Escrow Website

A Non-Independent Broker Escrow

WE DELIVER EXCELLENT ESCROW SERVICES

1031 Exchange

Commercial and Industrial Real Estate Sales

E- Signature Options

Residential and Commercial Refinances

Foreclosure/Short Sales

New Homes & Subdivision Sales

Probate Sales

Multilingual Officers and Staff

Residential Sales

Real Estate Owned (REO)

Reverse Mortgage

For Sale by Owner

Multi-family/Vacant Land Sales

Get a consultation

HW Escrow a non-independent broker escrow is a client-focused independent escrow firm that operates without any concealed motives. As experts in real estate escrow, we believe our clients deserve exceptional treatment. This belief drives us to always act in our best interest. We are fully dedicated to offering a professional, clear, and efficient escrow experience as our clients' escrow partners.

Book now

Holding Title

In California, there are multiple methods to secure ownership of real property. The information provided is intended to be used for general reference only. The process of establishing ownership, also known as vesting, can have significant legal and/or tax implications. It is recommended to seek advice from a qualified legal or tax professional for a thorough understanding of the matter.

	COMMUNITY PROPERTY	JOINT TENANCY	TENANCY IN COMMON	TITLE HOLDING TRUST
Parties	Married Couple	Any number of persons	Any number of persons	The person who set up the trust.
Ownership	Equal holding rights, with deviations by agreement	Equal holding rights	Equal holding rights	Ownership rights as stated in trust provisions.
Transfer	Written agreement from the spouse or actual transfer by legal document is necessary. The individual interest can be bequeathed through a will.	Transfer of ownership by one joint owner terminates the joint tenancy	The individual rights of each co-owner can be transferred separately by the co-owner.	The individuals establishing the trust agreement grant the trustee the authority to convey the property.
Death	At the death of a co-owner, half of the ownership remains with the surviving co-owner as individual property and the other half is distributed to the beneficiary of the descendant's will or to the survivor by inheritance.	At the death of a co-owner, their stake in the property comes to an end and cannot be disposed of through a testament. The surviving co-owner becomes the sole owner of the property by right of survivorship.	At the death of a co-owner, their share in the property is transferred to their chosen beneficiary or legal inheritors through a testamentary disposition.	The trustee assigns the property to the beneficiaries specified in the trust document.
Successor's Status	If conveyed through a testamentary disposition, the devisee and survivor own the property as tenants in common.	The property is owned by the surviving joint tenant(s).	The devisee or heirs are co-owners of the property in the form of tenants in common. ng joint tenant(s).	The trust agreement may outline the successor trustee(s).
Creditor's Right	The joint property may be used to settle the debts of either spouse, incurred prior to or during the marriage, and may be sold in its entirety to pay a creditor.	Creditor may sell co-owner's portion, breaking joint tenancy and becoming tenant in common.	Creditor may sell co-owner's share, resulting in the creditor becoming a tenant in common.	Creditor(s) may pursue court action for execution sale of the beneficial interest or other demands.

Escrow Process

Secure signed contract, determine acceptance date and collect Earnest Money Deposit from buyer. Prepare supplementary escrow instructions and necessary paperwork.

Order title search

Received and forward

preliminary report for review

Request demands (if any), request

clarifications of liens (if any) and taxes on reports

Received demands and enter into file

Secure Signatures

Order HOA documents

Forward for review HOA documents and reports

Provide title or escrow, estimate to Lender, as requested

Provide Lender requested items,

Coordinate with Lender for issue of Closing Disclosure to buyer,

Work with involved parties to have the required documents ready for signature. Organize the escrow arrangement in preparation for the finalization of the deal (the contingencies have been lifted, insurance has been secured, and supplementary documents have been readied).

Send the documents to the title company.

Acquire the funds from the buyer.

Return loan documents

Request for loan funds

Fund

Order recording

Finalize the file, draft a statement, and distribute the funds.

Finish the closing process. Send the final documents to all relevant parties (buyer,seller, lender)

Please note that this is for reference purposes only. It is important to always confirm the precise details and procedures for your specific escrow situation.

TAX PRORATION Q & A

In a sale escrow, Tax Proration serves the purpose of equitably distributing property expenses, including taxes, between the Seller and Buyer. This ensures that each party is responsible for paying only for the duration during which they own the property.

What is Tax Calendar?

The fiscal tax year does not align with the regular calendar year; instead, it spans from July 1 to June 30 of the following year, and is separated into two parts. The deadlines for tax payment fall in November and February.

Which party is responsible for the tax payments?

If the Seller has a payment that is still outstanding at the time of closing, they will be charged with the amount of the corresponding installment.
If the lender requires a future tax payment, the Buyer pays for it, while the Seller is only responsible for paying taxes during the period of time they own the property.
After the closing date, the ownership of the property is transferred to the Buyer, and they become accountable for any tax bills that are due from that point forward.

How is the tax proration figured?

In case the Seller or escrow holder has paid the first half of the tax, taxes are due until January 1.
If they paid the second half, taxes are due until July 1.
If the Seller's last tax payment covers a period beyond the close of escrow, the proration is determined from the close of escrow to the date when the taxes are payable. Consequently, the proration becomes a credit to the Seller and a charge to the Buyer.

Supplemental Property Taxes

As a new homeowner, you will have to pay supplemental property taxes in addition to the yearly taxes. The purpose of supplemental property taxes is to compensate for the disparity between the purchase price of the property and the previous owner's purchase price. The amount of this tax will be prorated, based on the remaining months until the end of the fiscal year, which concludes on June 30th. Please note that this bill will not be prorated during escrow, and it will be issued to the new homeowner after the escrow has closed.

MEET THE TEAM