tag:blogger.com,1999:blog-18325264981635989612024-03-12T16:35:45.883-07:00Escrow ExpertsMELISSA MOTKIN, SEPULVEDA ESCROWhttp://www.blogger.com/profile/10578586816248877080noreply@blogger.comBlogger19125tag:blogger.com,1999:blog-1832526498163598961.post-61208793159507336732020-02-11T14:27:00.001-08:002020-02-11T14:27:19.946-08:00<div class="separator" style="clear: both; text-align: center;">
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<div class="feed-shared-text__text-view feed-shared-text-view white-space-pre-wrap break-words ember-view" id="ember4009" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; font-size: 14px; line-height: inherit !important; margin: 0px; overflow-wrap: break-word !important; padding: 0px; vertical-align: baseline; white-space: pre-wrap !important; word-break: break-word !important;">
<span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="color: white;"><span class="ember-view" id="ember4012" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">In 2019, the Federal Trade Commission reported that it received 3.2 million fraud reports. They stated that “ Wire transfers continue to be the most frequently reported payment method for fraud, with a reported aggregate loss of $439 million.”
During your escrow transaction, information is being shared between your escrow company, real estate agents, title company and lender. It is of utmost importance to make sure the team you have chosen has security protocols in place for sending secure information, but it is also important to verify important information through known telephone numbers. We live in an age that technology makes things easily accessible, however sometimes easy is NOT better. Always take the extra time to call to confirm wire information.
Sepulveda Escrow employs multi-level security policies to ensure your information and funds are safe. Please contact us today to find out more. </span></span><a class="feed-shared-text-view__hyperlink ember-view" href="http://www.sepulvedaescrow.net/" id="ember4016" rel="noopener noreferrer" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; font-weight: 600; line-height: inherit !important; margin: 0px; padding: 0px; position: relative; text-decoration-line: none; touch-action: manipulation; vertical-align: baseline;" tabindex="0" target="_blank">www.sepulvedaescrow.net</a><span class="ember-view" id="ember4020" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
</span><a class="hashtag-link ember-view" data-control-name="hashtag" href="https://www.linkedin.com/feed/hashtag/?highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6633117809511669760&keywords=%23WIREFRAUD&originTrackingId=Z5PpzRo%2BStyJp1ysGIBd6w%3D%3D" id="ember4023" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; font-weight: 600; line-height: inherit !important; margin: 0px; padding: 0px; position: relative; text-decoration-line: none; touch-action: manipulation; vertical-align: baseline;" target="_self"><span class="hashtag-a11y ember-view" dir="ltr" id="ember4024" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; 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line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">#</span><span class="hashtag-a11y__name" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">WIREFRAUD</span></span></a><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"> </span><a class="hashtag-link ember-view" data-control-name="hashtag" href="https://www.linkedin.com/feed/hashtag/?highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6633117809511669760&keywords=%23AVOIDWIREFRAUD&originTrackingId=Z5PpzRo%2BStyJp1ysGIBd6w%3D%3D" id="ember4027" style="background-attachment: initial; 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background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">AVOIDWIREFRAUD</span></span></a><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"> </span><a class="hashtag-link ember-view" data-control-name="hashtag" href="https://www.linkedin.com/feed/hashtag/?highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6633117809511669760&keywords=%23REALESTATE&originTrackingId=Z5PpzRo%2BStyJp1ysGIBd6w%3D%3D" id="ember4031" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; 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line-height: inherit !important; margin: -1px !important; outline: 0px; overflow: hidden !important; padding: 0px !important; position: absolute !important; user-select: none; vertical-align: baseline; white-space: nowrap !important; width: 1px !important;">hashtag</span><span aria-hidden="true" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">#</span><span class="hashtag-a11y__name" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">REALESTATE</span></span></a><span style="background-attachment: initial; 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outline: 0px; padding: 0px; vertical-align: baseline;"> </span><a class="hashtag-link ember-view" data-control-name="hashtag" href="https://www.linkedin.com/feed/hashtag/?highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6633117809511669760&keywords=%23PICKUPTHEPHONE&originTrackingId=Z5PpzRo%2BStyJp1ysGIBd6w%3D%3D" id="ember4039" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; font-weight: 600; line-height: inherit !important; margin: 0px; padding: 0px; position: relative; text-decoration-line: none; touch-action: manipulation; vertical-align: baseline;" target="_self"><span class="hashtag-a11y ember-view" dir="ltr" id="ember4040" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span class="visually-hidden" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px !important; box-sizing: inherit; clip: rect(0px, 0px, 0px, 0px) !important; display: block !important; height: 1px !important; line-height: inherit !important; margin: -1px !important; outline: 0px; overflow: hidden !important; padding: 0px !important; position: absolute !important; user-select: none; vertical-align: baseline; white-space: nowrap !important; width: 1px !important;">hashtag</span><span aria-hidden="true" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">#</span><span class="hashtag-a11y__name" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">PICKUPTHEPHONE</span></span></a><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"> </span><a class="hashtag-link ember-view" data-control-name="hashtag" href="https://www.linkedin.com/feed/hashtag/?highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6633117809511669760&keywords=%23WORTHTHECALL&originTrackingId=Z5PpzRo%2BStyJp1ysGIBd6w%3D%3D" id="ember4043" style="background-attachment: initial; 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background-size: initial; border: 0px; box-sizing: inherit; line-height: inherit !important; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">WORTHTHECALL</span></span></a></span></span></span></div>
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MELISSA MOTKIN, SEPULVEDA ESCROWhttp://www.blogger.com/profile/10578586816248877080noreply@blogger.com0tag:blogger.com,1999:blog-1832526498163598961.post-31147978122895186312018-08-24T14:47:00.001-07:002018-08-24T14:47:44.803-07:00Natural Hazard Disclosures for Real Estate Transactions<br />
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One of the main purposes of using an escrow officer when moving forward with your real estate or business transaction is to make sure that both seller and buyer fulfill all of their requirements (both legal and contractual). The escrow officer holds onto all of the funds in the transaction until those requirements are met, at which point, the escrow officer is legally allowed to begin disbursement. One of those legal requirements that must be completed by the seller, at least for real estate transactions in California, is what is known as a natural hazard disclosure, or NHD. In general terms, this means that, before escrow can close, the seller must disclose any and all potential hazards related to the real estate property being sold.<br />
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In some cases, sellers will fill out the required documentation themselves, usually the Natural Hazard Disclosure Statement or on the Local Option Real Estate Transfer Disclosure Statement (if applicable), both of which allow the seller to outline all hazards in full. However, the vast majority of sellers elect instead to use a third-party service to prepare the disclosure statement. It is important to note that, even if a seller uses such a third-party, they are still legally responsible for any information that is not disclosed. So, if a seller wishes to use a third-party service, they should make sure to choose one that will deliver the required scope of information necessary.<br />
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Natural Hazard Disclosures need to have information regarding whether the property is located in an area that has a heightened risk of certain (usually significantly destructive) natural disasters. For example, the seller must disclose if the area is one of potential flooding and if it is located in Zone A or Zone V (specially-designated zones that have very high flood hazard). Additionally, the NHD will include whether the area has been designated as "high fire risk," or if it is within a designated wildland area. Finally (and perhaps most devastatingly, in California), the NHD must list if the property is in an area with heightened earthquake risk and if the property is located along a fault line.<br />
