

BEVERLY

HILLS

CARSON

COMPTON

CUDAHY

CULVER

CITY

EL

SEGUNDO

GARDENA

HAWAIIAN

GARDENS

HERMOSA

BEACH

HUNTINGTON

PARK

1-4 Units Only

EL MONTE INGLEWOOD

LAGUNA

BEACH

LOS ANGELES

City of LA only

MANHATTAN

BEACH

MAYWOOD

MONTEREY

PARK

NEWPORT

BEACH

ORANGE

OXNARD

PALOS

VERDES

ESTATES

PASADENA

LONG BEACH

PORT

HUENEME

RANCHO

PALOS

VERDES

REDONDO

BEACH

ROLLING

HILLS

SAN DIEGO

SAN MARINO

SANTA

MONICA

SOUTH GATE

SIGNAL HILL

TORRANCE

THOUSAND

OAKS

THESE ARE THE CITIES THAT REQUIRE PRE-SALE INSPECTION

REPORTS WHEN YOU GO TO ESCROW.

Please check with the local agency to get updated information.

Information deemed reliable, but accuracy is not guaranteed.

BELL

IRVINE LYNWOOD

Los ANGELES COUNTY ZIP CODESA list of Los Angeles County zip codes for quick reference

Acton 93510Agoura Hills 91301Alhambra 91801Alhambra 91803Altadena 91001Arcadia 91006Arcadia 91007Artesia 90701Avalon 90704Azusa 91702Baldwin Park 91706Bell 90201Bellflower 90706Beverly Hills 90210Beverly Hills 90211Beverly Hills 90212Burbank 91501Burbank 91502Burbank 91504Burbank 91505Burbank 91506Calabasas 91302Canoga Park 91303Canoga Park 91304Canyon Country 91351Canyon Country 91387Carson 90745Carson 90746Castaic 91384Cerritos 90703Chatsworth 91311Claremont 91711Compton 90220Compton 90221Compton 90222Covina 91722Covina 91723Covina 91724Culver City 90230Culver City 90232Diamond Bar 91765Downey 90240Downey 90241Downey 90242Duarte 91010El Monte 91731El Monte 91732El Monte - South 91733El Segundo 90245Encino 91316Encino 91436Gardena 90247Gardena 90248Gardena 90249Glendale 91201Glendale 91202Glendale 91203Glendale 91204Glendale 91205Glendale 91206Glendale 91207Glendale 91208Glendora 91740Glendora 91741Granada Hills 91344Hacienda Heights 91745Harbor City 90710Hawaiian Gardens 90716Hawthorne 90250Hermosa Beach 90254

Huntington Park 90255Inglewood 90301Inglewood 90302Inglewood 90303Inglewood 90304Inglewood 90305Los Angeles 90003“ 90004” 90006“ 90010” 90011“ 90012” 90015“ 90016” 90018“ 90019” 90020“ 90023” 90027“ 90029” 90034“ 90035” 90036“ 90037” 90039“ 90047” 90057“ 90062” 90063“ 90044” 90059“ 90061La Canada Flintridge 91011 La Crescenta 91214La Habra Heights 90631La Mirada 90638La Puente 91744La Puente 91746La Verne 91750LA/Baldwin Hills 90008LA/Bel-Air 90077LA/Boyle Heights 90033LA/Brentwood 90049LA/Century City 90067LA/City of Commerce 90040LA/Eagle Rock 90041LA/ East L.A. 90022LA/Echo Park 90026LA/El Sereno 90022LA/Firestone Park 90001LA/Glassell 90065LA/Highland Park 90042LA/Hollywood 90028LA/Hollywood 90068LA/Ladera Heights 90056LA/Lincoln Heights 90031LA/Mar Vista 90066LA/Rancho Park 90064LA/Sanford 90005LA/View Park/ 90043Windsor HillsLA/Watts 90002LA/West LA 90025LA/Westchester 90045LA/Westwood 90024Lake Hughes 93532Lakewood 90712Lakewood 90713Lakewood 90715

