Palms to Pines REALTOR® DRE 02202075
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Title & Escrow
... security & protection from a neutral third party;
the peace of mind that comes with a secure real estate transaction contributes to the overall emotional security and financial stability of homeownership
Propositions:
19:
CA constitutional amendment impacting property tax rules in CA - approved by voters in Nov. 2020; effective Feb. 2021.
Home Protection for Seniors, Severely Disabled, Families and Victims of Wildfire or Natural Disasters Act
Passed in California in 1978, 13 is a state constitutional amendment that fundamentally changed how property taxes are assessed and collected.
13 caps property tax rates at 1% of a property's assessed value, limits annual increases in assessed value to a maximum of 2%, and requires a two-thirds majority for any new special taxes.
Addresses situations where a property's market value declines. If the market value on January 1st is lower than the factored base year value (Prop 13 value), the Assessor will enroll the lower market value for property tax purposes
California's Propositions 58 and 193 were constitutional amendments that provided property tax relief by excluding transfers of real property between certain family members from reassessment at market value.
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Closing Costs & Transfer Taxes:
Escrow Charges/Fees: Split (Buyer/Seller)
Title Fee (Owner's Policy): Seller
County Transfer Tax per Thousand: Seller @ $1.10
City Transfer Tax: Riverside $1.10/$1,000
Escrow Documents & Income Taxes:
Closing documents which are the most common tax documents needed for your taxes or tax professional.
courtesy of Lawyers Title
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All information is deemed reliable but not guaranteed.
Buyers and sellers should conduct their own due diligence and consult with qualified professionals before making decisions.