Ways for Two or More Individuals to Hold Title Together

Posted by Editor on May 3, 2012 in Buying, Selling | 0 comments

Stewart Title San Diego has provided this useful breakdown of how more than two individuals to hold title together. Note that the information concerning ownership vesting is for informational purposes only. Contact an attorney or CPA if you desire advice regarding a specific manner of holding title to property.

Tenancy in
Common		 Joint
Tenancy		 Community
Property		 Community Property With
Right of Survivorship
Parties Any number of persons 

(including married or

registered domestic partners).

 Any number of persons (including married or registered 

domestic partners).

 Only married couples or registered domestic partners have community property rights. Only married couples or registered domestic partners.
Division Ownership can be divided into any number of interests; equal or unequal. Owner interests must be equal. Ownership and managerial interests are equal. Ownership and managerial interest are equal.
Title Each co-owner has a separate legal title to his or her undivided interest. Co-owners must acquire interest at the same time and from the same person (may be created by deed from a sole owner to self and to others). Title is in the “community.” Each interest is separate but management is unified. Title is in the “community.” Each interest is separate but management is unified. Title must expressly state community property with right 

of survivorship.
Possession Equal rights of possession. Equal rights of possession. Both co-owners have equal rights of possession. Both co-owners have equal rights of possession.
Conveyance Each co-owner’s interest may be conveyed separately by its individual owner. Conveyance by one co-owner without the others will sever (terminate) the individual’s 

joint tenancy.

 Conveyance requires both party signatures. If one party conveys alone the other spouse or domestic partner must consent. Conveyance requires both party signatures. If one party conveys alone the other spouse or domestic partner must consent.
Death Upon co-owner’s death, his or her interest passes to that person’s devisees or heirs. No survivorship right. Upon co-owner’s death, his or her interest ends and cannot be disposed of by will. Joint tenant survivor(s) own(s) the property. An affidavit may establish fact 

of death.

 Upon death of spouse or registered domestic partner, 

50% belongs to surviving spouse or registered domestic partner,

50% may go to surviving spouse or registered domestic partner

or may be disposed of by decedent’s will.

 Upon death of one spouse or registered domestic partner, his or her interest ends and cannot be disposed of by will. Survivor owns the property 100%. An affidavit may establish fact 

of death.
Successor’s 

Status

 Devisees or heirs become tenants in common. Last survivor owns property 100%. If passing by will, tenancy in common between devisees and survivor results. Last survivor owns property 100%.
Presumption Favored in doubtful cases except married couples or registered domestic partners case. Must be expressly stated in the deed. The legal presumption is the property which has been acquired during the course of the marriage or registered domestic partnership is community property. Must expressly state community property with right of survivorship.

 

Home Buyer Down Payment Assistance Programs

Posted by Deborah Lopez on May 3, 2012 in Buying, Real Estate Finance | 0 comments

Many prospective home-buyers might not realize that there are a variety of home buyer down payment assistance programs available to help fund their  home purchase.

Home Buyer Down-payment Assistance is available for qualified applicants for the following cities in San Diego County.

  • City of Chula Vista
  • City of Carlsbad
  • City of Santee
  • City of National City
  • City of La Mesa
  • City of San Diego

These programs are available only via certified lenders.  Lookup Realty has several certified lender contacts we can refer you to, simply contact us to take next steps.

Documents Required for a Home Loan

Posted by Jason Calvert on May 2, 2012 in Buying, Real Estate Finance | 0 comments

The lender you choose to work with for your purchase will likely ask for the documents below.  As you collect these documents keep a file for yourself as from time to time there may be a need to cross-quality with the seller’s lender.  Also your lender may not want to loan a particular property that you select,  keeping a well organized file will make these scenarios easier for you and your buyers agent to manage.

In most situations, your lender will want to see the following documents needed for mortgage loans before qualifying you for a mortgage.

 

Paycheck stubs

Mortgage brokers or banks will request copies of pay stubs from the three months prior to the loan application. If a prospective buyer owns his own business or works on a commission basis, the mortgage broker or bank may request additional documentation of income – up to a year’s worth of pay stubs or profit and loss statements.

 

Proof of Retirement Income

If the prospective buyer is retired, the bank may require documents to verify retirement income, such as social security statements, pension statements, or IRA or 401K statements.

 

Bank Account Statements

The bank may also request bank account statements for the past three months. If the prospective buyer has both checking and savings accounts, they should submit statements for both accounts.

 

Copy of Lease or Rental Verification

The bank may also request a copy of the prospective buyer’s current lease or a form signed by the landlord. The mortgage broker or bank may contact the landlord to verify rent paid and whether or not it was paid on time.

 

Employment Verification

Sometimes, the bank requests an employment verification form. This is simply a form that a prospective buyer’s employer fills out and signs. The form includes information about the prospective buyer’s salary, length of employment, whether there is going to be a change in the prospective buyer’s employment status and whether the prospective buyer may have a raise scheduled.

 

Tax Returns

The lender will request at least one year of tax returns. Many brokers will ask for up to three years of tax returns. The full tax return should be submitted.

 

VA Certificate

If you served our country in the military you will need a Certificate of Eligibility.

Buyer Representation on Downtown San Diego Condo

Posted by Jason Calvert on Apr 29, 2012 in Buying | 0 comments

I recently closed an escrow at The Mills on Cortez Hill in downtown San Diego.  I represented the buyer on the sale.  My client and I viewed many downtown properties that fit his criteria and then were able open escrow via a backup offer on the bank owned property.  My client offered the following testimonial:

“Jason was excellent in all areas and got me through some stressful moments. He was always available and I knew he had my best interests in mind.”

Waiting Periods after Foreclosure, Short Sale or Bankruptcy

Posted by Deborah Lopez on Apr 20, 2012 in Buying, Real Estate Finance | 0 comments

One of our lender partners provided us a very useful guide details their waiting periods for new loans for clients that have either gone through a Short Sale, Foreclosure or Bankruptcy.  Keep in mind programs and policies change over time and by lender so touch base with us if your situation needs review.

Conventional Loans

  • Chapter 7 Bankruptcy - 4 year waiting period from the discharge/dismissal date
  • Chapter 13 Bankruptcy – 2 year waiting period from the discharge date or 4 years from dismissal date
  • Multiple Bankruptcies within a 7 year period.  The waiting period is 5 years from the most recent discharge/dismissal date.
  • Deed-in-Lieu/Pre-Foreclosure Sale (Short Sale) - Minimum 2 year waiting period.

FHA/VA Loans

  • Chapter 7 Bankruptcy - 2 year waiting period from the discharge/dismissal date
  • Chapter 13 Bankruptcy – 1 year of the payout must have elapsed and borrower’s performance must have been paid as agreed.  Documentation required.  The court must grant permission to the borrower to enter into a mortgage transaction.
  • Foreclosure/Pre-Foreclosure/Short Sale – 3 year waiting period.

 

 

Rancho Sante Fe Buyer Representation – 6670 Calle Pequena

Posted by David Lucas on Apr 20, 2012 in Buying | 0 comments

I recently represented the buyer in their purchase of 6670 Calle Pequena in Rancho Sante Fe.   The property was originally listed for $3,494,000.  I was able to successfully negotiate a purchase price of $3,000,000 for my client.    The entire purchase process took six months and we viewed virtually the entire Rancho Sante Fe inventory during that time in order to insure my client was purchasing the perfect home for their family.

This beautiful home featured seven bedrooms and eight baths spread out over 9,264 square feet.