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September 3, 2017 at 5:15 pm
Can you provide what documents you need in escrow for sale transaction when the member of California LLC pass away ?
Can members prepare all documents during living to make beneficiary job easier ?
Assume Husband and wife accident death and left LLC to children.
August 23, 2017 at 3:22 pm
Can you provide what documents you need in escrow for sale transaction when the member of California LLC pass away ?
March 22, 2017 at 3:22 pm
My Father who passed away a week ago was the only one on the title of his house in Pico Rivera.
What process needs to be taken to get it transferred to my mother’s name who is still alive. There was no will.
The are both legally married and have had that house for 34 years. Also approximately how much does that process cost.
Lastly, do you guys offer this service.
March 23, 2017 at 7:52 pm
Thank you for leaving a question on our Viva Escrow website.
Unfortunately, California Probate Law states that when your father passed without anyone else on title to the property, even if he was married at the time, his property needs to go through the Courts, through Probate,in order for this to pass to your mother and/or other Beneficiaries, especially since there was no will left. Please contact a Probate attorney for the steps needed to complete this process. I don’t know how much that process would cost. It would be at least a few thousand dollars.
I hope this helps and good luck!
March 13, 2017 at 11:35 am
Do you handle business escrows?
March 13, 2017 at 1:56 pm
Yes, Suzie, we do handle business escrows.
March 3, 2017 at 9:39 am
My sister and I hold title on a rental as joint tenant .. She want to transfer her share to a living trust .
Question- Do I have to sign and quitclaim and /or grant deed to terminate the joint tenant and turn into tenant in common .
Can my sister sign to quitclaim her name to her living trust and hold title as tenant in common ?
Living trust or LLC and individual can not hold as joint tenant ?
March 3, 2017 at 9:38 pm
An individual should not hold title with an entity, whether it is an LLC or Trust as “Joint Tenant”. Holding as Joint Tenant means that the parties have the right of survivorship. The Trust and the LLC can continue on forever, so if the individual should pass away his interest would automatically go to the surviving joint tenant, in this case, a legal entity which can exist in perpetuity (conceivably).
To turn your ownership into a tenant in common situation you and your sister can do so by signing a quitclaim deed from you and your sister to you and your sister’s LLC, each as to ______% interest, as Tenants in Common. This will break the joint tenancy and make it “tenants in common”
February 26, 2017 at 9:05 pm
My mother, father, and brother own our home in LA County all as joint tenants. However, my father just passed away a few months ago, so we were wondering: Is it okay to simply keep my father’s name on title of our home? At least for now? My family isn’t planning to sell our home any time soon, so that’s not an issue. Also, we live here, so our home doesn’t generate any rental income.
In other words, are there any consequences of keeping my father’s name on title? On the other hand, if we clear my father’s name from title, will that cause the property tax to be reassessed?
Thank you in advance.
February 27, 2017 at 1:47 pm
It is okay to keep your father’s name on the title, it doesn’t affect your ownership. Of course, in the future you will have to do an Affidavit of Death of Joint Tenant and make his passing of record, especially if you are selling it. At that time you will fill out a Change of Ownership form for the County Assessor which states that the property will be exempt from re-assessment as it a transfer due to a death of a joint tenant.
January 4, 2017 at 7:28 pm
Can I hold title joint tenant with a LLC ??
If I hold title on the grant deed as follow ??
Mai Ma and Mc empire LLC as Joint tenant .
In case , Mai Ma pass away . Can Mc empire LLC get step up on the tax basis ??
January 5, 2017 at 11:23 am
An individual may not hold title with a corporate entity (LLC, Corporation) as “Joint Tenants”. The LLC is not a real person, it exists indefinitely, and if the individual passes away there will be probate law issues as the heirs and decedents of the individual may have a claim to the individual’s share of the property.
The individual can own property with a corporate entity as “Tenants in Common”, each as to an undivided interest in the property, but NOT as “Joint Tenants” where the rights of survivorship between individuals would come to play.
If the ownership is done this way and the individual passes away, the title company insuring any sale of the property will require that proof of probate of the individual was complete because the heirs and decedents of the individual may have a claim to part of the property.
Please consult with a probate attorney before anything is done! As to the stepped up basis in accounting, only a CPA would be able to answer that part of your concerns.
October 4, 2016 at 10:09 am
We are in the process of buying another house. We are wondering if it its now required for loan docs to be signed with a signing agent only? Do escrow require a copy of the notary’s driver license, e&o and license? The escrow company the seller chose is asking for the notary to provide info that I wouldn’t give out as a notary myself. I know how to sign loan docs w/o a signing agent. I know a notary is required. I’m confused. Please help. I wish I can choose Viva.
October 4, 2016 at 12:46 pm
Thank you for your comment and question left on Viva Escrow’s website.
