Broker:This is the person who represents
the buyer/seller during a real property
transaction. When buying or selling real
estate in California through a broker, you are
protected by dealing with a party who is
operating under state license.
Escrow:This means to deposit money and
documents with an escrow agent, usually in
the form of a corporation, to be used as
specifically described in the written
instructions of the parties.
Escrow Officer:This person writes the
written instructions of the parties for the
escrow agent. These instructions govern the
use of money and documents given by the
Preliminary Report:This report shows
preliminary ownership and encumbrance
information. It is given to the escrow officer
after the escrow is opened.
Taxes:The prorating of county, city, and
irrigation district taxes and the calculation of
bonds and special assessments requires
Insurance:At the time of closing, all
premiums must be adjusted and all policies
transferred. All changes must be made and
the insurance companies must be notified.
Prorate:The division of proportionate
shares of rent, insurance, taxes, etc. between
the parties involved. This is usually
calculated by an escrow officer.
Revenue Stamps:These are put on deeds
to show that taxes have been paid at a
transfer rate of .11% based on the sale price.
The escrow officer uses these when
Deed: This is a document that is used to
transfer the ownership of land from one
person to another. The form of the deed may
Title:The right by which the owner of the
land has possession of the property. Publicly
recording a deed is a common way to
establish a title.
Title Insurance:A policy which protects
your rights as owner of a property, and will
reimburse for any problems with the title to
the property. Your real estate professional
can provide free information about title