The Beverly Hills Real Estate blog www.patandmelody.com
Tuesday and it will be sunny, clear and a little warmer. It's going to be a beautiful day. Enjoy it. Happy Cinco de Mayo!
The Dodgers are 11-0 at home that's a new major league record. The Angels win and the Lakers lose last night.
The real estate market continues to show signs of improvement. The stock market opens flat due to profit taking and from CAR.
C.A.R. Achieves Compromise in AB 957,
Choice of Escrow Bill
C.A.R. achieved a compromise in AB 957, "Choice of Escrow Bill." In multiple discussions with the author, C.A.R. worked with Assemblywoman Galgiani to come up with compromise language that will require fair treatment for real estate owned (REO) buyers in the choice of title and escrow providers.
The new language now protects fair negotiation over settlement services, and has removed C.A.R.'s opposition.
The new language will codify in California law the federal RESPA rules for selection of title insurance, and extend the same rules to protect buyers in the selection of escrow services. In a nutshell, the sellers will have to negotiate the selection of title and escrow. Under the new language, if an REO seller wants to try and direct choice of escrow, the seller will have to pay for the privilege.
AB 957 will also impose new penalties on REO sellers that violate the law, and will empower state regulators to go after both RESPA and "steering" violations.
That'll do it for today. Make it a great one and see you tomorrow.
Comments(0)