Lancaster 93534Lancaster 93535Lancaster 93536Lawndale 90260Littlerock 93543Llano 93544Lomita 90717Long Beach 90802Long Beach 90803Long Beach 90804Long Beach 90805Long Beach 90806Long Beach 90807Long Beach 90808Long Beach 90810Long Beach 90813Long Beach 90814Long Beach 90815Lynwood 90262Malibu 90265Manhattan Beach 90266Marina Del Rey 90292Maywood 90270Mission Hills 91345Monrovia 91016Montebello 90640Monterey Park 91754Monterey Park 91755Montrose 91020Newhall 91321North Hills 91343North Hollywood 91601North Hollywood 91602North Hollywood 91605North Hollywood 91606Northridge 91324Northridge 91325Northridge 91326Norwalk 90650Pacific Palisades 90272Pacoima 91331Palmdale 93550Palmdale 93551Palmdale 93552Palmdale 93591Palos Verdes Pen. 90274Panorama City 91402Paramount 90723Pasadena 91101Pasadena 91103Pasadena 91104Pasadena 91105Pasadena 91106Pasadena 91107Pearblossom 93553Pico Rivera 90660Playa Del Rey 90293Playa Vista 90094Pomona 91766Pomona 91767Pomona 91768 Rancho P.V. 90275Redondo Beach 90277Redondo Beach 90278Reseda 91335Rosemead 91770Rowland Heights 91748San Dimas 91773

San Fernando 91340 San Gabriel 91775San Gabriel 91776San Marino 91108San Pedro 90731San Pedro 90732Santa Clarita 91350Santa Clarita 91390Santa Fe Springs 90670Santa Monica 90401Santa Monica 90402Santa Monica 90403Santa Monica 90404Santa Monica 90405Sherman Oaks 91403Sherman Oaks 91423Sierra Madre 91024Signal Hill 90755South Gate 90280South Pasadena 91030Stevenson Ranch 91381Studio City 91604Sun Valley 91352Sunland 91040Sylmar 91342Tarzana 91356Temple City 91780Topanga 90290Torrance 90501Torrance 90502Torrance 90503Torrance 90504Torrance 90505Tujunga 91042Valencia 91354Valencia 91355Valley Village 91607Van Nuys 91401Van Nuys 91405Van Nuys 91406Van Nuys 91411Venice 90291Walnut 91789West Covina 91790West Covina 91791West Covina 91792West Hills 91307West Hollywood 90069West Hollywood/LA 90038West Hollywood/LA 90046West Hollywood/LA 90048Westlake Village 91361Westlake Village 91362Whittier 90601Whittier 90602Whittier 90603Whittier 90604Whittier 90605Whittier 90606Wilmington 90744Winnetka 91306Woodland Hills 91364Woodland Hills 91367

Information deemed reliable, accuracy is not guaranteed.

ORANGE COUNTY ZIP CODESA list of Orange County zip codes for quick reference

Aliso Viejo (92656)

Aliso Viejo (92698)

Anaheim (92801)

Anaheim (92802)

Anaheim (92803)

Anaheim (92804)

Anaheim (92805)

Anaheim (92806)

Anaheim (92807)

Anaheim (92808)

Anaheim (92809)

Anaheim (92812)

Anaheim (92814)

Anaheim (92815)

Anaheim (92816)

Anaheim (92817)

Anaheim (92825)

Anaheim (92850)

Anaheim (92899)

Atwood (92811)

Brea (92821)

Brea (92822)

Brea (92823)

Buena Park (90620)

Buena Park (90621)

Buena Park (90622)

Buena Park (90624)

Capistrano Beach (92624)

Corona del Mar (92625)

Costa Mesa (92626)

Costa Mesa (92627)

Costa Mesa (92628)

Cypress (90630)

Dana Point (92629)

East Irvine (92650)

El Toro (92609)

Foothill Ranch (92610)

Fountain Valley (92708)

Fountain Valley (92728)

Fullerton (92831)

Fullerton (92832)

Fullerton (92833)

Fullerton (92834)

Fullerton (92835)

Fullerton (92836)

Fullerton (92837)

Fullerton (92838)

Garden Grove (92840)

Garden Grove (92841)

Garden Grove (92842)

Garden Grove (92843)

Garden Grove (92844)

Garden Grove (92845)

Garden Grove (92846)

Huntington Beach (92605)

Huntington Beach (92615)

Huntington Beach (92646)

Huntington Beach (92647)

Huntington Beach (92648)

Huntington Beach (92649)

