7 Red Flags for Home Buyers: A great article to read as your looking to buy before the end of the year!

Before you bid on a home, check for potentially dicey, and pricey, problems.

In most states, home sellers must disclose any defect they know about that could affect how desirable -- and marketable -- their home is before they sign a purchase contract. Even in the six states that lack a "mandatory seller's property condition disclosure" (Alabama, Arkansas, Kansas, Vermont, West Virginia and Wyoming), the state's licensing agency may require real estate agents to tell buyers what they know. In all states, real estate agents who belong to the National Association of Realtors are obligated by their code of ethics to disclose any defects they know about.

But you may have fallen in love with a house, and spent hours preparing a purchase contract, before the disclosures are made. You should always make your purchase contract contingent on a professional home inspection ($300 to $350). Home inspectors could miss hidden problems, however, such as a basement that floods during a downpour.

More from Kiplinger.com » Quiz: Should You Buy a Home? » FAQ's on the Home Buyer Tax Credits » Foreclosure Bargains Across the Country

This list of red flags, recommended by Kathleen Kuhn, president of HouseMaster, a nationally franchised home-inspection company, and Bill Richardson, president of the American Society of Home Inspectors, can help you identify potentially pricey problems. You can use your observations to winnow your choices or to factor in condition when you negotiate price with the seller.

Poor water pressure. Aside from issues of comfort and convenience, low water flow may indicate plumbing problems, such as corroded pipes that will need to be replaced down the road. Tearing out old plumbing and replacing it with copper pipes can run $2,000 to $15,000 or more in a typical 1,500-square-foot home. A less costly alternative is cross-linked polyethylene (PEX) piping, which unlike rigid copper piping, is flexible and easier to install (approved for potable use in all U.S. model plumbing and mechanical codes, but may not be approved in local building codes).

Among tests you can do: Run water in a bathroom sink and check for weak flow. Flush the toilet while the water is running. Does the faucet flow drop off during the flush? In the bathroom located farthest from the water heater, turn on the hot water. Is there an unduly long delay before the water turns hot?

Ceiling stains. Something's leaking. If the stain appears beneath a bathroom, odds are the shower is leaking. It may merely need recaulking or regrouting, but it could also require ripping out tile and replacing the shower pan, a much more costly process (about $1,500). Most roof leaks result from neglected flashing that seals "valleys" in the roof or around a chimney or vents (cost to repair: $200 to $500). But roof leaks may also mean it's time to replace shingles -- at $100 to $350 per 100 square feet for asphalt shingles and $210 to $1,000 for wood shingles.

Troublesome doors. Are the doors hard to close? Do they swing open by themselves or fail to open fully? If you have one bad door, it may simply have been installed incorrectly. But more than one may indicate a serious structural issue, such as a foundation that has settled or framing that is deteriorating. Fixing this problem can require structural and geotechnical engineering reports and thousands of dollars in repairs.

Overloaded electrical outlets or lots of extension cords. Today's electrical demands may exceed the capacity of homes built as little as a decade ago, says Kuhn. You'll spend $75 to $250 to have an electrician add a 120-volt outlet to an existing circuit. Or, if the electrical system is very outdated, it may require a new electric panel. A new, 100-amp panel will cost $1,500 to $2,500.

Exterior features that slope toward the home. A porch, patio, driveway or grading that slopes toward the home all but guarantees water in the basement. And that may lead to structural decay, mold and insect infestation. In the basement, a musty smell may indicate previous flooding or ongoing moisture problems. Check the walls for stains, dark or light, which are tell-tale signs that water has penetrated the walls.

Solving the problem may be as simple and cheap as adding gutter extensions or regrading soil away from the home, or it could require thousands of dollars to excavate and build drains. Some homes may require exterior drains (one at the bottom of a sloped driveway, for example) as well as buried drains.

Odors. Cigarette smoke and pet odors can be hard to get rid of. And if a home smells too clean -- heavy with the scent of cleaning products (especially bleach) or plug-in deodorizers -- the seller may be trying to cover up an odor, such as mold or urine. If so, you need to inquire further, says Richardson, of the American Society of Home Inspectors.

Synthetic stucco siding. This must be installed precisely or else moisture will be trapped behind it, resulting in mold and decay. In the worst case, the siding will have to be replaced. For a medium-sized house (1,250 square feet of exterior surface area), replacing vinyl siding can cost $2,500 to $8,750, while wood or fiber cement siding can cost $5,600 to $10,000 or more. Especially in humid climates, you may want to pay for a special inspection. HouseMaster charges $600 and up, depending on how much of the material has been used and the size of the house.

