Protecting Your Property Rights

CALIFORNIA TITLE COMPANY HAS A VESTED INTEREST IN THE CONSUMERS OF THE STATE OF CALIFORNIA.

Protecting Your Property Rights

Califor nia CONSUMER REPORT CALIFORNIA TITLE COMPANY HAS A VESTED INTEREST

IN THE CONSUMERS OF THE STATE OF CALIFORNIA.

NOVEMBER 2017 ISSUE

The information contained herein is deemed to be reliable, but it is not guaranteed. California Title Company assumes no responsibility for errors or omissions. Images may be subject to copyright. ©2017 California Title Company.

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On August 22, 2017, the United States Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued an extension of the Geographic Targeting Order report-ing requirements that affects residential real estate transac-tions involving real property in the in the counties of San Di-ego, Los Angeles, San Francisco, San Mateo or Santa Clara, California. These extended reporting requirements apply to “Covered Transactions” (as defined below) that occur from September 22, 2017 until March 20, 2018. The GTO requires title insurance companies and their issuing agents to collect and report information about the persons involved in certain residential real estate transactions (“Covered Transactions”) in which they are involved. The GTO states that title insur-ance companies and issuing agents may be liable, without limitation, for civil or criminal penalties for violating any of the terms of the GTO.

What you need to know about the new reporting requirements

For a full list and more information, please view the order:www.titleadvantage.com/mdocs/FinCEN_GTO_092017.pdfwww.caltitle.com > Title Library > FINCEN GTO 2017 Order

CA Los Angeles, San Diego, San Francisco, San Mateo, Santa Clara

$2 Million

WHAT ARE COVERED TRANSACTIONS?While the GTO is more comprehensive than this summary, ba-sic criteria for a Covered Transaction are the following:• the property being purchased is 1-4 unit residential prop-

erty;• the property is located in any of the designated counties

of California• the sales price meets the designated threshold amount;• the purchaser is a legal entity (i.e., a corporation, LLC,

partnership or similar business entity);• the property is purchased without a loan or similar form of

external financing; and• any portion of the purchase price is paid using currency,

cashier’s check, certified check, traveler’s check, money order, personal check, business check or a money order in any form, or a funds transfer.

**NOTE: Funds transfers include, but are not limited to, WIRE TRANSFERS.**

IMPORTANT NOTICEC

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FOR TITLE INSURANCE1. Title Insurance will protect you against a loss on your home or land due to a title defect.2. A deed or mortgage in the chain of title may be a forgery.3. Claims constantly arise due to marital status and validity of divorces.4. A deed or mortgage may have been made by an incompetent or under aged person.5. A deed or mortgage made under an expired power of attorney may be void.6. A deed or mortgage may have been made by a person with the same name as the owner.7. A child born after the execution of a will may have interest in the property.8. Title transferred by an heir may be subject to a federal estate tax lien.9. An heir or other person presumed dead may appear and recover the property or an interest.10. A judgment regarding the title may be void-able because of some defect in the proceeding.11. By insuring the title you can eliminate delays when passing your title on to someone else.12. Title Insurance reimburses you for the amount of your covered loss.13. Title Insurance helps peed negotiations when you’re ready to sell or obtain a loan.14. A deed or mortgage may be voidable if signed while the grantor was in bankruptcy.15. Claims have risen dramatically over the last 30 years.16. There may be a defect in the recording of a document upon which your title is dependent.17. Title Insurance covers attorneys’ fees and court costs.18. Many lawyers protect their clients as well as themselves, by procuring title insurance.19. A deed or mortgage may have been pro-cured by fraud or duress.20. A title policy is paid in full by the first pre-mium for as long as you own the property.

CONCURRENT CLOSINGSWHAT IS A CONCURRENT CLOSING?A Concurrent Closing is the term used to define two or more properties dependent on each other to close. For example, the first property funds and records and the proceeds from that transaction are used to fund or partially fund the second transaction. Sometimes concur-rent recordings exist in which the second transaction is not de-pendent on funds from the first transaction. In this case, the two record back to back without any delay.