Irvine (92602)

Irvine (92603)

Irvine (92604)

Irvine (92606)

Irvine (92612)

Irvine (92614)

Irvine (92616)

Irvine (92617)

Irvine (92618)

Irvine (92619)

Irvine (92620)

Irvine (92623)

Irvine (92697)

La Habra (90631)

La Habra (90632)

La Habra (90633)

La Palma (90623)

Ladera Ranch (92694

Laguna Beach (92651)

Laguna Beach (92652)

Laguna Hills (92653)

Laguna Hills (92654)

Laguna Niguel (92607)

Laguna Niguel (92677)

Laguna Woods (92637)

Lake Forest (92630)

Los Alamitos (90720)

Los Alamitos (90721)

Midway City (92655)

Mission Viejo (92690)

Mission Viejo (92691)

Mission Viejo (92692)

Newport Beach (92658)

Newport Beach (92659)

Newport Beach (92660)

Newport Beach (92661)

Newport Beach (92662)

Newport Beach (92663)

Newport Coast (92657)

Orange (92856)

Orange (92857)

Orange (92859)

Orange (92862)

Orange (92863)

Orange (92864)

Orange (92865)

Orange (92866)

Orange (92867)

Orange (92868)

Orange (92869)

Placentia (92870)

Placentia (92871)

Rancho Santa

Margarita (92688)

San Clemente (92672)

San Clemente (92673)

San Clemente (92674)

San Juan Capistrano (92675)

San Juan Capistrano (92693)

Santa Ana (92701)

Santa Ana (92702)

Santa Ana (92703)

Santa Ana (92704)

Santa Ana (92705)

Santa Ana (92706)

Santa Ana (92707)

Santa Ana (92711)

Santa Ana (92712)

Santa Ana (92725)

Santa Ana (92735)

Santa Ana (92799)

Seal Beach (90740)

Silverado (92676)

Stanton (90680)

Sunset Beach (90742)

Surfside (90743)

Trabuco Canyon (92678)

Trabuco Canyon (92679)

Tustin (92780)

Tustin (92781)

Tustin (92782)

Villa Park (92861)

Westminster (92683)

Westminster (92684)

Westminster (92685)

Yorba Linda (92885)

Yorba Linda (92886)

Yorba Linda (92887)

Information deemed reliable, accuracy is not guaranteed.

RIVERSIDE COUNTY ZIP CODESA list of Riverside County zip codes for quick reference

Information deemed reliable, accuracy is not guaranteed.

Compliments of...

Aguanga (92536) Anza (92539) Banning (92220) Beaumont (92223) Blythe (92225) Blythe (92226) Cabazon (92230) Calimesa (92320) Cathedral City (92234) Cathedral City (92235) Coachella (92236) Corona (92877) Corona (92878) Corona (92879) Corona (92880) Corona (92881) Corona (92882) Corona (92883) Desert Center (92239) Desert Hot Springs (92240) Desert Hot Springs (92241) Hemet (92543) Hemet (92544) Hemet (92545) Hemet (92546) Homeland (92548) Idyllwild (92549) Indian Wells (92210) Indio (92201) Indio (92202) Indio (92203) La Quinta (92247) La Quinta (92248) La Quinta (92253)Lake Elsinore (92530) Lake Elsinore (92531) Lake Elsinore (92532)

March Air Reserve Base (92518) Mecca (92254) Menifee (92584) Mira Loma (91752) Moreno Valley (92551) Moreno Valley (92552) Moreno Valley (92553) Moreno Valley (92554) Moreno Valley (92555) Moreno Valley (92556) Moreno Valley (92557) Mountain Center (92561) Murrieta (92562) Murrieta (92563) Murrieta (92564) Norco (92860) North Palm Springs (92258) Nuevo (92567) Palm Desert (92211) Palm Desert (92255) Palm Desert (92260) Palm Desert (92261) Palm Springs (92262) Palm Springs (92263) Palm Springs (92264) Perris (92570) Perris (92571) Perris (92572) Perris (92599) Rancho Mirage (92270) Riverside (92501) Riverside (92502) Riverside (92503) Riverside (92504) Riverside (92505) Riverside (92506) Riverside (92507)