If you find out before you close your purchase that the seller deliberately misrepresented or failed to fully disclose the home's condition, you may have the right to rescind the contract under state law. If it's a done deal, you'll probably have to sue the seller to recoup your damages. In some states you can also seek repayment of your legal costs. Consult with a lawyer who specializes in real estate fraud. If you have reason to believe that the seller's agent was negligent, you can take it up with the local Board of Realtors (www.nar.com, click on "local and state associations") and the state's licensing agency (to find yours, visit the Web site of the Association of Real Estate License Law Officials).

via realestate.yahoo.com

Posted via web from mikecaltitle's posterous

sitting center stage waiting for Jerry to tell some jokes.

Confidentiality Notice: The information contained in this electronic e-mail and any accompanying attachment(s) is intended only for the use of the intended recipient and is non-public in nature and may be confidential and/or privileged. If any reader of this communication is not the intended recipient, unauthorized use, disclosure, dissemination or copying is strictly prohibited, and may be unlawful. If you have received this communication in error, please immediately notify the sender by return e-mail, and delete the original message and all copies from your system and promptly destroy any copies made of this electronic message. Thank you.

Posted via email from mikecaltitle's posterous

Here's a tax calendar that can help you understand our tax year. Don't forget, taxes are DELINQUENT on the 10th of December.

<<PropertyTaxes.jpg>>

My Best,

Mike Turner
Vice President
County Sales Manager
California Title Company
760-535-3836
miket@caltitle.com

Keep California Golden!  Please don’t print unless absolutely necessary.

Confidentiality Notice: The information contained in this electronic e-mail and any accompanying attachment(s) is intended only for the use of the intended recipient and is non-public in nature and may be confidential and/or privileged. If any reader of this communication is not the intended recipient, unauthorized use, disclosure, dissemination or copying is strictly prohibited, and may be unlawful. If you have received this communication in error, please immediately notify the sender by return e-mail, and delete the original message and all copies from your system and promptly destroy any copies made of this electronic message. Thank you.

Posted via email from mikecaltitle's posterous

Don't forget to pay your Property Taxes. Taxes become delinquent on December 10th.

GENERAL INFORMATION

• COLLECTIONS
  

- Collects approximately $4.5 billion dollars in County, city, school, and special district taxes; processes any replicated payments within sixty (60) days, maintains complete and accurate files on the tax payment status of approximately 980,000 parcels, and processes taxpayer inquiries in a timely and courteous manner.

- Maintains records of all tax-defaulted parcels and computes amounts necessary to redeem when requested by the taxpayer; computes amounts and establishes controls for installment plans on redemptions; prepares and mails notices of Power to Sell; determines parcels to sell at public auction and selects dates of the sale; coordinates sale and accounts for proceeds of sale.

- Collects approximately $150 million in unsecured personal property taxes (business property, boats and airplanes). Prepares tax liens on delinquent unsecured taxpayers; and collects delinquent mobile home fees assigned to the County by the State before issuing Tax Clearance Certificates. Collects TOT Tax and Racehorse Tax. Responds to all taxpayer inquiries for property tax payment information.

• IMPORTANT DATES TO REMEMBER:
  July 1 - Beginning of fiscal year
  January 1 - Unsecured bills mailed out; Lien date for unsecured taxes.
  August 31 - Unsecured deadline. A 10% penalty is added.
  September - Treasurer-Tax Collector mails out original secured property tax bills
  November 1 - First installment is due (Secured Property Tax) and delinquent Unsecured accounts are changed additional penalties of 1½% until paid.
  December 10 - First installment payment deadline. A 10% penalty is added after 5:00 p.m. *
  February 1 - Second installment due (Secured Property Tax)
  April 10 - Second installment payment deadline. A 10% penalty plus $10.00 cost is added after 5:00 p.m. *
  May - Treasurer-Tax Collector mails delinquent notices for any unpaid, regular current taxes
  June 30 - End of fiscal year
  July 1 - Delinquent Secured accounts are transferred to delinquent tax roll and additional penalties added at 1- ½% per month on any unpaid tax amounts, plus $15.00 redemption fee

  * If a delinquent date falls on a weekend or holiday, the delinquent date is the next business day.

AVOID PENALTIES TO SAVE MONEY ON YOUR PROPERTY TAXES

• Make sure you receive bills for all property that you own. Keep track of all parcel numbers, i.e.,147-240-03-01. Check off the bills as you receive them and e-mail or call the Tax Collection Division of the Treasurer-Tax Collector's Office (toll free) at 877.829.4732 if you are missing any bills. Please allow 15 days for mailing. Remember: UNDER CALIFORNIA LAW, IT IS THE RESPONSIBILITY OF THE TAXPAYER TO OBTAIN ALL TAX BILL(S) AND TO MAKE TIMELY PAYMENT.

• On the secured tax roll, the first installment is due November 1 and delinquent on December 10, and the second installment is due on February 1 and delinquent on April 10. Taxpayers have the option of paying both installments when the first installment is due. Penalties will not be waived due to not receiving a bill.