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So, now that you know what kind of information you need to disclose when selling real estate, make sure that you cover all of your bases before escrow closes. A recent analysis of several third-party NHD preparers discovered that several of the companies only included the major, state-mandated information, as outlined above. However, there are often local city or county regulations that require even more natural hazards to be disclosed. These additional disclosures can range from recent methane leakages to issues with hillside erosion or landslides. So, be careful when filling out your disclosure statement, and be even more careful if choosing a third-party. You don't want to be left without full legal and financial protection because of a couple of missing disclosures.<br />
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Find out more about us at <a href="http://www.sepulvedaescrow.net/" target="_blank">www.sepulvedaescrow.net</a>. Any Questions? <a href="https://www.sepulvedaescrow.net/contact-sepulveda-escrow.html" target="_blank">Contact</a> our Escrow Expert! Sepulveda Escrow Corporation (818) 838-1831. Follow our company on <a href="https://www.facebook.com/SepulvedaEscrow" target="_blank">Facebook</a>, <a href="https://twitter.com/SepulvedaEscrow" target="_blank">Twitter</a>, <a href="https://www.linkedin.com/company/sepulveda-escrow-corporation?trk=company_name" target="_blank">LinkedIn</a>, and <a href="https://plus.google.com/104864667925513059231" target="_blank">Google+</a>.</div>
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MELISSA MOTKIN, SEPULVEDA ESCROWhttp://www.blogger.com/profile/10578586816248877080noreply@blogger.com0tag:blogger.com,1999:blog-1832526498163598961.post-87265388173420513862018-08-19T18:18:00.000-07:002018-08-19T18:18:13.162-07:00Cryptocurrency as Funds in Escrow Transactions?<br />
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An escrow officer's main duty in any transaction, be it a real estate sale, liquor license transfer, or hard money loan, is to act as a neutral third party between the buyer and seller (or lender and borrower). The escrow officer holds funds in a trust account and only disburses those funds once both parties have fulfilled all of their obligations in the transaction. Sometimes those obligations entail performing repairs or professional inspections, and sometimes it's just a short period (often 30 or 60 days) in which the escrow officer can get all of the necessities taken care of (Grant Deed, Change of Title, insurance, property liens, etc). Throughout this process, the escrow agent has a fiduciary duty to safeguard the funds in the trust account until such time as they can be disbursed.<br />
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Because an escrow officer almost always has to hold onto funds for some amount of time (even in all-cash offers), the funds need to be in the form of a currency that will retain its value. Until recently, that was simple. In the United States, the value of the dollar fluctuates very slightly each year with respect to the currency of other nations, but will generally be worth approximately the same amount from one day to the next. An issue may arise if the buyer wants to pay with funds that are not American currency, or even any type of national currency. In some cases, buyers want to make a purchase using Bitcoin.<br />
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Bitcoin is a well-known type of blockchain-based cryptocurrency. A blockchain is a decentralized record of all transactions happening within an online peer-to-peer network. The benefit of such an innovation is to allow users to confirm the transfer of funds without the need for a third-party like a bank to wire the funds. Cryptocurrency is the "currency" that is being transferred through the online blockchain. In a general sense, cryptocurrency is a chunk of data that can be easily transferred between users. While cryptocurrency is a convenient way to transfer funds, there are several downsides. First, cryptocurrency has no intrinsic value. One Bitcoin is only worth as much as someone is willing to pay you for it. There is no guaranteed trade-in value for paper currency or other commodities such as gold or diamonds. Second, cryptocurrency has no physical form. There are no bills or coins -- nothing except a block of data that says how much currency a user owns.<br />
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Unlike the U.S. dollar, cryptocurrency doesn't have a stable value. There are owners of Bitcoin who put in thousands of dollars just to lose it all in days, and there are users who saw their Bitcoin investment increase a thousand-fold over the course of a year. There's no way of predicting if the value of a cryptocurrency will go up or down, as the value is determined by how much people want it. It is a currency that exists in the minds of its users. If all buyers are willing to pay $10,000 for one Bitcoin, then that's the value of the Bitcoin. If all buyers are only willing to pay $100 per Bitcoin, then that's its value. Such an unstable currency is unusable by an escrow officer because there's no guarantee that the seller will receive the amount of real money (U.S. dollars) that they had assumed based on the price of the cryptocurrency at the time when the purchase agreement was signed. During the 30 or 60 day escrow, while the currency is sitting in a trust account, it could just as easily go up in value as it could go down. That kind of volatility is bad for business, so even if a buyer can find a seller willing to accept the cryptocurrency, Escrow companies cannot accept this as currency as Bitcoin does not qualify as verified “good funds”.<br />
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Finally, there's the major issue that blockchain is decentralized, which means it doesn't have any official (governmental or otherwise) institutions backing up the currency. The decentralization is a good aspect to many users since it makes the transfer of funds relatively inexpensive, fast, and painless. However, decentralization also means that if your blockchain account gets hacked and you lose your cryptocurrency, you're on your own. With centralized systems (such as banks or credit cards), if you are the victim of cybercrime, your funds will generally still be safe, and the financial institution will take the burden of dealing with law enforcement in tracking down the criminal and getting the money back. With blockchain, there's nothing proving that a piece of cryptocurrency belongs to you. It's just a chunk of online data associated with an online account that someone else might gain access to. This is why the inherent instability of cryptocurrency in its current form is not an acceptable means of funding an escrow transaction. Perhaps in time, and with more regulation and security this could be the way of the future, though for now, escrow companies do not accept Bitcoin in lieu of U.S. currency.<br />
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Find out more about us at <a href="http://www.sepulvedaescrow.net/" target="_blank">www.sepulvedaescrow.net</a>. Any Questions? <a href="https://www.sepulvedaescrow.net/contact-sepulveda-escrow.html" target="_blank">Contact</a> our Escrow Expert! Sepulveda Escrow Corporation (818) 838-1831. Follow our company on <a href="https://www.facebook.com/SepulvedaEscrow" target="_blank">Facebook</a>, <a href="https://twitter.com/SepulvedaEscrow" target="_blank">Twitter</a>, <a href="https://www.linkedin.com/company/sepulveda-escrow-corporation?trk=company_name" target="_blank">LinkedIn</a>, and <a href="https://plus.google.com/104864667925513059231" target="_blank">Google+</a>.</div>
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MELISSA MOTKIN, SEPULVEDA ESCROWhttp://www.blogger.com/profile/10578586816248877080noreply@blogger.com0tag:blogger.com,1999:blog-1832526498163598961.post-38566531678323758032018-07-27T08:31:00.000-07:002018-07-27T08:33:22.627-07:00Federal Law Prohibits Banks, Escrow, and Title Companies from Participating in the Sale of Marijuana-Related Businesses<br />
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The sale and consumption of marijuana, both medicinally and recreationally, is a pretty controversial topic throughout the United States. Some view marijuana as a dangerous substance that should be banned, comparable to hard narcotics like cocaine or methamphetamine. Many others view marijuana as a substance that should have limitations (similar to the sale of alcohol and tobacco), but not be completely illegal. Then, there's the even deeper issue of medicinal versus recreational usage. Some believe that marijuana should only be used when absolutely necessary (i.e. as a diagnosed treatment for a legitimate medical condition like glaucoma or nausea caused by chemotherapy), and some believe that cannabis isn't dangerous enough to be limited much, if at all.<br />
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The main difference between cannabis and substances like tobacco and alcohol is a lack of information. While there has been plenty of research done on the health effects of tobacco (cancer, asthma, etc.) and alcohol (impaired motor skills, liver disease, etc.) and even the effects on a fetus, there really isn't enough evidence to make a conclusive ruling on marijuana. However, for a while, it didn't matter whether marijuana was healthy or not. It didn't matter if it could impair motor skills or give a smoker asthma, because the sale and/or consumption of marijuana was illegal in the U.S., both on a federal and state level.<br />
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Over a decade ago, several states (California being one of the first) began to legalize medical marijuana, which could only be purchased from a licensed dispensary with a prescription from a doctor. Then, much more recently, states began legalizing recreational marijuana usage. However, that doesn't mean much from a business standpoint, because although marijuana is now legal in California, it's still illegal according to federal law. That may change within the next several years, but as of this moment, the law is the law, and that's all there is to it.<br />
