San Diego's Premier Real Estate Marketplace

presented by Lookup Realty

Buy or Sell 619-728-5640

San Diego Real Estate Blog San Diego Real Estate Blog


From the monthly archives: November, 2012

We are pleased to present below all posts archived in 'November, 2012'. If you still can't find what you are looking for, try using the search box.

What is meant when a property is “Contingent?”

First the term Contingent or Contingency is used constantly during the course of a typical real estate transaction related to various conditions in the contracts we prepare for you as your Realtor.  However when the actual status of the property is listed as Contingent then the property is being sold as a short sale or possibly it's a probate sale. Most of the time it will be as short sale.  The phrase "short sale" comes from the situation where the seller owes more to their lender(s) than the home is worth in today's market. If the home were sold at the current market price the seller would be "short" at the closing to pay off the lien that the lender has on the property,  if there is a home equity loan on the home there will be two liens, one for each loan.   There is no time frame for a Contingent property to fall out of contract, but most contingent properties will do so in the first 60-90 days. Some even longer if there are two lenders involved in the short sale settlement. &n ...

Read the rest of entry »

Understanding Withholdings on Real Estate Sales

  Source:  California Land Title Association www.clta.org   When did withholding start for California residents? The withholding law applies to dispositions of California real estate by both residents and non-residents which close on and after January 1,  2003. Previously, withholding was only required of non-resident sellers.   Why was this withholding law enacted? As part of attempting to balance the state budget, this withholding provision was added to legislation on the last day of the Legislative session in 2002.  It was estimated to accelerate collection of $285 million in additional state revenue.   Who is responsible for withholding? The law requires the buyer (called the transferee) to withhold from what would otherwise be paid to the seller.   What unit at the Franchise Tax Board handles the withholding? The Withholding Services and Compliance Section handles the withholding.  The phone numb ...

Read the rest of entry »

Downtown San Diego: Whose Job is it Anyway?

  Courtesy of sdcleanandsafe.org

The diagram below shows all of the possible maintenance problems on a typical Downtown San Diego street corner and identifies which public or private agency is responsible for the specific repairs. This diagram is an easy to use tool for property owners and businesses when reporting problems you see everyday.

 

Subscribe to our RSS Feed

Archives