In Southern California, the seller typically pays for the owner’s title policy, and the county transfer tax. In Northern California, it varies county by county. Below is a guide for which party pays which fees throughout California. Please CLICK HERE or the image below.
What Real Estate Forms Are Required on a Transaction Checklist? Any reputable California real estate brokerage is going furnish their agents with a closing checklist with all the documents needed to complete the file. It’s important to note that what a brokerage requires and what is legally required are two different things. The California Association […]
Limited Function Referral Office Certification or LFRO is a designation for real estate licensees that aren’t members of the association of realtors, but want to hang their license with a broker that is a full realtor member. The implication is that the non-member agents is considered a “referral agent” and they are not expected to […]
Almost all residential property sales require a smoke alarms and carbon monoxide detectors to be installed by the close of escrow. However, there seems to be some ambiguity where they are supposed to be installed. Here is where smoke alarms should be installed. Here is where carbon monoxide detectors should be installed ….. Here is […]
Real Estate agents spend a lot of time comparing commission models, office amenities, and company policy when they consider joining a brokerage. Equally important is the name of the brokerage. Consumers have access to nearly all the data, so it is incumbent for agents to prove their value. Agents prove their value by building trust […]
In some real estate offices agents have to pay a monthly brokerage fee. Not every realty brokerage charges a monthly fee to its agents. For example, Balboa Real Estate does not charge its agents a monthly fee. Now, even though we don’t charge a monthly fee, we aren’t universally opposed the concept of charging a […]
Many agents ask if Errors and Ommission Insurance (E&O) insurance is required by law. A real estate broker, once licensed by the Department of Real Estate, can broker real estate sales without E&O insurance. They aren’t required by law to have a policy, but any legitimate professional would not conduct business without E&O insurance. So, while […]
Have you heard of a non-independent broker escrow company, also known as a broker-controlled escrow? These are different from other escrow companies, and I’ll explain the difference. To conduct escrow business in the state of California, you must have a license. Interestingly, there are three different types of licenses that allow you to perform escrow. […]