• Make sure that you note December 10 and April 10 as payment deadlines for secured roll taxes as compared to the I.R.S. April 15th deadline for federal taxes and the deadline for filing Homeowner's Exemption. A news release in the newspaper just prior to the tax deadline is the only written notice given of the deadline for payment of county taxes.

• Mail your property tax payments early to make sure that the envelope is postmarked on or before December 10 and April 10. According to California law, the Treasurer-Tax Collector must review the postmark date to determine if payment was mailed before the deadline.

• By paying your taxes on time, you save the following penalties required by California law:

  • A 10% penalty added 5:00 p.m. on December 10.*
  • A 10% penalty and $10.00 cost added after 5:00 p.m. on April 10.*
  • After the end of the fiscal year (June 30), a $15.00 redemption fee and a 1-½% per month (18% per annum) penalty is added on the unpaid tax amount. If a "tax defaulted" notation appears on your tax bill, you may have unpaid taxes for prior years. Substantial savings in penalties can be achieved by paying any prior year back taxes or by initiating a five-year installment plan of redemption.

*If a delinquent date falls on a weekend or holiday, the delinquent date is the next business day.

Keep the County Assessor-Recorder informed of any change in address so that future tax bills will be mailed to the correct address. You may contact the Assessor-Recorder at ( 619 ) 236-3771.

IMPORTANT INFORMATION TO NEW HOME BUYERS:

• You can possibly save costly penalties if, prior to the purchase of property and close of escrow, you make sure there are no prior delinquent taxes owing, and pre-arrange who pays the current installment due and owing.
• If property is purchased in November, determine who is to pay the first installment due on or before December 10 for the period of July 1 through December 30.
• Keep in mind that as a new property owner, California law requires that you be responsible for the timely payment of taxes on your property. DO NOT WAIT TO BE NOTIFIED or expect receipt of a tax bill. None may be forthcoming. Make it a matter of your personal attention and responsibility to find out what taxes are due and owing by you, as required by law.
• In a normal escrow, current year taxes are usually pro-rated at the time of closing or escrow between the interested parties, based on the number of calendar days each party held ownership during the fiscal year which extends from July 1 through June 30. Pro-ration is a matter strictly between the parties involved. The Treasurer-Tax Collector cannot adjust the taxes. The installment amount as shown on the tax bill is the amount due by the party determined at the close of escrow. Check your title papers to see if you were credited or debited an amount for the time in the fiscal year you owned the property.

Top of Page

CURRENT YEAR SECURED PROPERTY TAXES EVENTS CALENDAR

Lien Date 
January 1st. 

Current Secured Property Tax Bills  
Mid-September, Auditor applies tax rates assessments, creates the master property tax roll from which the tax bills are printed and mailed in October. 

Fee Parcel Due Dates 
Tax Bills are mailed in October. The first installment is due on November 1st. The second installment is due on February 1st. 

Current Secured Property Tax Delinquency Dates 
The first installment is delinquent after 5 p.m. on December 10th unless the 10th falls on a weekend or holiday. If the 10th falls on a weekend or holiday, the delinquency date is the next regular working day. Payments received after this date will be assessed a 10% penalty. The second installment is delinquent after 5 p.m. on April 10th unless the 10th falls on a weekend. If the 10th falls on a weekend or holiday, the delinquency date is the next regular working day.  Payments received after this date will be assessed a 10% penalty and a $10.00 cost. 

Defaulted Tax Bills 
Any delinquent (unpaid) CURRENT SECURED property taxes as of 5:00 p.m. June 30th will be enrolled on the DEFAULTED MASTER TAX FILE. These taxes will accrue additional penalties and a $15.00 redemption fee.  These bills are also referred to as prior year secured taxes or redemptions.

Top of Page

FOUR YEAR PAYMENT PLAN

Escape tax bills represent assessments of valuation not previously included in the regular annual tax bill. Some escape bills may be eligible to be paid on a FOUR YEAR PAYMENT PLAN. The payments are payable over a four-year period as per California Revenue and Taxation Code. To be eligible for this plan, an escape bill must be for a prior fiscal year and must be equal to, or greater than $500.00 cumulative. 
If an escape bill is due to Assessor's error, there is an interest charged at the rate of 3/4 of 1 percent per month. 

To enroll a bill on the Four Year Plan, you must: 

A. File a written request with the Tax Collector's office prior to April 10th or by the last day of the month following the month in which the bill is mailed, whichever is later. 

B. PAY at least 20% of the tax and PAY "back taxes", if any, no later than the deadline for filing the written request. In each succeeding year, a payment of at least 20% of the original amount is required by April 10th. 

