Social Business and Real Estate

Here is the simplified version of a real estate transaction in California, or property is paid in cash by the buyer:

-Purchaser, through its agent, shall submit a written offer, usually with forms CAR (California Association of Realtors), al’agent the seller.

-Offer accepted, rejected or countered

Buyer-cons the cons offer in writing (CAR form)

Vendor-approved or cons cons cons the offer (so
until the buyer and seller reach an agreement in writing).

Vendor-opens escrow account, deposit with the buyer makes escrow company. (Amount specified in the offering documents and cons offer).

-Buyer receives the Prelim (Preliminary Title Report, produced by the Title Insurance Company: Provides a fact sheet on the property as the legal description, list of mortgages, names of owners, use restrictions, rights of way , and property taxes). Buyer discuss its contents with his agent. Why? Certain property is subject to rules such as restricted to owner occupied or has the “CC & R’s (Conditions, Covenants & Restrictions) that govern the lifestyle of the owners or users.

Conditions set by the seller-buyer & place (termite inspections, structural repairs, etc ….)

Conditions met-time Requirements: Buyer and sellers each sign their own documentation with the escrow officer or his representative. Key References: HUD1, PCORE, W-9
(Note: It is rare that seller and buyer sign at the same time, the same day and same place.)

-All documents are in order and the necessary funds have been received, the Escrow Agent is responsible for recording documents formalizing the transfer of ownership (“Grant Deed”) with the authorities (County Clerk Recording).

Paper-records: the buyer is now legally owns the property. Ownership based on contract terms, and may be immediate. In some cases the seller negotiates a contract with the buyer or seller (or lessee) leases the property for a specified period. This allows the seller (or tenant) to move.

-Escrow Agent to disburse the funds held in escrow account in accordance with the terms of the contract. Property taxes, etc.. paid under the terms of the contract. Estate agents (or brokers) are commissioned.

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