DO YOU HAVE TO USE THE SAME TITLE AND ESCROW COMPA-NIES ON ALL TRANSACTIONS?No, you don’t, although it can make things easier. The normal procedure on a single transaction is to fund the new loan, record the documents and then send the proceeds via wire or check to the escrow company. When a concurrent closing is involved, time is of the essence. If both transactions use the same title and escrow companies then no money needs to move locations. If different title and escrow companies are used, then those companies need to

communicate with each other. At the close of the first trans-action, escrow instructs their title company to forward funds directly into the second transaction. This process saves valu-able time by avoiding the process of wires being transferred back and forth between two Escrows and two Title Compa-

nies. Once the second title company verifies receipt of the funds, they can go ahead with their transaction.

WHAT IS THE KEY TO A SUC-CESSFUL TRANSACTION?Communication is the key. Our goal is to help you suc-ceed. By communicating your needs to your escrow and title companies, all parties involved can work together to ensure a successful close.

HOW IS A CURRENT CLOS-ING DIFFERENT FROM A “DOUBLE ESCROW?”A double escrow is a transaction in which the same property is immediately resold to a different buyer. This type of trans-action is typically not handled by title companies.

HOW TO AVOID ERRORS IN PUBLIC RECORDSCompletely avoiding errors in public records is nearly impossible because buyers have no control over a property’s past or a mistake that could have been made by those filing and recording these documents. However, an Owner’s Policy of title insurance will help protect your ownership rights from errors and defects found in public records. This insurance may cover both the legal costs to defend your interests as well as certain losses sustained as a result of a covered title defect.

IMPORTANT NOTES AND TERMS

BUSINESS DAYDefined differently for the Loan Estimate (LE) vs. Closing Disclo-sure (CD): For the LE, a business day is a day on which the credi-tor’s offices are open to the public for carrying out substantially all of its business functions. For the Closing Disclosure (CD) and revisions or corrections, a business day means all calendar days except Sundays and legal public holidays specified in 5 U.S.C. 6103(a) such as New Year’s Day, the Birthday of Martin Luther King, Jr., Washington’s Birthday, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day, and Christmas Day.

CALIFORNIA TITLE AND COUNTY RECORDER IS CLOSED NOVEMBER 23rd and 24th

IN OBSERVATION OF THANKSGIVING

RECORDING FEESThese fees may be paid by you or by the seller, depending upon your agreement of sale with the seller. The buyer usually pays the fees for legally recording the new deed and mortgage.

ESCROW/CLOSING OFFICERAn escrow or closing officer is a non-biased third party who works with all participants to facilitate a successful closing of a real estate transaction. At closing, the closing officer will collect the pur-chase money funds from the buyer and lender as well as the settlement costs from each party. They disburse the funds according to the terms & conditions of escrow and record the necessary documents to transfer ownership of the property.

San Diego Farmers Markets Ongoinghttp://sdfarmbureau.org/BuyLocal/Farmers-Markets.php

San Diego Food Trucks Ongoingwww.sdfoodtrucks.com

San Diego Beer Week Nov 3-12San Diego Beer Week is a ten-day celebration inspiring people to drink local, craft beer, and promote San Diego’s thriving brewing culture with multiple events happening across the county. San Diego is home to more than 100 breweries and has gained an international reputation for brewing award-winning beers.www.sdbeer.com/sdbw

Carlsbad Village Faire Nov 4The Carlsbad Village Faire stretches 14 blocks, with 900 vendors offering handcrafted arts and gifts, art, antiques, jewelry, unique clothing, home décor, plants, and more. The international food court will once again feature more than 50 booths serving everything from Thai to Hawaiian cuisine. The children’s area will entertain youngsters with games, a super slide, a bounce house, a rock climbing wall, and face painting.https://www.carlsbad.org/event/carlsbad-village-faire-2

Bike the Coast: Ride and Expo Nov 4Join riders of all kinds as you travel Southern California beaches and surf towns on routes of 25, 50, or 100 miles. There are also 7- or 15-mile paths along the San Luis River bike trail. Everything starts and finishes on the beach at the Taste the Coast at the Oceanside Pier with local cuisine, music, a beer garden, and a sports expo. https://www.sandiego.org