Any of the following conditions will default an active four year payment plan: 

1. Succeeding pay plan installments not received by April 10th each year. 

2. Current year taxes not paid in full by April 10th each year. 

3. Supplemental bills and other current escape bills not paid timely. 

4. Change of ownership on the taxed property. 

If further information is needed write to:

Dan McAllister, Treasurer - Tax Collector 
County Administration Center 
1600 Pacific Highway, Room 162 
San Diego, CA 92101-2477 

Top of Page

FIVE YEAR PAYMENT PLAN

Conditions for an Installment Plan

To Set Up a Payment Plan:

• Between July 1 and October 31, no current year taxes are due. Between November 1 and no later than the following April 10, the full year current taxes must be paid.
• Pay 20% or more of the total redemption amount due.
• Pay current taxes due each year on or before April 10. The second installment of any supplemental bill must not be delinquent at the end of the fiscal year (June 30).

Interim Payments on Plan:

• On or before April 10 of each succeeding fiscal year, you must pay an installment payment of 20% or more of the original redemption amount, plus interest accruing on the unpaid balance at the rate of 1-½% per month. For due dates on weekends or holidays, payments will be due on the following business day.

FAILURE TO MEET THE ABOVE CONDITIONS WILL RESULT IN DEFAULT OF YOUR PLAN.

If you default your installment plan and are unable to initiate a new plan, your property will become subject to sale five or more years after your property initially became tax-defaulted. Authority for the installment plan is prescribed by Revenue and Taxation Code sections 4216-4337.

The unpaid balance of your installment plan, plus accrued interest, may be paid in full at any time before the fifth and final payment due date.

A new installment plan MAY be initiated:

1. Only after July 1 following the default of the plan.
2. All conditions of the installment plan must be met.

An installment plan MAY NOT be initiated:

1. After the fifth year following the declaration of tax default.
2. After the property has become subject to Power to Sell.

Top of Page

CURRENT YEAR PROPERTY TAX COLLECTION STATUS

Current Year Tax
FISCAL YEAR	NUMBER OF PARCELS	TAX AMOUNT	AMOUNT COLLECTED	PERCENT COLLECTED
2005-2006	941,950	$3,571,242,200.92	$3,499,928,919.62	98.0031
2004-2005	921,409	$3,147,381,778.96	$3,096,586,989.00	98.3861
2003-2004	905,644	$2,831,008,186.04	$2,796,542,237.97	98.7825
2002-2003	890,960	$2,552,524,107.80	$2,518,098,853.33	98.6513

Top of Page

PRIOR YEAR COLLECTION STATUS

Prior Year Defaulted Tax
FISCAL YEAR	NUMBER OF PARCELS	DEFAULTED TAX AMOUNT	AMOUNT COLLECTED	PERCENT COLLECTED
2005-2006	35,898	$78,996,373.80	$58,313,522.56	73.8170
2004-2005	30,373	$57,152,557.20	$41,641,204.22	72.4790
2003-2004	30,758	$58,402,819.04	$41,236,137.16	70.6060
2002-2003	32,949	$59,170,038.34	$38,744,926.79	65.4800
2001-2002	36,396	$61,404,676.88	$39,634,487.20	64.5460

Top of Page

-->

via sdtreastax.com

Every year people pay more money in property taxes because they become delinquent and incur a 10% penalty. Don't be one of these people. Remember the deadline.

Posted via web from mikecaltitle's posterous

Don't forget to pay your Property Taxes. Taxes become delinquent on December 10th.

GENERAL INFORMATION

• COLLECTIONS
  

- Collects approximately $4.5 billion dollars in County, city, school, and special district taxes; processes any replicated payments within sixty (60) days, maintains complete and accurate files on the tax payment status of approximately 980,000 parcels, and processes taxpayer inquiries in a timely and courteous manner.

- Maintains records of all tax-defaulted parcels and computes amounts necessary to redeem when requested by the taxpayer; computes amounts and establishes controls for installment plans on redemptions; prepares and mails notices of Power to Sell; determines parcels to sell at public auction and selects dates of the sale; coordinates sale and accounts for proceeds of sale.

- Collects approximately $150 million in unsecured personal property taxes (business property, boats and airplanes). Prepares tax liens on delinquent unsecured taxpayers; and collects delinquent mobile home fees assigned to the County by the State before issuing Tax Clearance Certificates. Collects TOT Tax and Racehorse Tax. Responds to all taxpayer inquiries for property tax payment information.