Riverside (92508) Riverside (92509) Riverside (92513) Riverside (92514) Riverside (92515) Riverside (92516) Riverside (92517) Riverside (92519) Riverside (92521) Riverside (92522) San Jacinto (92581) San Jacinto (92582) San Jacinto (92583) Sun City (92585) Sun City (92586) Sun City (92587) Temecula (92589) Temecula (92590) Temecula (92591) Temecula (92592) Temecula (92593) Thermal (92274) Thousand Palms (92276) Whitewater (92282) Wildomar (92595) Winchester (92596)

SAN BERNARDINO COUNTY ZIP CODESA list of San Bernardino County zip codes for quick reference

Information deemed reliable, accuracy is not guaranteed.

Compliments of...

Adelanto (92301)

Amboy (92304)

Angelus Oaks (92305)

Apple Valley (92307)

Apple Valley (92308)

Baker (92309)

Barstow (92311)

Barstow (92312)

Big Bear City (92314)

Big Bear Lake (92315)

Bloomington (92316)

Blue Jay (92317)

Bryn Mawr (92318)

Cedar Glen (92321)

Cedarpines Park (92322)

Chino (91708)

Chino (91710)

Chino Hills (91709)

Cima (92323)

Colton (92324)

Crest Park (92326)

Crestline (92325)

Daggett (92327)

Earp (92242)

Essex (92332)

Fawnskin (92333)

Fontana (92331)

Fontana (92334)

Fontana (92335)

Fontana (92336)

Fontana (92337)

Forest Falls (92339)

Fort Irwin (92310)

Grand Terrace (92313)

Green Valley Lake (92341)

Guasti (91743)

Helendale (92342)

Hesperia (92340)

Hesperia (92344)

Hesperia (92345)

Highland (92346)

Hinkley (92347)

Joshua Tree (92252)

Lake Arrowhead (92352)

Landers (92285)

Loma Linda (92350)

Loma Linda (92354)

Loma Linda (92357)

Lucerne Valley (92356)

Ludlow (92338)

Lytle Creek (92358)

Mentone (92359)

Montclair (91763)

Morongo Valley (92256)

Mountain Pass (92366)

Mt Baldy (91759)

Needles (92363)

Newberry Springs (92365)

Nipton (92364)

Ontario (91758)

Ontario (91761)

Ontario (91762)

Ontario (91764)

Oro Grande (92368)

Parker Dam (92267)

Patton (92369)

Phelan (92329)

Phelan (92371)

Pinon Hills (92372)

Pioneertown (92268)

Rancho Cucamonga (91701)

Rancho Cucamonga (91729)

Rancho Cucamonga (91730)

Rancho Cucamonga (91737)

Rancho Cucamonga (91739)

Red Mountain (93558)

Redlands (92373)

Redlands (92374)

Redlands (92375)

Rialto (92376)

Rialto (92377)

Rimforest (92378)

Rimforest (92378)

Running Springs (92382)

San Bernardino (92401)

San Bernardino (92402)

San Bernardino (92403)

San Bernardino (92404)

San Bernardino (92405)

San Bernardino (92406)

San Bernardino (92407)

San Bernardino (92408)

San Bernardino (92410)

San Bernardino (92411)

San Bernardino (92412)

San Bernardino (92413)

San Bernardino (92414)

San Bernardino (92415)

San Bernardino (92418)

San Bernardino (92423)

San Bernardino (92424)

San Bernardino (92427)

Skyforest (92385)

Sugarloaf (92386)

Trona (93562)

Trona (93592)

Twentynine Palms (92277)

Twentynine Palms (92278)

Twin Peaks (92391)

Upland (91784)

Upland (91785)

Upland (91786)

Victorville (92392)

Victorville (92393)

Victorville (92394)

Victorville (92395)

Vidal (92280)

Wrightwood (92397)

Yermo (92398)

Yucaipa (92399)

Yucca Valley (92284)

Yucca Valley (92286)

What are Propositions 60 & 90?

They are constitutional initiatives passed by

California voters. They provide property tax

relief by preventing reassessment when a

senior citizen sells his/her existing residence

and purchases or constructs a replacement

residence with a value equal to or less than

the original.

Who Qualifies?

The seller of the original residence, or spouse

who resides with the seller, must be at least

55 years of age at the time of the sale.

When are These Propositions Effective?