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Because marijuana is still illegal federally, many businesses that must comply with state law (such as escrow/title companies), are not permitted to participate in any transactions regarding businesses that handle the sale of marijuana. In fact, in April of 2017, several national title companies received a memorandum from the Office of the Chief Underwriting Counsel that if the title company gets any indication from a buyer, seller, or broker that the Land will be used for growing, processing, distributing, or dispensing any types of marijuana-based products, they aren't allowed to be involved in the handling of any escrow or other funds of any type, issue any type of zoning coverage, or issue title insurance (except with the inclusion of an exception related to violation of federal law). This policy even applies to an entrepreneur looking to buy property that they will then rent out to tenants who may be involved in the marijuana industry,<br />
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Federal laws are taken very seriously by businesses involved in escrow and the transfer of funds, including banks. Banks are federally chartered, insured by the FDI, and use the Federal Reserve wire system. If those banks start breaking federal laws (even laws that don't exist at the state level), the bank can lose its charter and FDIC insurance, and eventually get shut down altogether. Just like banks, escrow companies lose their legal ability to operate if they break federal laws, especially in the financial realm, and for most of those businesses, it simply isn't worth the risk of getting involved in any transaction that might violate federal law.<br />
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For that reason, escrow companies (just like title companies and banks) don't take part in transactions involving property (or businesses) that are connected to the marijuana industry. It can be next to impossible for an entrepreneur to start that kind of business with a loan from a bank, because banks won't provide the loans and title companies won't close the sale (a closing is usually required by a lender). However, in some situations (where the sale is an all-cash offer, with no financing), there are law firms with real estate experience that can close real estate transactions. As of now, federal law makes it nearly impossible to do business in the cannabis industry if you need bank financing or plan to go through an escrow company. The laws may change in the future, but for now, it is what it is.<br />
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Find out more about us at <a href="http://www.sepulvedaescrow.net/" target="_blank">www.sepulvedaescrow.net</a>. Any Questions? <a href="https://www.sepulvedaescrow.net/contact-sepulveda-escrow.html" target="_blank">Contact</a> our Escrow Expert! Sepulveda Escrow Corporation (818) 838-1831. Follow our company on <a href="https://www.facebook.com/SepulvedaEscrow" target="_blank">Facebook</a>, <a href="https://twitter.com/SepulvedaEscrow" target="_blank">Twitter</a>, <a href="https://www.linkedin.com/company/sepulveda-escrow-corporation?trk=company_name" target="_blank">LinkedIn</a>, and <a href="https://plus.google.com/104864667925513059231" target="_blank">Google+</a>.</div>
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MELISSA MOTKIN, SEPULVEDA ESCROWhttp://www.blogger.com/profile/10578586816248877080noreply@blogger.com0tag:blogger.com,1999:blog-1832526498163598961.post-26869664040873128922016-04-21T11:59:00.000-07:002016-04-21T11:59:45.515-07:00BEWARE - You and Your Clients Are a Target For This Real Estate Scam<div style="margin: 0in;">
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<i>Originally posted to <a href="http://sepulvedaescrownewsreport.blogspot.com/2016/03/beware-you-and-your-clients-are-target.html" target="_blank">Real Estate, The Economy, and News</a> on March 24, 2016</i></div>
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Cyber-criminals are finding new methods every day to steal personal and financial information. Their techniques range from phishing scams to buffer overflow techniques and brute-force password hacking. Banking institutions have found themselves under attack far more than usual in recent years, and have in turn<span class="apple-converted-space"> </span><a href="http://sepulvedaescrownewsreport.blogspot.com/2016/03/banks-to-incorporate-biometric-scanning.html" target="_blank">begun to incorporate</a><span class="apple-converted-space"> </span>stronger security measures in an attempt to block hackers. As a result, many scammers/hackers have moved on to what they believe are "easier targets." focusing on normal people rather than financial institutions, Just last week, the Federal Trade Commission and the National Association of Realtors issued a<span class="apple-converted-space"> </span><a href="http://www.housingwire.com/articles/36549-homebuyer-beware-ftc-realtors-issue-warning-on-mortgage-closing-cost-phishing-scheme" target="_blank">warning</a><span class="apple-converted-space"> </span>to consumers that they must be hyper-vigilant in order to avoid recent phishing schemes that have been targeting closing costs on real estate transactions.<o:p></o:p></div>
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The National Association of Realtors, along with the Federal Trade Commission, issued their statement warning people to be on the look-out for a specific scheme targeting those involved in a real estate transaction. First, the hackers gain access to the email account of a customer, real estate agent, or escrow officer, and use the information to keep up-to-date on the transaction and determine the closing date. When they have figured out the closing date, the scammer sends an email that has been masked in such a way that they are able to impersonate the escrow company, title company, or real estate agent, telling the customer that the wiring instructions had a last-minute change. If the customer takes the bait, they send their funds to the scammer's account, which can be emptied in minutes.<o:p></o:p></div>
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<i><b>Sepulveda Escrow utilizes encrypted and secure email when sending documents with sensitive and confidential information. In addition, documents can be returned via email through this secure portal. Sepulveda Escrow has also instituted new procedures to contact Clients directly to confirm details, rather than relying on email or contact through a third party. (Please see end of this blog for some helpful tips.)</b></i></div>
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<o:p>It is imperative to know that </o:p>cyber criminals don't always need to be able to break through firewalls or use high-tech software to get your personal information or access your computer's data. Quite often, hackers use <a href="http://www.mydigitalshield.com/5-ways-hackers-gain-access-data/" target="_blank">more subtle tricks</a> to gain access. Phishing schemes are one of the most common ways by which they trick potential targets. One example of phishing is when a hacker sends a mass email to a group of people and makes it look like the email comes from a bank or other online payment platform. The email requests that the recipient verify their login information by following a link. The link leads to a page that closely resembles the actual login page for the financial institution, but when the user inputs their login information, the hacker records the username and password, thereby enabling them to access the account and steal their money.</div>
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Another example of phishing is when a hacker contacts a target or a group of targets under the guise of an Official informing them that they have been the victim of a scam. They then tell the recipient that they can help them fix the damage, but first ask for certain sensitive information like Social Security number or bank information, to "verify" what data had been "stolen." While you may look at this and think that the scheme is too obvious to be effective, statistics show that approximately 0.4% of recipients fall prey to such attacks. In other words, if a mass email is sent to 10,000 people, about 40 of them will have their information successfully stolen.<o:p></o:p></div>
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While phishing is historically the easiest and most effective method by which hackers are able to steal personal or financial information, there are several other methods. A buffer overflow attack, used by more sophisticated hackers, involves inputting many lines of code into an online form in order to overload the system and allow the hacker to steal data inputted by previous customers. A brute-force password hack involves a computer program that inputs all kinds of combinations of letters, numbers, and symbols, until the correct password has been found and the hacker has gained access to an email or other kind of online account.<o:p></o:p></div>
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Finally, hackers often package viruses or worms into free online software or as attachments to mass emails. Such viruses can enable the hacker to record keystrokes, thus giving them access to many of your passwords, or enable them to access built-in microphones or webcams on laptops. Simply opening such an email or downloading an infected attachment can lead to a virus being installed on your computer or mobile device. Fortunately, anti-virus software can often help to detect and remove these viruses, but hackers are constantly finding new ways to avoid detection by your anti-virus program. The best way to avoid getting such viruses is to be careful when downloading anything, and to avoid opening any emails that seem suspicious or come from unknown or unreliable sources.<o:p></o:p></div>