• IMPORTANT DATES TO REMEMBER:
  July 1 - Beginning of fiscal year
  January 1 - Unsecured bills mailed out; Lien date for unsecured taxes.
  August 31 - Unsecured deadline. A 10% penalty is added.
  September - Treasurer-Tax Collector mails out original secured property tax bills
  November 1 - First installment is due (Secured Property Tax) and delinquent Unsecured accounts are changed additional penalties of 1½% until paid.
  December 10 - First installment payment deadline. A 10% penalty is added after 5:00 p.m. *
  February 1 - Second installment due (Secured Property Tax)
  April 10 - Second installment payment deadline. A 10% penalty plus $10.00 cost is added after 5:00 p.m. *
  May - Treasurer-Tax Collector mails delinquent notices for any unpaid, regular current taxes
  June 30 - End of fiscal year
  July 1 - Delinquent Secured accounts are transferred to delinquent tax roll and additional penalties added at 1- ½% per month on any unpaid tax amounts, plus $15.00 redemption fee

  * If a delinquent date falls on a weekend or holiday, the delinquent date is the next business day.

AVOID PENALTIES TO SAVE MONEY ON YOUR PROPERTY TAXES

• Make sure you receive bills for all property that you own. Keep track of all parcel numbers, i.e.,147-240-03-01. Check off the bills as you receive them and e-mail or call the Tax Collection Division of the Treasurer-Tax Collector's Office (toll free) at 877.829.4732 if you are missing any bills. Please allow 15 days for mailing. Remember: UNDER CALIFORNIA LAW, IT IS THE RESPONSIBILITY OF THE TAXPAYER TO OBTAIN ALL TAX BILL(S) AND TO MAKE TIMELY PAYMENT.

• On the secured tax roll, the first installment is due November 1 and delinquent on December 10, and the second installment is due on February 1 and delinquent on April 10. Taxpayers have the option of paying both installments when the first installment is due. Penalties will not be waived due to not receiving a bill.

• Make sure that you note December 10 and April 10 as payment deadlines for secured roll taxes as compared to the I.R.S. April 15th deadline for federal taxes and the deadline for filing Homeowner's Exemption. A news release in the newspaper just prior to the tax deadline is the only written notice given of the deadline for payment of county taxes.

• Mail your property tax payments early to make sure that the envelope is postmarked on or before December 10 and April 10. According to California law, the Treasurer-Tax Collector must review the postmark date to determine if payment was mailed before the deadline.

• By paying your taxes on time, you save the following penalties required by California law:

  • A 10% penalty added 5:00 p.m. on December 10.*
  • A 10% penalty and $10.00 cost added after 5:00 p.m. on April 10.*
  • After the end of the fiscal year (June 30), a $15.00 redemption fee and a 1-½% per month (18% per annum) penalty is added on the unpaid tax amount. If a "tax defaulted" notation appears on your tax bill, you may have unpaid taxes for prior years. Substantial savings in penalties can be achieved by paying any prior year back taxes or by initiating a five-year installment plan of redemption.

*If a delinquent date falls on a weekend or holiday, the delinquent date is the next business day.

Keep the County Assessor-Recorder informed of any change in address so that future tax bills will be mailed to the correct address. You may contact the Assessor-Recorder at ( 619 ) 236-3771.

IMPORTANT INFORMATION TO NEW HOME BUYERS:

• You can possibly save costly penalties if, prior to the purchase of property and close of escrow, you make sure there are no prior delinquent taxes owing, and pre-arrange who pays the current installment due and owing.
• If property is purchased in November, determine who is to pay the first installment due on or before December 10 for the period of July 1 through December 30.
• Keep in mind that as a new property owner, California law requires that you be responsible for the timely payment of taxes on your property. DO NOT WAIT TO BE NOTIFIED or expect receipt of a tax bill. None may be forthcoming. Make it a matter of your personal attention and responsibility to find out what taxes are due and owing by you, as required by law.
• In a normal escrow, current year taxes are usually pro-rated at the time of closing or escrow between the interested parties, based on the number of calendar days each party held ownership during the fiscal year which extends from July 1 through June 30. Pro-ration is a matter strictly between the parties involved. The Treasurer-Tax Collector cannot adjust the taxes. The installment amount as shown on the tax bill is the amount due by the party determined at the close of escrow. Check your title papers to see if you were credited or debited an amount for the time in the fiscal year you owned the property.

Top of Page

CURRENT YEAR SECURED PROPERTY TAXES EVENTS CALENDAR

Lien Date 
January 1st. 

Current Secured Property Tax Bills  
Mid-September, Auditor applies tax rates assessments, creates the master property tax roll from which the tax bills are printed and mailed in October. 

Fee Parcel Due Dates 
Tax Bills are mailed in October. The first installment is due on November 1st. The second installment is due on February 1st. 

Current Secured Property Tax Delinquency Dates 
The first installment is delinquent after 5 p.m. on December 10th unless the 10th falls on a weekend or holiday. If the 10th falls on a weekend or holiday, the delinquency date is the next regular working day. Payments received after this date will be assessed a 10% penalty. The second installment is delinquent after 5 p.m. on April 10th unless the 10th falls on a weekend. If the 10th falls on a weekend or holiday, the delinquency date is the next regular working day.  Payments received after this date will be assessed a 10% penalty and a $10.00 cost. 