The replacement residence must have been

purchased or constructed on or after

November 5, 1986 if the original was

located in Los Angeles County, or after

November 9, 1998 if it was located in any

other California County. Claims must be filed

within three years following the purchase of

the replacement residence.

Eligibility Requirements:

1. The replacement property must be the

owner’s principal residence and eligible for

the Homeowners’ Exemption. The original

property, at the time of its sale, must have

been eligible for the Homeowners’

Exemption, or entitled to the Disabled

Veterans’ Exemption.

2. The seller of the original residence, or a

spouse residing with the seller, must be at

least 55 years of age, as of the date that the

original property is transferred.

3. The replacement property must be of

equal or lesser “current market value” than

the original.

4. If the replacement is purchased in Los

Angeles County, the original can be located

in Los Angeles County or any other California

County. Twelve other counties have passed

similar Proposition 90 Local Option

Ordinances. If the original residence is in Los

Angeles County, and you want to relocate in

another county, contact that county for

Proposition 90 eligibility.

5. The replacement property must be pur-

chased or newly constructed within two

years (before or after) the sale of the original

property.

6. The owner must file an application within

three years following the purchase date or

new construction completion date of the

replacement property.

7. This is a one-time only filing. Proposition

60/90 relief cannot be granted if the

claimant, or spouse, was granted relief in the

past.

8. Proposition 60/90 relief includes, but is

not limited to: single family residences,

condominiums, units in planned unit

developments, cooperative housing

corporation units or lots, community

property apartment units, mobile homes sub-

ject to local real property tax, and

owners’ living premises which are a portion

of a larger structure.

9. In most instances, if more than one owner

of an original property is eligible for

Proposition 60/90, they must choose among

themselves which one will use the benefits.

Commonly Asked Questions:

Q: Is it true that only one claimant need be

at least age 55 as of the date of the sale of an

original property in order to qualify?

A: Yes. The principal claimant/occupant

of his/her spouse must be age 55.

Q: If I get Proposition 60/90 benefits will I

still have to file for a Homeowners’

Exemption on the replacement property?

A: Yes. You must file for a Homeowners’

Exemption on the replacement property.

It is not granted automatically.

Q: What is the filing deadline?

A: Within three years of purchasing or

completing new construction of the

replacement property.

Q: Can a claimant transfer the factored base

year value from an original single family

residence to a replacement duplex or

multi-unit residence (living in one unit and

renting the others)?

A: Yes. The owner could carry the factored

base year value of the original property to

that portion of the replacement parcel that is

his/her principal place of abode, and the

land that constitutes a reasonable size to

embody a site for the residence. However,

that portion comprising the abode must be of

equal or lesser value than the original

property. The rest of the parcel will be

appraised at its market value.

T H E R E A LT O R ’ S G U I D E

The following counties have elected to participate in this program:

Alameda • (415) 272-3755Los Angeles • (213) 974-3101Santa Clara • (408) 299-4347San Mateo • (415) 363-4500

Orange • (714) 834-2746San Diego • (619) 531-5507

Ventura • (805) 654-2176

Prepare Escrow Instrumentsand Pertinent Documents

ObtainSignatures

Order TitleSearch

ProcessFinancing

Receive and ReviewPreliminary Report

Receive Demands (if any)Request Clarification ofOther Liens (i f any) andReview Taxes on Report

Receive Demands andEnter into File

Request BeneficiaryStatement

Request or PrepareNew Loan Application

Request BeneficiaryStatement and Enter

Into FileReview Terms of

Transfer and CurrentPayment Status

(Prior Approval isNecessary to Record)

Obtain Loan Approvaland Determine thatTerms are Correct

Request Loan Documents

Review file to Determine that All Conditionshave Been Met and that All Documents are

Correct and Available for Signature(Termite inspection, contingencies released, fire insurance

ordered, additional documents [second deed of trust, bill of sale, etc.] have been prepared.)

Figure file and RequestSignature on All

Remaining Documents

Forward Documentsto Title Company

Obtain FundsFrom buyer

Return LoanDocuments

RequestLoan Funds

Funds

OrderRecording

Close FilePrepare Statementsand Disburse Funds

Complete Closing

Forward Final Documentsto All Interested Parties(Buyer, Seller, Lender)

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