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Here are some tips to help you avoid being affected by similar scams. First and foremost, if something doesn't look right or feels even a little bit suspicious, don't hesitate to double-check it. Don't rely too much on emails. Instead, pick up the phone and call your escrow officer or realtor to make sure that everything you have received is correct. Don't open email attachments you aren't expecting. Additionally, you shouldn't trust financial information that has been sent via email, nor should you send any of your own financial information via email, because it usually isn't secure. In general, wiring instructions are sent by fax or encrypted email message. When inputting personal information on a website, check the address for "https," of which the "s" stands for secure, meaning that your information will be better protected.</div>
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Be very careful when opening attachments or downloading anything from an email, no matter who sent it to you. Just because you recognize the email address, doesn't mean that the message actually came from the person you associate with that email address. It's possible that a scammer could have hacked a friend's email, or could have disguised their email to appear as if the message came from a friend's email address. Proceed with caution. Being aware and cautious can save you a lot of hassle in the long run. </div>
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<span style="font-size: large;">Biggest Tip: Following up on the phone after sending an email may seem burdensome, but we at Sepulveda Escrow find that it is always worthwhile to go the extra mile to avoid financial losses and potential lawsuits.</span></div>
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Find out more about us at <a href="http://www.sepulvedaescrow.net/" target="_blank">www.sepulvedaescrow.net</a>. Any Questions? <a href="http://sepulvedaescrow.net/contact-sepulveda-escrow.php" target="_blank">Contact</a> our Escrow Expert! Sepulveda Escrow Corporation (818) 838-1831. Follow our company on <a href="https://www.facebook.com/SepulvedaEscrow" target="_blank">Facebook</a>, <a href="https://twitter.com/SepulvedaEscrow" target="_blank">Twitter</a>, <a href="https://www.linkedin.com/company/sepulveda-escrow-corporation?trk=company_name" target="_blank">LinkedIn</a>, and <a href="https://plus.google.com/104864667925513059231" target="_blank">Google+</a>.</div>
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MELISSA MOTKIN, SEPULVEDA ESCROWhttp://www.blogger.com/profile/10578586816248877080noreply@blogger.com0tag:blogger.com,1999:blog-1832526498163598961.post-45010750524681899122015-11-01T15:39:00.000-08:002015-11-01T15:50:06.266-08:00The New Standard Practice: Our Latest Adventure<div class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 11pt; margin: 0in 0in 0.0001pt;">
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So here I am writing a post in my Blog called Escrow Experts, thinking that in this new Lending environment, I am anything but an expert. Learning as I go along and putting into action that which I learned in theory these last many months. The nice thing is that I am amongst good company. Throughout the nation, my peers, all respected professionals, are in the same proverbial “boat”.<br />
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As a quick reminder, as of October 3, 2015, we will no longer use the HUD1 Closing Settlement Statement, which has been phased out in exchange for the new Closing Disclosure.<br />
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There will be so much more liability on the lenders' shoulders, that the lenders will be issuing the Closing Disclosure based on an accumulation of fees provided to their office by the Settlement Provider (Escrow Holder). Consequently, the situation is now such that all fees as provided to the Lender must be actual, with little to no room for inflated Estimates as we have provided in the past. This creates quite a challenge, as in Escrow, we never really know what will be required of our office until the very end.</div>
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Consequently, effective October 3, 2015, Sepulveda Escrow Corporation has a new fee schedule, whereupon our office has done our best to keep our fees as close and reasonable as our previous schedule of fees, with the exception of including a small increase for archive fees and cost of living.<br />
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I also want to take this opportunity to explain something of great importance. During the last several years, our office has put a new protocol in place due to the terms and conditions in the lenders Instructions, and which some of you may not be aware of. Lenders require the Escrow company to be fully responsible and liable for the actions of the notary public performing the signing and notarization of the Loan documents (most require a One Million Dollar Errors and Omissions Policy of Insurance). Due to this burden of liability, our office requires Buyers to sign their loan documents in our office, and during our hours of operation. Doing so protects the Buyer on an even higher level by avoiding the documents being handled by outside notaries, Agents or Mortgage Brokers. (In the event of extenuating circumstances, such as out of State Buyers, our office has in place a Nationwide Signing and Notary Company who we employ to accommodate the signing). Each and every Manager of a direct Lender with whom I have spoken agrees with this as a necessary practice, and as such Sepulveda Escrow adapted this as company protocol.<br />
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While signing in escrow during office hours may not be as convenient as signing in one’s home at any hour of the day or night, every Buyer benefits in countless ways coming into escrow. It is a great comfort to meet and know the very person responsible for conducting the closing transaction which applies their hard earned money into homeownership.<br />
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Here at Sepulveda Escrow Corporation, we consider these changes in our Industry a challenge; preferring to accept this as an exciting opportunity to learn and incorporate new procedures into our every-day routine. And with that let me wish each and every one of us the best of luck, whether you navigate through these new times as an Agent, Broker, Mortgage Broker, Lender, Seller, Buyer or Escrow Officer. CHEERS!</div>
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Find out more about us at <a href="http://www.sepulvedaescrow.net/">www.sepulvedaescrow.net</a>. Any Questions? <a href="http://www.sepulvedaescrow.net/contact-seulveda-escrow.php">Contact</a> our Escrow Expert! Sepulveda Escrow Corporation (818) 838-1831. Follow our company on <a href="https://www.facebook.com/SepulvedaEscrow">Facebook</a>, <a href="https://twitter.com/SepulvedaEscrow">Twitter</a>, <a href="https://www.linkedin.com/company/sepulveda-escrow-corporation?trk=company_name">LinkedIn</a>, and <a href="https://plus.google.com/104864667925513059231">Google+</a>.</div>
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MELISSA MOTKIN, SEPULVEDA ESCROWhttp://www.blogger.com/profile/10578586816248877080noreply@blogger.com0tag:blogger.com,1999:blog-1832526498163598961.post-13285024900183096182015-07-29T15:01:00.000-07:002015-07-29T15:02:42.230-07:00TRID Presentation Powerpoint Slides - July 16, 2015 SRAR Lunch and Learn <div class="separator" style="clear: both; text-align: center;">
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MELISSA MOTKIN, SEPULVEDA ESCROWhttp://www.blogger.com/profile/10578586816248877080noreply@blogger.com0tag:blogger.com,1999:blog-1832526498163598961.post-7786697331269771502015-07-29T14:57:00.000-07:002015-07-29T14:57:00.754-07:00TRID PRESENTATION NOTES FOR JULY 16, 2015 SRAR LUNCH AND LEARN<div style="text-align: center;">
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<b> </b><br />
<div style="text-align: center;">
<b><b><a href="http://1.bp.blogspot.com/-xmVZxO-YpG8/Vbk3YhlWH4I/AAAAAAAAABw/VfgmXmva0PE/s1600/New%2BIndustry%2BTerms%2B%25282%2529.jpg"><img border="0" height="310" src="http://1.bp.blogspot.com/-xmVZxO-YpG8/Vbk3YhlWH4I/AAAAAAAAABw/VfgmXmva0PE/s400/New%2BIndustry%2BTerms%2B%25282%2529.jpg" width="400" /></a></b></b><br />
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<b> </b><br />
<div>
<div style="text-align: center;">
<b>MELISSA MOTKIN, SEPULVEDA ESCROW CORPORATION</b><br />
<b><b>TRID PRESENTATION NOTES FOR THE JULY 16, 2015 </b></b><br />
<b><b>SRAR LUNCH AND LEARN</b></b></div>