Defaulted Tax Bills 
Any delinquent (unpaid) CURRENT SECURED property taxes as of 5:00 p.m. June 30th will be enrolled on the DEFAULTED MASTER TAX FILE. These taxes will accrue additional penalties and a $15.00 redemption fee.  These bills are also referred to as prior year secured taxes or redemptions.

Top of Page

FOUR YEAR PAYMENT PLAN

Escape tax bills represent assessments of valuation not previously included in the regular annual tax bill. Some escape bills may be eligible to be paid on a FOUR YEAR PAYMENT PLAN. The payments are payable over a four-year period as per California Revenue and Taxation Code. To be eligible for this plan, an escape bill must be for a prior fiscal year and must be equal to, or greater than $500.00 cumulative. 
If an escape bill is due to Assessor's error, there is an interest charged at the rate of 3/4 of 1 percent per month. 

To enroll a bill on the Four Year Plan, you must: 

A. File a written request with the Tax Collector's office prior to April 10th or by the last day of the month following the month in which the bill is mailed, whichever is later. 

B. PAY at least 20% of the tax and PAY "back taxes", if any, no later than the deadline for filing the written request. In each succeeding year, a payment of at least 20% of the original amount is required by April 10th. 

Any of the following conditions will default an active four year payment plan: 

1. Succeeding pay plan installments not received by April 10th each year. 

2. Current year taxes not paid in full by April 10th each year. 

3. Supplemental bills and other current escape bills not paid timely. 

4. Change of ownership on the taxed property. 

If further information is needed write to:

Dan McAllister, Treasurer - Tax Collector 
County Administration Center 
1600 Pacific Highway, Room 162 
San Diego, CA 92101-2477 

Top of Page

FIVE YEAR PAYMENT PLAN

Conditions for an Installment Plan

To Set Up a Payment Plan:

• Between July 1 and October 31, no current year taxes are due. Between November 1 and no later than the following April 10, the full year current taxes must be paid.
• Pay 20% or more of the total redemption amount due.
• Pay current taxes due each year on or before April 10. The second installment of any supplemental bill must not be delinquent at the end of the fiscal year (June 30).

Interim Payments on Plan:

• On or before April 10 of each succeeding fiscal year, you must pay an installment payment of 20% or more of the original redemption amount, plus interest accruing on the unpaid balance at the rate of 1-½% per month. For due dates on weekends or holidays, payments will be due on the following business day.

FAILURE TO MEET THE ABOVE CONDITIONS WILL RESULT IN DEFAULT OF YOUR PLAN.

If you default your installment plan and are unable to initiate a new plan, your property will become subject to sale five or more years after your property initially became tax-defaulted. Authority for the installment plan is prescribed by Revenue and Taxation Code sections 4216-4337.

The unpaid balance of your installment plan, plus accrued interest, may be paid in full at any time before the fifth and final payment due date.

A new installment plan MAY be initiated:

1. Only after July 1 following the default of the plan.
2. All conditions of the installment plan must be met.

An installment plan MAY NOT be initiated:

1. After the fifth year following the declaration of tax default.
2. After the property has become subject to Power to Sell.

Top of Page

CURRENT YEAR PROPERTY TAX COLLECTION STATUS

Current Year Tax
FISCAL YEAR	NUMBER OF PARCELS	TAX AMOUNT	AMOUNT COLLECTED	PERCENT COLLECTED
2005-2006	941,950	$3,571,242,200.92	$3,499,928,919.62	98.0031
2004-2005	921,409	$3,147,381,778.96	$3,096,586,989.00	98.3861
2003-2004	905,644	$2,831,008,186.04	$2,796,542,237.97	98.7825
2002-2003	890,960	$2,552,524,107.80	$2,518,098,853.33	98.6513

Top of Page

PRIOR YEAR COLLECTION STATUS

Prior Year Defaulted Tax
FISCAL YEAR	NUMBER OF PARCELS	DEFAULTED TAX AMOUNT	AMOUNT COLLECTED	PERCENT COLLECTED
2005-2006	35,898	$78,996,373.80	$58,313,522.56	73.8170
2004-2005	30,373	$57,152,557.20	$41,641,204.22	72.4790
2003-2004	30,758	$58,402,819.04	$41,236,137.16	70.6060
2002-2003	32,949	$59,170,038.34	$38,744,926.79	65.4800
2001-2002	36,396	$61,404,676.88	$39,634,487.20	64.5460

Top of Page

-->

via sdtreastax.com

Every year people pay more money in property taxes because they become delinquent and incur a 10% penalty. Don't be one of these people. Remember the deadline.

