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CALIFORNIA HOME REALTY
a division Dove Capital Corporation
Deirdre Peterson
REALTOR (R)
Lic.01501242
Cell (909) 286-9132
TITLE & ESCROW
Below is a list of items that you will need before your appointment to sign the escrow papers

Cashiers Check

Payable to escrow.


Identification

There are several acceptable forms of identification which may be used during the escrow process.
These include:

A current drivers license
Passport
State of California Department of Motor Vehicles ID Card
One of these forms of identification must be presented at the signing of escrow in order for the
signature to be notarized.

Lenders Requirements

Make sure you have satisfied your lenders requirements before coming to the title company to sign
papers.

Fire & Hazard Insurance

When you are buying a single family, detached home (and in some cases a townhome), be sure to
order your insurance before the loan has been approved. Next, call your escrow officer with the
insurance agents name and number so that they can make sure the policy complies with your
lenders requirements. You must have the insurance in place before the lender sends money to the
title company. If you do not have an insurance agent, your real estate agent can offer some
suggestions.


Vesting for Title

Decide how you would like to hold title to your new home. You may wish to consult a lawyer,
accountant, or other qualified professional before making this decision.
  TENANCY IN
COMMON
 JOINT TENANCY
 COMMUNITY
PROPERTY
Who can take title?
 Any number of persons
(can be husband and
wife).
 Any number of persons
(can be husband and
wife).
 Only husband and wife.
How is ownership
divided?
 Ownership can be
divided into any
number of interests,
equal or unequal.
 Ownership interest
cannot be divided.
 Ownership interests are
equal.
Who has possession?
 Equal right of
possession.
 Equal right of
possession.
 Equal right of possession.
How do owners
convey their
interest?
 Each co-owner's interest
may be conveyed
separately by its owner.
 Conveyance by one
co-owner without the
others breaks the joint
tenancy, and owners
then become tenants in
common.
 Both co-owners must
join in conveyance of
real property. Separate
interest cannot be
conveyed.
Purchaser’s status
 Purchaser becomes a
tenant in common with
the other co-owners.
 Purchaser becomes a
tenant in common with
the other co-owners.
 Purchaser can only
acquire whole title of
community; cannot
acquire a part of it.
What happens in
case of death?
 On co-owner's death, his
interest passes by will to
his devisees* or heirs. No
survivorship right
 On co-owner's death, his
interest ends and cannot
be willed. Survivor owns
the property by
survivorship
 On co-owner's death, it
goes to survivor in
severalty. It goes by
will to decedent's
devisee* or by
succession to survivor.
What is the
successor’s status?
 Devisees* or heirs become
tenants in common.
 Last survivor owns
property in severalty.
 If passing by will,
tenancy in common
between devisee* and
survivor results.
What is a creditor’s
interest?
 to satisfy his creditor. to
satisfy his creditor.
tenant in
common.Creditor
becomes a tenant in
common.
 Co-owner’s interest may
be sold on execution sale
to satisfy creditor. Joint
tenancy is broken.
Creditor becomes tenant
in common
 sold separately. The
sold to satisfy debts of
whole property may be
either husband or
wife.sold to satisfy
debts of either husband
or wife.
What is the
presumption of law?
 Favored in doubtful cases
except husband and wife
(see community
property).
 Must be expressly stated
and properly formed. Not
favored.
 Strong presumption
that property acquired
by husband and wife is
community.
       
*Note: A devisee is a person who receives real estate from another by will.


Also, how title is vested can have significant probate implications in the event of death.  


You are encouraged to obtain advice from an attorney or tax professionals
for any advice regarding all  these and other legal matters.

What is an Escrow?

An escrow is an independent stakeholder account and is the vehicle by which the
interests of all parties to the transaction are protected. The escrow is created after you
execute the contract for the sale of your home and becomes the depository for all
monies, instructions, and documents pertaining to the sale.

Some aspects for the sale are not part of the escrow. For example, the buyer and seller
must decide which fixtures or personal property items are included in the sales
agreement. Similarly, loan negotiations occur between the buyer and the lender. Your
real estate agent can guide you in these non-escrow matters.
Common Methods of Holding Title...

The following is provided for general information only. The method of holding title (vesting)
has certain significant legal and /or tax consequences and you are encouraged to obtain
advice from an attorney or tax consultant or another qualified professional.
Title & Escrow Information
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California Home Realty a divsion of
(Dove Capital Corporation)
4740 Green River Road, Ste 104
Corona  CA 92880
Phone: 951-281-4580       Fax: 951-285-4577
DRE License No.  01316943
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