<b> <br />Here is a brief overview of how and why we are at the crossroads of such a dramatic change in our Industry.<br /><br />As we all know, in the Fall of 2008 our Country suffered a severe financial crisis. We witnessed the fall and closure of many Institutions. There was an overall loss of wealth, which affected companies and individuals, along with serious unemployment. It was understood that large parts of our financial system operated with little to no Oversight. <br /><br />President Obama signed the Dodd-Frank Act of 2010 to make sure that a crisis like this never happens again and to prevent the excessive risk taking that led to the financial crisis. The law also created a watchdog to prevent the exploitation of Consumers, which they thought would build a safer and more stable financial system, one that provides a robust foundation for lasting economic growth and job creation. This reform is designed to make sure that everyone follows the same set of rules. It demands accountability and responsibility from everyone. Helping Consumers to avoid the payment of hidden fees and penalties, along with loans they cannot ultimately afford. Cracking down on abusive practices in the mortgage industry, making sure Contracts are easier to read so people know what they are signing. Home Buyers will receive more information about the costs, and the risks, so that they can make better financial decisions. This consumer watchdog will be looking out for just regular people as they interact with the financial system.<br /><br />This Consumer Watchdog organization is now known as the Consumer Financial Protection Bureau, the C.F.P.B., an entity created by the Dodd-Frank Act.<br /><br />In short, its intent is to lower risk, promote transparency and protect the American public.<br /><br />While the Dodd Frank Act also affects student loans and investment banking, specific to the mortgage industry, it mandates the combination of TILA and RESPA, the Truth in Lending Act with the Real Estate Settlement Procedures Act, combining the Loan Disclosures and Good Faith Estimates and the HUD1 Settlement Statement disclosure, into a single disclosure. The HUD1 will be replaced by the Closing Disclosure, in most transactions.<br /><br />Most consumer mortgages are affected by this rule, with the exception of,</b><b></b><br />
<br />
<br />
<li style="display: inline !important;"><ul style="font-weight: normal;"><b><b>
<li><b>Home Equity Lines of Credit </b></li>
<li><b>Reverse Mortgages </b></li>
<li><b>Mortgages secured by a Mobile Home </b></li>
<li><b>Commercial Loans </b></li>
</b></b></ul>
</li>
</div>
<b>where for the time being, the HUD1 shall continue to be utilized, though I do understand that the CFPB will be working on its replacement in time. </b><br />
<div>
<b><br /></b></div>
<div>
<b>With these new regulations also comes a whole new vocabulary of terms. T.R.I.D. is an acronym for TILA RESPA INTEGRATED DISCLOSURES. That’s TILA for the Truth in Lending Act and RESPA for the Real Estate Settlement Procedures Act. </b></div>
<div>
<b><br /></b></div>
<div>
<b>The Initial Truth in Lending Statement and Good Faith Estimate shall be replaced by a Loan Estimate. The Final Truth in Lending Statement and the HUD-1 are replaced with a Closing Disclosure, or C.D. as it will be commonly referred as. The regulation requires delivery to the Buyer, now known as the Consumer, three (3) business days prior to signing. (See attached List of New Terms and Acronyms). </b><b><br /></b> <b> <br />Lenders must have the following to accept and begin processing a new loan;</b><br />
<b>Six (6) items required to issue Loan Estimate:</b><br />
<ol><b>
<li><b>Consumers Name </b></li>
<li><b>Consumers Income </b></li>
<li><b>Consumers SSN (to obtain credit report) </b></li>
<li><b>Property Address </b></li>
<li><b>Estimated Value of the Property </b></li>
<li><b>Requested Mortgage Loan Amount </b></li>
</b></ol>
<b></b><br />
<div>
<b><b><br /></b></b></div>
<b> Some other new Industry terms include:</b></div>
<div>
<b></b><br />
<ul><b>
<li><b>The signing shall be considered the closing and shall now be known as the date of Consummation; Our Lender will now be referred to as the Creditor and our Escrow Agent will now be called a Settlement Provider.</b></li>
</b></ul>
<b> </b></div>
<div>
<b>Also, once the Consumer signs the promissory note and loan documents, he becomes legally obligated to the Creditor. While the date of consummation effectively means date of Closing, there is still some need for clarification on this front as the Lender has not yet funded the loan and the deeds have not yet been recorded.</b></div>
<div>
<b></b><b></b><br />
<ul style="display: inline !important;"><b>
<li style="display: inline !important;"><div>
<b></b><br />
<ul style="display: inline !important;"><b>
<li style="display: inline !important;"><b><br /></b></li>
</b></ul>
<b> </b></div>
</li>
<li style="display: inline !important;"><b>TO AVOID DELAYS IN THE CLOSING DUE TO REQUIREMENT OF REDISCLOSURE IT IS RECOMMENDED TO:</b></li>
</b></ul>
<b> </b><b></b><br />
<ul><b>
<li><b>Buyer to begin process well before entering into Contract </b></li>
<li><b>Avoid last minute changes which will impact the Closing Disclosure </b></li>
<li><b>Disclose to Lender Seller Credits </b></li>
<li><b>Disclose to lender any Buyer paid Broker Admin Fees </b></li>
<li><b>Comply with City ordinances prior to Appraisal, ie. Smoke detectors, carbon monoxide detectors, water heater strapping ALL to avoid need for Appraiser to return to the property. </b></li>
<li><b>HOA Contact information </b></li>
<li><b>Obtain HOA Documents before beginning loan process </b></li>
<li><b>Buyer paid Termite Inspection/Repairs </b></li>
<li><b>Avoid Additional costs at time of Walk Through </b></li>
<li><b>Buyer paid Home Warranty </b></li>
<li><b>Reimbursement for Broker Paid Costs </b></li>
</b></ul>
<b> </b><b><div>
<br /></div>
HOW THIS AFFECTS REAL ESTATE PROFESSIONALS <br /><ol>
<li><b>Closings may take longer because of the three (3) business day review periods </b></li>
<li><b>Your contact information and license number must appear on the Closing Disclosure form </b></li>
<li><b>Your Clients may receive multiple Loan Estimates due to: </b></li>
<ol>
<li><b>Changed Circumstances</b></li>
<li><b>Multiple applications for different loan products with the same lender</b></li>
<li><b>Multiple applications with different lenders</b></li>
</ol>
<li><b>Clients may receive multiple Closing Disclosures, some with three (3) business day waiting period and some without; </b></li>
<li><b>Some before closing and some after closing </b></li>
<li><b>Buyers lenders title policy will not show separately as a charge </b></li>
<li><b>Last minute changes will impact the Closing Disclosure delivery time, ultimately affecting the date of closing </b></li>
</ol>
</b><br />
<div style="font-weight: bold;">
<b><br /></b></div>
<b>In closing, </b><br />
<ul style="font-weight: bold;">
<li><b>The new disclosures are intended to simplify the previously used forms. Last-minute concessions, changes to Agreement </b></li>
<li><b>Requires Lenders to ensure borrowers have ability to repay their mortgage.</b></li>
<li><b>Prohibits steering incentives, dual compensation and levels the playing field for qualification and screening standards </b></li>
<li><b>Protects Consumers from detrimental actions by mortgage servicers and provides Consumers with Better tools, information and protections for consumers facing foreclosure </b></li>
</ul>
<ol style="font-weight: bold;">
<li><b>Personal delivery of Closing Disclosure will help to expedite the closing </b></li>
<li><b>Electronic or email delivery are considered “mailbox” delivery. The CD must be sent Six (6) business days prior to Consummation (loan document signing). Mailbox rule gives three (3) business days for delivery, with a three (3) day review period, for a total of Six (6) business days. </b></li>
</ol>
<br />
<b>Keep in mind that the Lenders are being held Legally Responsible for the actions or inactions of their Service Providers where Consumers are harmed as a result of failing to comply with Consumer Financial Law. </b><br />
<br />
<b>Understanding the Lenders position is important and as Industry Professionals we must manage our expectations and the expectations of our Clients to be realistic so as to avoid disappointment. CFPB imposed Daily penalties $5,000.00 (failure to follow laws), $25,000.00 (gross negligence) , $1,000,000.00 (intentional violations) </b><br />
<br />
<br />
<b>Possible scenarios of delayed closing. </b><br />
<b> Multiple loan Estimates due to: </b><br />
<ol style="font-weight: bold;">
<ol>
<li><b>changed circumstances </b></li>
<li><b>different loan products (programs) </b></li>
<li><b>applying with different Lenders</b></li>
</ol>
</ol>
<span style="font-size: large; font-weight: bold;">Nationwide Learning Curve</span><br />
<br />
<br />
<li style="font-weight: bold;"><b>New Word for the times! FLEXIBILITY, more so than ever </b></li>
<li style="font-weight: bold;"><b>Include additional wording in Contract allowing for additional time and cooperation of the parties, in the event extension is necessary due to re-disclosure </b></li>
<li style="font-weight: bold;"><b>Not to under estimate time period </b></li>
<li style="font-weight: bold;"><b>Avoid putting Lenders and Mortgage Brokers in a position to fail </b></li>
<li style="font-weight: bold;"><b>Utilize handouts of CFPB Toolkit and Closing Check List</b></li>
</div>
<blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;">
<ul>
<li><b>Home Loan Toolkit: <a href="http://files.consumerfinance.gov/f/201503_cfpb_your-home-loan-toolkit-web.pdf" target="_blank">http://files.consumerfinance.gov/f/201503_cfpb_your-home-loan-toolkit-web.pdf</a> </b> </li>
</ul>
</blockquote>
<blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;">
<ul>
<li><b> Housing Counselor Hotline: <a href="http://www.consumerfinance.gov/find-a-housing-counselor" target="_blank">http://www.consumerfinance.gov/find-a-housing-counselor</a> </b></li>
</ul>
</blockquote>
<blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;">
<ul>
<li><b> Additional Tools and Resources: <a href="http://www.consumerfinance.gov/owning-a-home" target="_blank">http://www.consumerfinance.gov/owning-a-home</a></b></li>
</ul>
</blockquote>
<blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;">
<ul>
<li><b> FAQs: <a href="http://www.consumerfinance.gov/askcfpb" target="_blank">http://www.consumerfinance.gov/askcfpb</a></b></li>
</ul>
</blockquote>
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Find out more about us at <a href="http://www.sepulvedaescrow.net/">www.sepulvedaescrow.net</a>. Any Questions? <a href="http://www.sepulvedaescrow.net/contact-seulveda-escrow.php">Contact</a> our Escrow Expert! Sepulveda Escrow Corporation (818) 838-1831. Follow our company on <a href="https://www.facebook.com/SepulvedaEscrow">Facebook</a>, <a href="https://twitter.com/SepulvedaEscrow">Twitter</a>, <a href="https://www.linkedin.com/company/sepulveda-escrow-corporation?trk=company_name">LinkedIn</a>, and <a href="https://plus.google.com/104864667925513059231">Google+</a>.<br />
