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taxes: CAL-FIRPTA Withholding 2007 - 05/23/07 06:33 PM
On September 22, 2006, the Governetor (California) signed AB 2962. This new law amends Revenue and Taxation Code Sections 18662 and 18668, making changes to real estate withholding requirements for all transactions closing on or after January 1, 2007. Commonly referred to as "CAL-FIRPTA".
Previously, where withholding was required under CAL FIRPTA, a Seller had to withhold 3 1/3% of the property's gross sale price. Now, for all transactions closing on or after January 1, 2007, a Seller may choose between the original withholding method or elect an alternate withholding amount based on the Seller's estimated gain. The alternate withholding amount will … (1 comments)

taxes: What is a 1031 Tax-Deferred Exchange? - 04/05/07 03:12 PM
I often get this questioned asked.  
A 1031 Exchange is one of the oldest standing tax laws in the country. Tax-Deferred Exchanges were first introduced in 1921 allowing owners of investment property to defer the payment of capital gains associated with the sale of these properties. This procedure is outlined under the Internal Revenue Code Section 1031, and involves a series of rules and regulations that must be met in order to take full advantage of this great tax benefit.

A Qualified Intermediary, is a third party that helps to facilitate the exchange. Sometimes referred to as "facilitator," or … (2 comments)

taxes: Important Notice Re: Prop. taxes while in escrow - 04/02/07 02:31 PM
IMPORTANT NOTICE REGARDING PROPERTY TAXES WHILE IN ESCROW
While your property is in escrow, PLEASE DO NOT PAY ANY OF YOUR REAL PROPERTY TAXES WITHOUT FIRST CONTACTING YOUR ESCROW OFFICER. If the title company cannot verify that your taxes are paid, it will be necessary to hold the amount of the installment due PLUS penalty until the title company can verify that the County Tax Collector has received your full payment. Funds will be held up to 30 days after the close of escrow at which time the title company will forward said funds to pay taxes and penalties. This may result … (2 comments)

 
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Luisa Orellana, Escrow Officer, Granite Escrow

Los Angeles, CA

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Granite Escrow

Address: 439 N. Canon Drive, Suite 220, Beverly Hills, CA, 90210

Office Phone: (310) 288-0110 x 2606

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I am here to give you my thoughts and opinion about pretty much anything. So hope you enjoy my posts! Please let me know how I'm doing and don't be afraid to leave your comments.


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