Posted via web from mikecaltitle's posterous

i'm thankful for this.....

Download now or watch on posterous

Sonogram.mp4 (2059 KB)

This new addition to our family coming mid next year.  I'm very thankful for my beautiful wife, my wonderful family, and incredible friends.
I hope this Thanksgiving you're able to slow down, stop and think about the things that matter in life and what you're most thankful for.
Happy Thanksgiving everyone!

My Best,

Mike Turner
Vice President
County Sales Manager
California Title Company
760-535-3836
miket@caltitle.com

Posted via email from mikecaltitle's posterous

Happy Thanksgiving!

Real Estate Recovery in So. California: Home Sales Increase 16th Straight Month, Prices 6rd Month

Southern California home sales rose in October as prices showed more signs of firming. The median sale price fell by the smallest amount in two years, the result of a shrinking inventory of homes for sale and government and industry efforts to stoke demand and curtail foreclosures. Last month 22,132 new and resale houses and condos closed escrow in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties. That was up 2.8% from 21,539 in September and also up 2.8% from 21,532 a year earlier, according to MDA DataQuick of San Diego.

October marked the 16th month in a row with a year-over-year sales gain, although last month’s was the smallest of those increases. In October, the median price paid for a Southland home was $280,000, up 1.8% from $275,000 in September but down 6.7% from $300,000 in October 2008. It was the median’s smallest annual decline for any month since September 2007, when the median fell 4% from a year earlier. September 2007 – one month after the current credit crunch hit – marked the beginning of a 26-month streak of year-over-year declines in the median price.

The region’s overall median sale price has risen or held steady on a month-to-month basis ever since it dropped to a more-than 7-year low of $247,000 in April. Last month the median was 44.6% lower than the peak $505,000 median reached during several months in early and mid 2007.

Do you think we've hit the bottom?

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Are you putting together a Living Trust and have questions on how to insure real property with it?

For more information, contact your Sales Representative, or email californiatitle@caltitle.com.

My Best,

Mike Turner
Vice President
County Sales Manager
California Title Company
760-535-3836
miket@caltitle.com

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the look of success in San Diego.

My awesome sales team.

Confidentiality Notice: The information contained in this electronic e-mail and any accompanying attachment(s) is intended only for the use of the intended recipient and is non-public in nature and may be confidential and/or privileged. If any reader of this communication is not the intended recipient, unauthorized use, disclosure, dissemination or copying is strictly prohibited, and may be unlawful. If you have received this communication in error, please immediately notify the sender by return e-mail, and delete the original message and all copies from your system and promptly destroy any copies made of this electronic message. Thank you.

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Check out my New Site

Check out my new site that has a ton of resources to help you in your decision to buy and sell real estate. 
Everything from School and Community books to the latest in Title Information, we've made it available for you.
Also, if you're working with a rep, ask that rep what his or her unique Web Name is to benefit from their website as well.

For more information, call or email me or your Sales Representative. <<MikePersonalizedWebsite.jpg>>

Mike Turner
Vice President
County Sales Manager
California Title Company
760-535-3836
miket@caltitle.com

Keep California Golden!  Please don’t print unless absolutely necessary.

Confidentiality Notice: The information contained in this electronic e-mail and any accompanying attachment(s) is intended only for the use of the intended recipient and is non-public in nature and may be confidential and/or privileged. If any reader of this communication is not the intended recipient, unauthorized use, disclosure, dissemination or copying is strictly prohibited, and may be unlawful. If you have received this communication in error, please immediately notify the sender by return e-mail, and delete the original message and all copies from your system and promptly destroy any copies made of this electronic message. Thank you.

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Fall Back

Measuring School Success

It's now the middle of October, and your kids have most likely already started Back to School!
For the latest Academic Performance Index (API) Report for schools in San Diego County, click below!

http://www.titleadvantage.com/mdocs/Measuring_School_Success.pdf

These reports show how your school is doing compared to other schools in your district and the county.

If you find this of value, please specify California Title on your next transaction. And if you're currently in escrow, ask us how California Title can save you money AND close your deal on time!

For more information on this piece or to access more consumer information, contact your Sales Representative or go to www.CalTitle.com.

Save a Tree, Email Your Preliminary Report

If you've been a part of a real estate transaction in the past decade, you know how cumbersome the paperwork can be. There are more documents and disclosures now than ever before.

The same is true for your Preliminary Report from the Title Company. These reports include documents detailing the rights and interests others have in your property, and in some cases can consume whole reams of paper. Documents like CC&R's, that can grow to 50 or 100 sheets of paper, are printed, and in some cases duplicated over and over again.

This is not only cumbersome for a tech savvy world, but it's a strain on our environment.

No matter what side of the coin you're on, paperless Preliminary Reports from California Title is a great way to save time, paper, and storage space on your next transaction.