Ramona Art and Wine Festival Nov 4At the 5th annual Ramona Art and Wine Festival, attendees can view and purchase fine art created using acrylic, fabric, glass, mixed media, jewelry, oil, wood, and watercolor media. Area wineries will provide tastes of hand-crafted wine. http://ramonaartandwinefest.net

Curie Craft Fair Nov 4Curie Elementary School’s 39th annual Holiday Craft Fair. Artisans will be selling handcrafted wares including holiday gifts, ceramics, jewelry, clothing, folk art. All items for sale are handmade by local artisans; no commercial resale items are allowed. With carnival games, silent auction baskets, bake sale, lunch grill, used book tent, and more. Entry is free and proceeds benefit the Curie PTA.www.curiepta.org/craft-fair

San Diego Fashion Fest Nov 8-11SDFF is the home of California’s emerging and celebrity designers that showcase Spring/Summer Collection annually. SDFF features celebrity fashion shows, Hollywood style runway presentation, cutting edge installation, industry meet n’ greets, trunk shows, showroom presentations, and private events.www.surftoberfest.com

Escondido Tamale Festival Nov 11Presented by the Escondido Downtown Business Association, the Escondido Tamale Festival, an official San Diego Beer Week event, is a celebration of tamales and all the great Latin foods that have become iconic staples of California’s culture. With food, craft beer, and wine to purchase, entertainment, competitions (including the chihuahua costume contest and fashion show) and celebrity chefs.http://www.escondidotamalefestival.com/

Veterans Day Parade Nov 11See over 4000 Veterans, active military, bands, floats, and civic groups. The San Diego Veterans Day Parade is produced by “Veterans Week San Diego”, an all-volunteer team of Veterans and citizens of all ages and walks of life, dedicated to honoring Veterans annually during “Veterans Week”.https://www.sdvetparade.org/

BBQ Fest Nov 11Treat yourself to all the BBQ and other great treats only at this one-time-a-year BBQ event. Discounted appetizer dishes to full-plate options of the best BBQ and sides from pulled pork, coleslaw, baked beans, chicken wings, sliders, ribs, burnt ends, short ribs, corn, smoked sausage, to mac n' cheese.http://eliteeventssd.com

Chowder & Wine Tasting Festival Nov 16-19Seven tasting sessions over four days to sample three-ounce servings of New England, Manhattan, Seafood, Corn & Tortilla, and Fusion Chowders from up to 60 restaurants along with beverages from 40 wineries, 20 craft brewers and 8 cideries, and 8 non-alcohol beverage vendors. Listen to music from the event stage on the pier and view a variety of products from artisans and crafters. http://www.chowderfestival.com

Grand Tasting at The San Diego Bay Wine & Food Festival Nov 18The grand finale of the seven-day San Diego Bay Wine + Food Festival is the Grand Tasting. 150 wine, beer, and spirit purveyors with over 700 different wines. Taste from a wide range of domestic and international wineries, discover new labels to add to your home collection, and visit old favorites. Taste cuisine from over 60 chefs as they pull out all the stops to wow you for their chance to win over $50,000 in cash and prizes. We've also brought together over 30 gourmet food companies for you to nosh through.https://sandiegowineclassic.com//events.html

Holiday Street Fair Nov 19Enjoy over 450 unique food, arts and crafts vendors, plus four entertainment stages, children’s rides, bike valets, and a beer garden.http://local.encinitaschamber.com

Skating by the Sea Nov 23 - Jan 3Skating by the Sea returns to Hotel del Coronado from Thanksgiving Day through January 1. This ice rink is located seaside on Windsor Lawn and features views of the Pacific and Coronado beach. The Del’s iconic Victorian Building, adorned with thousands of white lights, provides a visual backdrop and adds holiday music and hot chocolate and libations. Skating is $25 per person, and ice skate rentals are free.https://hoteldel.com/activities/skating

Craft Beer & Cider Festival Nov 25San Diego is a hub for some of the best drinks around. Visit the track and choose from more than 100 local and international brews, plus a variety of seasonal ales, ciders, and hard-to-find specialty craft brews, wine, and craft cocktails. Sip your drinks while you groove to DJs and mingle with the local brewers. Entry is free with track admissionhttps://www.dmtc.com

Visit our website for more title related news and information! WWW.CALTITLE.COM

NOVEMBER 2017San Diego Events Calendar