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MELISSA MOTKIN, SEPULVEDA ESCROWhttp://www.blogger.com/profile/10578586816248877080noreply@blogger.com0tag:blogger.com,1999:blog-1832526498163598961.post-78562800415700127172015-07-29T10:29:00.001-07:002015-08-10T09:14:15.336-07:00GET “YOUR HOME LOAN TOOLKIT” HERE<b><br /></b>
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<a href="http://4.bp.blogspot.com/-lwQxu9ccOW4/VcjNzt_LsqI/AAAAAAAAADc/HpVmPOFaqwI/s1600/CFPB-Toolkit6.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="257" src="http://4.bp.blogspot.com/-lwQxu9ccOW4/VcjNzt_LsqI/AAAAAAAAADc/HpVmPOFaqwI/s400/CFPB-Toolkit6.jpg" width="400" /></a></div>
<b><br /></b>
<b>4/9/15 - </b>The CFPB (Consumer Financial Protection Bureau) has distributed a Home Loan Toolkit which is beneficial to each and every Consumer purchasing a new home with new loan financing. Obtain your Toolkit at <a href="http://files.consumerfinance.gov/f/201503_cfpb_your-home-loan-toolkit-web.pdf" target="_blank">http://files.consumerfinance.gov/f/201503_cfpb_your-home-loan-toolkit-web.pdf</a><br />
<br />
The Toolkit advertises that after you complete the tools the kit provides you will;<br />
<br />
~ “know the most important steps you need to take to <b>get the best mortgage</b> for your situation”.<br />
~ “better <b>understand your closing costs</b> and what it takes to buy a home”.<br />
~ “see a few ways to <b>be a successful homeowner</b>“.<br />
<br />
The following are a list of Sections in the Toolkit which are of interest to all;<br />
<br />
~ “Choosing the Best Mortgage for You”<br />
~ “Your Closing”<br />
~ “Owning your Home”<br />
<br />
The CFPB offers a hotline where you can speak to a housing counselor at <a href="http://www.consumerfinance.gov/find-a-housing-counselor" target="_blank">http://www.consumerfinance.gov/find-a-housing-counselor</a><br />
In addition, you can find additional tools and resources at <a href="http://www.consumerfinance.gov/owning-a-home" target="_blank">http://www.consumerfinance.gov/owning-a-home </a>and find answers to common questions at <a href="http://www.consumerfinance.gov/askcfpb" target="_blank">http://www.consumerfinance.gov/askcfpb</a><br />
<br />
Please also feel free to call our Escrow Expert at (818) 838-1831 as we at Sepulveda Escrow are always happy to assist you as well.<br />
<br />
Wishing you all the best in homeownership.<br />
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Find out more about us at <a href="http://www.sepulvedaescrow.net/" target="_blank">www.sepulvedaescrow.net</a>. Any Questions? <a href="http://www.sepulvedaescrow.net/contact-seulveda-escrow.php" target="_blank">Contact</a> our Escrow Expert! Sepulveda Escrow Corporation (818) 838-1831. Follow our company on <a href="https://www.facebook.com/SepulvedaEscrow" target="_blank">Facebook</a>, <a href="https://twitter.com/SepulvedaEscrow" target="_blank">Twitter</a>, <a href="https://www.linkedin.com/company/sepulveda-escrow-corporation?trk=company_name" target="_blank">LinkedIn</a>, and <a href="https://plus.google.com/104864667925513059231" target="_blank">Google+</a>.</div>
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MELISSA MOTKIN, SEPULVEDA ESCROWhttp://www.blogger.com/profile/10578586816248877080noreply@blogger.com0tag:blogger.com,1999:blog-1832526498163598961.post-61415182154970184882015-07-29T10:27:00.000-07:002015-08-10T09:15:00.514-07:00EDUCATE YOURSELF NOW AND BE PREPARED FOR NEW CLOSING PROCEDURES<b><br /></b>
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<b><br /></b>
<b>4/7/15 - </b>The world as we know it is changing!, That is the Real Estate, Mortgage and Lending Industries will be changing effective August 1, 2015 and it is imperative that we prepare ourselves as much as possible. This will affect your real estate closing time frame and it is best that we plan ahead when preparing your Purchase Contract (and Escrow Instructions).<br />
<br />
Under the new rules of TRID (TILA/RESPA Integrated Disclosure) which the Consumer Financial Protection Bureau (CFPB) has put in place, the Consumer must receive a Closing Disclosure three (3) business days before the consummation date. The referred to consummation date is defined as the date the Consumer signs the new loan documents.<br />
<br />
It is important to be aware that in the event the Buyer, now being called and referred to as “The Consumer”, does not receive the Closing Disclosure within this specific time framework, the closing will be delayed.<br />
<br />
TIP: While we will all be subject to a “learning curve”, it is of the utmost urgency that we do all that we can to prepare as much as possible to avoid complications at closing. While we will have to deal with issues at the time they occur, it may be prudent to incorporate into your Purchase Agreement and Escrow Instructions a provision for an extension to the closing date, due to delays in Buyers receipt of the Closing Disclosure (and prepare the Sellers to be more flexible in regard to the date of closing).<br />
<br />
The good news is that we have the entire country coping simultaneously with the same concerns and issues, which I believe should lend us support while we learn as we go along.<br />
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Find out more about us at <a href="http://www.sepulvedaescrow.net/" target="_blank">www.sepulvedaescrow.net</a>. Any Questions? <a href="http://www.sepulvedaescrow.net/contact-seulveda-escrow.php" target="_blank">Contact</a> our Escrow Expert! Sepulveda Escrow Corporation (818) 838-1831. Follow our company on <a href="https://www.facebook.com/SepulvedaEscrow" target="_blank">Facebook</a>, <a href="https://twitter.com/SepulvedaEscrow" target="_blank">Twitter</a>, <a href="https://www.linkedin.com/company/sepulveda-escrow-corporation?trk=company_name" target="_blank">LinkedIn</a>, and <a href="https://plus.google.com/104864667925513059231" target="_blank">Google+</a>.</div>
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MELISSA MOTKIN, SEPULVEDA ESCROWhttp://www.blogger.com/profile/10578586816248877080noreply@blogger.com0tag:blogger.com,1999:blog-1832526498163598961.post-3509120933115784312015-07-29T10:23:00.001-07:002015-08-10T09:28:12.203-07:00Closing your Business Escrow and your State Board of Equalization Release<b><br /></b>
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<b><br /></b> <b>3/19/15 - </b>Often closing the escrow on the sale of a Business, with or without a liquor license, can be a lot of work for the Seller due to requirements to close out accounts with governmental agencies. For instance, State Board of Equalization, has a process which is quite involved and requires a minor audit at a minimum and on occasion, a full audit once the Seller has had his last day of business.<br />
<br />
As an escrow holder we work to accommodate the parties and to assist them in moving the process along by submitting, upon opening the escrow, a written Request for Certificate of Payment to the State Board of Equalization, with the intention of beginning the 60 day period as State law allows (though in the event the State Board of Equalization selects the business for Audit, the 60 day period will be adjusted and no longer from date of receipt of the Request for Certificate of Payment).<br />
<br />
Once the Seller has had his last day of business, the State Board of Equalization will require the following (at a minimum);<br />
1) Return of the Sellers Permit as issued by State Board of Equalization;<br />
2) Closing Tax Return;<br />
3) Copies of Sales Tax returns for the last two quarters;<br />
4) Proof of Payment for the last two quarters;<br />
5) Copy of Fully Executed Escrow Instructions;<br />
6) Fully Executed Itemized List of Furnishings, Fixtures and Equipment;<br />
7) Cashiers Check for the payment of all Sales Taxes due, per the Closing Tax Return;<br />
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Just know that the more you are prepared the less aggravation and frustration you will experience in obtaining the Releases required to close escrow and to achieve the ultimate goal, the receipt of your money from escrow.<br />
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TIP: A personal appearance to State Board of Equalization is preferable to submit all documents and funds to expedite the processing and issuance of the Certificate of Payment. Best to bring a cashiers check for payment and avoid electronic payments at this time to avoid delays and additional time State Board may require to verify payment has been received and applied to the account.<br />
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ADDITIONAL TIP: Bring and leave in the car a box filled with several years of books, records, bank statements, Sales Tax Returns, State and Federal Income Tax Returns etc. when you make your personal appearance to the office of State Board of Equalization. More often than not they will request documents you may not have expected, taking these documents with you in the car will avoid a trip back home and back to their office, which will be a timesaver.<br />
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Find out more about us at <a href="http://www.sepulvedaescrow.net/" target="_blank">www.sepulvedaescrow.net</a>. Any Questions? <a href="http://www.sepulvedaescrow.net/contact-seulveda-escrow.php" target="_blank">Contact</a> our Escrow Expert! Sepulveda Escrow Corporation (818) 838-1831. Follow our company on <a href="https://www.facebook.com/SepulvedaEscrow" target="_blank">Facebook</a>, <a href="https://twitter.com/SepulvedaEscrow" target="_blank">Twitter</a>, <a href="https://www.linkedin.com/company/sepulveda-escrow-corporation?trk=company_name" target="_blank">LinkedIn</a>, and <a href="https://plus.google.com/104864667925513059231" target="_blank">Google+</a>.</div>