Open your next deal with California Title, ask for copies of all items, and also ask for it to be EMAILED. Once you have it in your email inbox, you will have access to all of the documents referenced in the prelim. You can also email this to your clients or other parties to the transaction with ease. No more mail, no more cumbersome files. A simple solution to complex transactions.

Fore more information, contact your Sales Representative, and Thank You for choosing California Title.

New Rules to Take Effect with Area Code 760

New rules are going to take effect for anyone located in or dialing area code 760.

Please see the attached flier for more information.

As always, Thank You for selecting California Title Company for your next transaction!

The Benefit of Closing at the End of the Month!

Closing a real estate transaction at month end mainly means lowering your out of pocket expenses at the time of closing. The bulk of these expenses comes from "prepaid interest" that you pay on your mortgage.

Most loan payments are due on the first day of the month. Since interest on your mortgage begins from the date your transaction closes, you may be required to "pre-pay" interest between the closing date and the end of the month.

Here are a couple of scenarios:

If you plan to close on your home on the 29th of September, you would be required to bring in one day's worth of prepaid interest at the time of closing to cover September's interest. After you close, you would make your first mortgage payment on November 1st, where you would be paying October's interest.

If you plan to close this coming Friday (October 2nd), you would prepay 29 days of interest. In this scenario, you would need to bring in more cash to close than you would have if you closed on the 29th or 30th of September, just a few days earlier.

Of course the upside to the second scenario is, your first mortgage payment wouldn't be due until December 1st. You would simply need to bring in more money at the time of closing.

For more information on Closings or to find out how California Title can help you on your next transaction, please contact your Sales Representative or email californiatitle@caltitle.com.

The Benefits of Electronic Preliminary Reports.

California Title Company is now providing Electronic Preliminary Reports, complete with documents accessed via hyperlink, sent to your email inbox.

A Preliminary Report is a report prepared prior to issuing a policy of title insurance. This report shows the ownership of a specific parcel of land, together with the liens and encumbrances thereon which will not be covered under a subsequent title insurance policy.

This report is a benefit to both your buyer and your seller. From the seller's perspective, the preliminary report shows items that may need to be cleared prior to transferring ownership of the property, or clear title to the property.

From the buyer's perspective, the report can give details on specific documents pertaining to the parcel they are buying. Items like Covenants, Conditions and Restrictions, or Road Maintenance Agreements will be mentioned and a copy of the document can be obtained for further review.

Having hyperlinks to documents in an electronic Preliminary Report gives you access to the important items of the report, at the convenience of your personal computer. Electronically delivering them is also easy on the environment and a time saver.

How can you get the benefit of this incredible tool:

1. When opening escrow, request California Title Company

2. Ask your escrow officer to include "all items" in the PR (Preliminary Report)

3. Request the PR be emailed to you.

That's it! The email will be delivered to your inbox when the report is complete and is no larger than a normal email.

For more information, contact your Sales Representative or email Californiatitle@caltitle.com.

How to close your Real Estate Transaction ON TIME!

It's Monday morning, and I can't help but think of the amount of homes that need to be bought or sold. In some cases, people want to take advantage of unbelievable home prices and low interest rates to buy their second home or move up with their existing home. In other cases, sellers have fallen victim to adjusting mortgage rates, credit crunches, job loss, and other factors that force them out of their home.

For one reason or another, people still want to, and need to buy and sell real estate.

For a buyer it may be their first home and they’re looking forward to taking advantage of the $8,000 tax credit. Maybe they’re purchasing a second home or a home for their parents or children.

A homebuyer gets excited about a lot of things during escrow. One thing he or she does NOT get excited about is closing a deal late. Especially when their bad news arrives on a Friday morning, while they’re loading a moving truck at their current residence.

How can you avoid giving your clients bad news? Get a Statement of Information filled out from the seller of the property, and get it to California Title as soon as possible.

In this day and age, there are several complications that can come from a seller’s tax lien or judgment. These complications take time and effort to resolve. When a title company receives a Statement of Information, it runs the seller’s history with possible complications or clouds on the title of the home they’re selling. If complications arise, the title company has time to deal with them or at least let all parties know in advance.

In most cases, if the title company gets the Statement of Information late and finds a problem, it cannot solve the problem without delaying the close of escrow.

Please take a look at the attached flyer, and stay informed so that you can close MORE deals ON TIME!

For more information, please contact your California Title Sales Representative.

Different Types of Ownership

Chuck Bishop, our Senior Title Officer, explains the different types of ownership in real property.

For more information on Ask Chuck, contact your Sales Representative, or email me with your own title question and get it answered!

Consumer Resources

Here are some valuable articles that will help you understand Title Insurance, what it covers, how it's affected, and other related pieces. Check back often as we are always updating!