The Homeowners for Families and Tax Savings for Seniors Committee issued the following statement in reaction to the announcement by California’s Secretary of State that the Property Tax Fairness Initiative has been declared eligible for the November 6, 2018, General Election ballot. When passed, the measure will eliminate what amounts to a moving penalty that severely restricts the ability of seniors, disabled residents, victims of natural disasters, and homeowners living on contaminated property from being able to relocate due to unfair property taxes increases.
Title Insurance. It’s a term we hear and see frequently — we see reference to it in the Sunday real estate section, in advertisements and in conversations with real estate brokers. If you’ve purchased a home before, you’re probably familiar with the benefits and procedures of title insurance. But if this is your first home, you may wonder, “Why do I need another insurance policy? It’s just one more bill to pay.”
The answer is simple: The purchase of a home is most likely one of the most expensive and important purchases you will ever make. You, and your mortgage lender, want to make sure that the property is indeed yours —lock, stock and barrel —and that no individual or government entity has any right, lien, claim to your property.
Title insurance companies are in business to make sure your rights and interests to the property are clear, that transfer of title takes place efficiently and correctly and that your interests as a homebuyer are protected to the maximum degree.
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.
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.
Starting January 1st, 2018, the County Recorder will be charging an additional document recording fee. Not all counties will be implementing SB2 the same way so to help simplify the process we created the following chart that will allow you to quickly glance at the county and know what will be charged. We have included Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura for your convenience. We’ve also broken down the fees by type, including Document Title fee, Parcel Number fee and Trailing Document fee.