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MELISSA MOTKIN, SEPULVEDA ESCROWhttp://www.blogger.com/profile/10578586816248877080noreply@blogger.com1tag:blogger.com,1999:blog-1832526498163598961.post-52415429216395832402015-07-29T10:21:00.000-07:002015-07-29T10:21:50.338-07:00Husband and Husband as Joint Tenants?<b>11/30/14 - </b>Recently, an Instruction received by this office brought to the surface a matter of which we had never before addressed. Once same sex marriage became legally recognized in the State of California, how does this affect Clients and how they hold title to real property?<br />
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We found this to be a rather interesting question to address as we approached our legal counsel and title officer for guidance and advice.<br />
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Ultimately the question was not as complicated as we thought and the answer was really up to the Client. Did they want to be Husband and Husband as Joint Tenants? Did they still consider one of the couple to be a wife regardless of their sex and prefer to take title as Husband and Wife as Joint Tenants (regardless of both individuals being men)? Of course, while we addressed this concern with Male Clients, obviously the same would apply towards female couples who may choose Wife and Wife as Joint Tenants. All of these were possible options.<br />
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In the end, the vesting our Clients chose contained the couple’s individual names followed by the phrase “who are married to each other as Joint Tenants”. This was the best overall choice and was approved by both Legal Counsel and Title Insurer.<br />
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Frankly, how the Clients would vest once they came into title was the least of their worries. It seems there were potential issues with their loan and the Couple were concerned that they may be experiencing some discrimination due to their relationship status and how it may come into the equation when qualifying for their loan. We were relieved to witness that the Bank treated this couple as any other. Ultimately approving the loan and also allowing the non-qualifying spouse to be on title to the property, as is often the case with conventional marriages.<br />
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The question of same sex relationships and related legal matters continues in my mind. A recent addition to the new loan document package these days is in regard to a declaration of Domestic Partnership. Just as I would imagine laws governing conventional marriages now carry over and apply to same sex marriages, laws pertaining to Domestic Partnerships and (Common Law Marriages, if in fact Common Law Marriages are even recognizable in the State of California any more) also now apply to same sex couples. It is rather interesting to think on the matter. Often times it is a Case tried in a Court of Law which ultimately defines how such concerns affect our society and how if applies to everyday situations. Today this is pertinent as we will find more and more often that these issues come to affect our Clients, our friends and our family members. Again, just something interesting to think about. Have a great day!<br />
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Find out more about us at <a href="http://www.sepulvedaescrow.net/" target="_blank">www.sepulvedaescrow.net</a>. Any Questions? <a href="http://www.sepulvedaescrow.net/contact-seulveda-escrow.php" target="_blank">Contact</a> our Escrow Expert! Sepulveda Escrow Corporation (818) 838-1831. Follow our company on <a href="https://www.facebook.com/SepulvedaEscrow" target="_blank">Facebook</a>, <a href="https://twitter.com/SepulvedaEscrow" target="_blank">Twitter</a>, <a href="https://www.linkedin.com/company/sepulveda-escrow-corporation?trk=company_name" target="_blank">LinkedIn</a>, and <a href="https://plus.google.com/104864667925513059231" target="_blank">Google+</a>.</div>
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MELISSA MOTKIN, SEPULVEDA ESCROWhttp://www.blogger.com/profile/10578586816248877080noreply@blogger.com0tag:blogger.com,1999:blog-1832526498163598961.post-79589351721897182992015-07-29T10:19:00.000-07:002015-08-10T09:28:53.403-07:00Termite Inspection and the Sale of Your Condominium or Townhouse<b><br /></b>
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<b>8/24/14 - </b>When selling your condominium or townhouse a termite inspection may be required. Often times necessary repairs which may appear on a termite report may in fact be the responsibility of the homeowners association, the cost of which you already contribute towards in the payment of your homeowners association dues.<br />
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In a condominium or townhome complex there are common areas and often shared walls with other homeowners. Specific to termite repairs, your dues pay towards necessary repairs to common areas and areas which are external to the home (outside walls), while your dues more often than not does not cover termite damage inside your unit. It is important to know that repairs disclosed on a termite report are not limited to termite infestation. You may find yourself needing to make repairs caused by water damage (dry rot), even if this may have been caused by a neighbor.<br />
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TIP. Contact your Homeowners Association or Management Company and ask for the name of the termite company the complex has used most recently. Ordering your termite report from this company will help to keep your costs down as they will charge the Homeowners Association for any necessary repairs external to your unit and limit your report to the inside walls of your unit only.<br />
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Find out more about us at <a href="http://www.sepulvedaescrow.net/" target="_blank">www.sepulvedaescrow.net</a>. Any Questions? <a href="http://www.sepulvedaescrow.net/contact-seulveda-escrow.php" target="_blank">Contact</a> our Escrow Expert! Sepulveda Escrow Corporation (818) 838-1831. Follow our company on <a href="https://www.facebook.com/SepulvedaEscrow" target="_blank">Facebook</a>, <a href="https://twitter.com/SepulvedaEscrow" target="_blank">Twitter</a>, <a href="https://www.linkedin.com/company/sepulveda-escrow-corporation?trk=company_name" target="_blank">LinkedIn</a>, and <a href="https://plus.google.com/104864667925513059231" target="_blank">Google+</a>.</div>
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MELISSA MOTKIN, SEPULVEDA ESCROWhttp://www.blogger.com/profile/10578586816248877080noreply@blogger.com1tag:blogger.com,1999:blog-1832526498163598961.post-6180154919920173912015-07-29T10:17:00.000-07:002015-07-29T10:17:02.902-07:00The Importance of Reviewing Financials of a Homeowners Association<b>8/11/14 - </b>In the sale of a condominium or townhouse it is especially important to obtain the most updated version of the documentation from the Homeowners Association (HOA).<br /><br />While the cost to obtain these documents may appear to be high, it is important that the Buyer receive these documents for their review and approval. This ultimately protects all parties from any possible future concerns or issues which may arise after the close of escrow.<br /><br />The HOA package will include the CC&R’s (Covenants, Conditions and Restrictions) filed against the property, the Articles of Incorporation of the complex, its Bylaws, Rules and Regulations, Budget, Minutes of Board Meetings and the Financials.<br /><br />In today’s economic environment it is especially important to carefully review the Financials of the Homeowners Association, which will indicate the financial strength of the Homeowners Association and its ability to maintain and pay its overhead. The HOA’s ability to pay insurance policy premiums, utilities for common areas, etc. plays a key role in determining whether this complex is right for you (and whether your new Lender will also find this complex a good investment to make a loan on.)<br /><br />TIP. When reviewing the financials of a Homeowners Association it is imperative to determine whether there are any units which are delinquent in paying their HOA Dues (or units in foreclosure). Paying close attention to how many months any particular unit is behind in their payments (and especially the total amount of units in arrears as well as the cumulative amount of the combined unpaid HOA Dues) is of significant importance when considering a purchase in any particular complex. Unpaid dues can place an unwelcome financial burden on the rest of the homeowners.<div>
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Find out more about us at <a href="http://www.sepulvedaescrow.net/" target="_blank">www.sepulvedaescrow.net</a>. Any Questions? <a href="http://www.sepulvedaescrow.net/contact-seulveda-escrow.php" target="_blank">Contact</a> our Escrow Expert! Sepulveda Escrow Corporation (818) 838-1831. Follow our company on <a href="https://www.facebook.com/SepulvedaEscrow" target="_blank">Facebook</a>, <a href="https://twitter.com/SepulvedaEscrow" target="_blank">Twitter</a>, <a href="https://www.linkedin.com/company/sepulveda-escrow-corporation?trk=company_name" target="_blank">LinkedIn</a>, and <a href="https://plus.google.com/104864667925513059231" target="_blank">Google+</a>.</div>