No, loan docs can be signed either with a mobile notary (signing agent) recommended by the Escrow Officer, at the escrow office itself, or with a notary of the Borrower’s choice. It all depends on the management policies of that particular Escrow Company. This is because the Lenders put restrictions on who can do the notarizations and if the Lender makes the Escrow Company liable for the ultimate notarial act. You can advise your Escrow Officer about your preference and see what they say.
When an Escrow Company gets their own notary they may or may not look at the qualifications of that particular notary – the driver’s license, E&O and notary license. If it is an individual notary in the area which we do not know or never worked with before we may ask them for these identification. The crux of the matter is that the Lenders are writing into the Lenders Closing Instructions that the Escrow Company assume responsibility for the notary chosen. So we are very careful now. Some of us also use mobile notary signing companies who have individual contacts throughout the country and then our reliance lies on this signing companies making sure the notaries they employ have the proper paperwork.
So your best bet is to ask the escrow company specifically what are your options in getting your own notary. We are all working in a brand new world compared to what it was like pre-economic crash of 2007!
Hope this helps!
August 19, 2016 at 12:55 pm
We are going to escrow a manufactured home.
Where is the best place to get the info needed to process correctly?
August 20, 2016 at 7:49 pm
Thank you for visiting our Viva Escrow website.
The transaction that involves the transfer of a manufactured home is very different from an escrow for a standard residential home. Instead of having a title company do a prelim and using a Grant Deed to transfer title ownership, you are going to be working with the HCD and transferring the vehicle license.
If you do not know how to process a manufactured home escrow I suggest that you don’t do it but allow someone who does know handle it. You can learn from that person and then try it on your own the next time.
The California Escrow Association just did a Manufactured Home Webinar last Saturday. I don’t know if you knew about it but that would have helped you get started.
August 4, 2016 at 2:28 pm
on a closing escrow statement, there is a line item under TITLE CHARGES for OWNERS PREMIUM and it says optional. What is it and Can i have them take that out ??
August 4, 2016 at 4:43 pm
Our answer is that the word “optional” has to show on the Seller’s Closing CD. You can take it out of the closing statement, but it does have to show on the Seller’s Closing Disclosure. This is part of the CFPB TRID regulations. In parts of the country like the East Coast the Buyer pays the Owners Policy so there has to be a disclosure to the Buyer that the title policy is “optional” if they don’t want to buy it.
August 2, 2016 at 1:46 pm
Do you have a clause of an All Inclusive Deed of Trust Sale to put in our escrow instructions or an agent to add to the purchase agreement? Or does it vary on the circumstances?
August 3, 2016 at 10:22 am
The response to your question is as follows: Yes, the Real Estate Agent should be putting in the Purchase Contract verbiage regarding the Seller carry back AITD. That is a definite must. Perhaps not as detailed, but at least the AITD amount and the disclosure that this is wrapped around the underlying Trust Deeds that will not be paid off. You should also put the full terms in your escrow. That is very important. I will send you an e-mail regarding this separately. Hope it will heop.
July 1, 2016 at 10:17 am
how do we start prorating taxes for closing in the month of July?
July 1, 2016 at 2:40 pm
Real property taxes in the State of California starts a new fiscal year on July 1st. Therefore, for the upcoming new taxes for 2016-2017 and proration starts as of today, July 1 up to the day of actual closing. We base the amount on the latest known tax figures, which is usually the 2nd half taxes for the past year of 2015-2016. The daily amount from 7/1/2016 to day of closing is debited from the Seller and credited to the Buyer because the Buyer will end up paying this amount when the actual tax bill is generated and sent out to the parties in September-October.
Hope this answers your question!
November 30, 2015 at 12:50 pm
Thank you for your response regarding the re-assessment of property tax. However, either way, consider a gift or sales transfer, are they required to pay the transfer tax?
November 30, 2015 at 2:09 pm
As mentioned in my previous response, the transfer tax is a requirement to be paid by California Revenue and Taxation law. The payment can be exempt if the transferors and transferees can show that an exemption can qualify. This applies to “gift” transfers or regular transfers. As you have already paid the transfer tax, the possibility of it being returned by the County Tax Assessor’s office is rather small.
November 29, 2015 at 10:38 pm
This is just a follow question on our transaction. My two siblings actually each paid a transfer tax of $3,400 each based on value of $500,000 each Then my sister’s CPA made her $500,000 portion as a “gift”. However, she already paid the transfer tax. When it is considered a gift, should she have paid the transfer tax? Also, would my property tax be re-assessed regardless?
November 30, 2015 at 2:02 pm
Thank you for your follow up question.
When it is a “gift” then you can ask for an exemption on the transfer tax.
However, the County Tax Assessor may not allow this exemption when it is a transfer between siblings. The Revenue and Taxation Code has a “bonafide gift without consideration” exemption but they will look at it on a case by case basis. Unfortunately, if the exemption is not granted, the property taxes may be re-assessed.
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Monrovia, CA 91016