Information on California Real Estate Withholding Taxes for Sellers Posted on February 14, 2023 (February 23, 2024) by Shirley Kim California state law (California Code, Revenue and Taxation Code – RTC § 18662) states such that all real property being sold requires the payment of tax at the close of escrow in an amount equal to 3.33% of the sales price. An Alternative Calculated Amount can also be used which involves some computations to determine the seller’s gain or…
What is a Loan Tie-In Fee? Posted on August 9, 2018 (February 23, 2024) by Shirley Kim The Loan Tie-In Fee is a fee compensates your escrow company for the additional work required to process having one or more lender(s) in the escrow process. Below is a comprehensive list (but not all-inclusive) that gives an overview of the additional liability, time, expertise and expense required tofacilitate a successful close of escrow where a…
Help Filling Out A 1099 Certification Posted on May 23, 2018 (February 23, 2024) by Shirley Kim Seller 1099-S Form Download Click on the linked PDF below to view helpful instructions on filling out a 1099 Certification form. Seller 1099-S…
What is the Escrow Process? Posted on February 23, 2018 (July 28, 2018) by Shirley Kim The Lender Deposits proceeds of the loan to the purchaser. Directs the escrow holder on the conditions under which the loan funds may be used. The Escrow Holder Opens the order for title insurance. Obtains approvals from the buyer on title insurance report, pest and other inspections. Receives funds from the buyer and/or any lender….