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MELISSA MOTKIN, SEPULVEDA ESCROWhttp://www.blogger.com/profile/10578586816248877080noreply@blogger.com0tag:blogger.com,1999:blog-1832526498163598961.post-41730261982543875892015-07-29T10:13:00.002-07:002015-07-29T10:13:57.238-07:00Negotiations Between Seller and Buyer<b>7/31/14 - </b>Negotiations between Sellers and Buyers can extend beyond a sales price, and can be advantageous for both (or either) sides.<br /><br />It’s an interesting fact that while there are certain costs and charges to escrow which are customarily paid for by the Seller and by the Buyer, the payment of all costs and charges in a transaction are negotiable.<br /><br />Often times success at negotiating may depend on how motivated the parties are. For example, a Seller of real estate may be willing to pay some of the Buyers closing costs because he is very motivated to sell his property. Every day he retains the property may be costing him money, especially if the property is vacant. Offering a concession to the Buyer may enable a quick sale and in the end be in his/her best interest. This closing cost credit can also help the Buyer to come in with less money to make their purchase and to help them to obtain necessary financing. In the end, everyone wins!<br /><br />TIP. It may be possible to increase the sales price to offset the burden of cost to the Seller on the payment of Buyers closing costs. This is usually done as a credit to Buyer towards Buyers non-recurring and recurring closing costs. Consult with your Real Estate professional who knows the current real estate market and can access the comparable values of properties in the area which will help to determine if the value of the property will allow an increase in the sales price.<br /><br />Something to keep in mind when negotiating your next sale or purchase.<br /><br /><div>
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MELISSA MOTKIN, SEPULVEDA ESCROWhttp://www.blogger.com/profile/10578586816248877080noreply@blogger.com0tag:blogger.com,1999:blog-1832526498163598961.post-36850526484726619522015-07-29T10:11:00.000-07:002015-07-29T10:11:38.990-07:00Brochure - Your Escrow and You<b>7/9/14 - </b>Here is a very informative paper as originally released by the Escrow Institute of California many years back and which continues to be relevant today.<br />
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<a href="http://www.sepulvedaescrow.net/pdfs/Your%20Escrow%20And%20You%20(PDF).pdf">http://www.sepulvedaescrow.net/pdfs/Your%20Escrow%20And%20You%20(PDF).pdf</a><br />
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Find out more about us at <a href="http://www.sepulvedaescrow.net/" target="_blank">www.sepulvedaescrow.net</a>. Any Questions? <a href="http://www.sepulvedaescrow.net/contact-seulveda-escrow.php" target="_blank">Contact</a> our Escrow Expert! Sepulveda Escrow Corporation (818) 838-1831. Follow our company on <a href="https://www.facebook.com/SepulvedaEscrow" target="_blank">Facebook</a>, <a href="https://twitter.com/SepulvedaEscrow" target="_blank">Twitter</a>, <a href="https://www.linkedin.com/company/sepulveda-escrow-corporation?trk=company_name" target="_blank">LinkedIn</a>, and <a href="https://plus.google.com/104864667925513059231" target="_blank">Google+</a>.</div>
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MELISSA MOTKIN, SEPULVEDA ESCROWhttp://www.blogger.com/profile/10578586816248877080noreply@blogger.com0tag:blogger.com,1999:blog-1832526498163598961.post-75824356336488427972015-07-29T10:08:00.002-07:002015-07-29T10:11:48.099-07:00Opening Escrow<b>6/28/14 - </b>It is very important to only open escrow AFTER all terms of the transaction have been agreed upon by Seller and Buyer.<br />
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Whether working with a Real Estate Agent or the Sale is negotiated directly with the Owner, often referred to as a For Sale by Owner (FSBO), it is very important to discuss and agree upon all terms before opening escrow, specifically so Seller and Buyer will not have to negotiate on additional matters after they have signed escrow instructions.<br />
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It is important to understand that escrow instructions are a legal binding agreement which can only be changed or amended if the Seller and Buyer both agree on the exact changes. Avoiding disagreements is very important. Doing so will help close your deal as planned, so everyone wins!<br />
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Obviously there are times further negotiation cannot be avoided, due to perhaps something unexpected, though once again always best to make every effort to anticipate as much as possible ahead of time and use the Agreement to fall back on.<br />
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TIP. Before signing a Purchase Contract, Agreement or Escrow Instructions go over the documents with your Real Estate Agent, Lawyer or Escrow Officer. While your Escrow Officer cannot give you legal advice, they very well may notice a problem in your Agreement which they can bring to your attention and give you the chance to talk about it with the other party before you sign Agreements to open escrow and obligate yourself to the legal and financial commitment called for.<br />
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Find out more about us at <a href="http://www.sepulvedaescrow.net/" target="_blank">www.sepulvedaescrow.net</a>. Any Questions? <a href="http://www.sepulvedaescrow.net/contact-seulveda-escrow.php" target="_blank">Contact</a> our Escrow Expert! Sepulveda Escrow Corporation (818) 838-1831. Follow our company on <a href="https://www.facebook.com/SepulvedaEscrow" target="_blank">Facebook</a>, <a href="https://twitter.com/SepulvedaEscrow" target="_blank">Twitter</a>, <a href="https://www.linkedin.com/company/sepulveda-escrow-corporation?trk=company_name" target="_blank">LinkedIn</a>, and <a href="https://plus.google.com/104864667925513059231" target="_blank">Google+</a>.</div>
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MELISSA MOTKIN, SEPULVEDA ESCROWhttp://www.blogger.com/profile/10578586816248877080noreply@blogger.com0tag:blogger.com,1999:blog-1832526498163598961.post-55289087913725887652015-07-29T10:06:00.000-07:002015-07-29T10:14:39.152-07:00What is Escrow?<b>6/21/14 - </b>An Escrow can be used for many different reasons.<br />
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An Escrow holder, sometimes referred to as a Settlement or Closing Agent, depending on what part of the country you are in, holds Written Agreements, Documents and Monies, which are only released when all terms of the Written Agreement have been complied with.<br />
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Agreements and Instructions in Escrow must be mutually agreed upon by all parties (Seller and Buyer), otherwise an Escrow Holder simply continues to hold documents and funds until mutually signed Agreements are received.<br />
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TIP: It is always best to have all agreements documented from the very beginning rather than change the agreements during the escrow. It is possible that later the Seller and Buyer may not agree on the matter which can create problems with moving forward to close the deal. This should be avoided at all costs!<br />
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Find out more about us at <a href="http://www.sepulvedaescrow.net/">www.sepulvedaescrow.net</a>. Any Questions? <a href="http://www.sepulvedaescrow.net/contact-seulveda-escrow.php">Contact</a> our Escrow Expert! Sepulveda Escrow Corporation (818) 838-1831. Follow our company on <a href="https://www.facebook.com/SepulvedaEscrow">Facebook</a>, <a href="https://twitter.com/SepulvedaEscrow">Twitter</a>, <a href="https://www.linkedin.com/company/sepulveda-escrow-corporation?trk=company_name">LinkedIn</a>, and <a href="https://plus.google.com/104864667925513059231">Google+</a>.<br />
***************************************************************************************************MELISSA MOTKIN, SEPULVEDA ESCROWhttp://www.blogger.com/profile/10578586816248877080noreply@blogger.com0tag:blogger.com,1999:blog-1832526498163598961.post-48287880453901820852015-07-29T09:53:00.000-07:002015-07-29T10:07:08.767-07:00SO EXCITED<b>6/21/14</b><br />
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<b>S</b>uper excited to begin the adventure of blogging!<br />
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My objective is to impart information to the public on the subject of Escrow and as it relates to the sale of Real Estate, Businesses and Liquor License Transfers.<br />
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My hope is to provide interesting and relevant content which I intend to keep concise and abbreviated so as not to bore the reader.<br />
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Ask our Escrow Expert! Please call Sepulveda Escrow Corporation at (818) 838-1831<br />
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Please visit our website at <a href="http://www.sepulvedaescrow.net/" target="_blank">www.sepulvedaescrow.net</a> for additional information.<br />
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Thank you!<br />
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Find out more about us at <a href="http://www.sepulvedaescrow.net/" target="_blank">www.sepulvedaescrow.net</a>. Any Questions? <a href="http://www.sepulvedaescrow.net/contact-seulveda-escrow.php" target="_blank">Contact</a> our Escrow Expert! Sepulveda Escrow Corporation (818) 838-1831. Follow our company on <a href="https://www.facebook.com/SepulvedaEscrow" target="_blank">Facebook</a>, <a href="https://twitter.com/SepulvedaEscrow" target="_blank">Twitter</a>, <a href="https://www.linkedin.com/company/sepulveda-escrow-corporation?trk=company_name" target="_blank">LinkedIn</a>, and <a href="https://plus.google.com/104864667925513059231" target="_blank">Google+</a>.</div>
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MELISSA MOTKIN, SEPULVEDA ESCROWhttp://www.blogger.com/profile/10578586816248877080noreply@blogger.com0