Does a Deed have to be notarized?


Yes. The party transferring the property will need to execute the Deed in the presence of the notary public. The notary public will then sign and affix their notary seal to the original document. The notarization process means that the notary public has verified that the signature(s) on the Deed is true and genuine. The signature must be notarized before the Deed will be acceptable for recording.

 

It is the big day. The day you go to the title or escrow company, sign your name on the dotted line, hand over a check, and prepare to take ownership of your new home. It's also the day that you and the seller will pay "closing" or settlement costs, an accumulation of separate charges paid to different entities for the professional services associated with buying and selling of real property. 

It's a day quite often filled with uncertainty and stress. To help you better understand this confusing subject, the California land title Association has answered some of the questions most commonly asked about title, closing and closing costs. 

1. What service will I be paying for when I pay closing costs? 

You will usually be paying for such things appraisal fees, loan fees, escrow charges, advance payments such as property taxes and homeowner's insurance, title insurance premiums, pest inspections, real estate commissions (for the seller in most cases) and the like. 

2. How much should I expect to pay for closing costs?

The amount you pay for closing costs will vary; however, when buying your home and obtaining a new loan, an estimate of your closing costs will be provided to you pursuant to the Real Estate Settlement Procedures Act after you submit your loan application. This disclosure provides you with a good faith estimate of what your closing costs will be in the real estate process. An itemized list of charges will be prepared when you close your transaction and take title to your new property.

3. Can I pay for my closing costs in installments?

No, and it is easy to understand why. Many different parties will have fulfilled their responsibilities and be awaiting payment upon closing. The title or escrow company will disburse monies to those parties, pursuant to the escrow instructions, when funds are available.

4. Is it a law in California that I must purchase title insurance when I buy or refinance a home? 


No. However, virtually all lenders require title insurance for the face amount of their deed of trust, whether purchase or refinance. Prudent owners also value protection afforded by the payment of the one-time title insurance premium.  

5. How much can I expect to pay in title insurance?

Your title insurance premium may actually amount less than one percent of the purchase price of your home, and less than ten percent of your total closing costs. The title policy is good for as long as you and your heirs own the property with the payment of only one premium.

Please call me at (818) 665-9647 or send me an email to: HomesByArya@gmail.com for more questions you might have. I will be more than happy to answer them.

I am here to help. 


Prepared by Progressive title company,

10. 475 Bel Air Rd, Los Angeles 90077


And finally the Bel Air's estate with 8 Bedrooms and 14 Bathrooms, 10,000 SqFt living space, 158,123 lot size closes our list today. The William H. Doheny's Estate with pool and view and 15 parking spots is being offered for $43,000,000 and has been in the market for a little over a month.  

Fixed-rate mortgages continued to trend downward for the second consecutive week and are now at their lowest levels since June.The average rate on a 30-year, fixed-rate mortgage dropped  0.03 percentage point from the previous, according to thelatest survey by mortgage buyer Freddie Mac. Previously at 4.13 percent, the 30-year average is now trending at 4.1 percent. At this time last year the average was 3.39 percent. It’s now at its lowest level since it averaged 3.93 percent in June.

After falling to 3.24 percent a week ago, the 15-year-fixed rate average dropped to 3.20 percent. A year ago, it averaged 2.7 percent. The 15-year-fixed average has not trended below the 3 percent threshold since May. It hit its highest mark in August when it spiked to 3.6 percent.

Concerns about a softening housing market and the economy’s recovery, particularly the Federal Reserve’s decision to continue its bond-buying stimulus program, have been cited as the main reasons behind the decline in loan rates. As part of the massive stimulus program, the Fed is currently buying $85 million in bonds each month, in an effort to keep long-term interest rates affordable.

“Fixed mortgage rates eased further leading up to the Federal Reserve’s Oct. 30 monetary policy announcement,” Frank E. Nothaft, Freddie Mac vice president and chief economist, said in a statement. “The Fed saw improvement in economic activity and labor market conditions since it began its asset purchase program, but noted the recovery in the housing market slowed somewhat in recent months and unemployment remains elevated. As a result, there was no policy change which should help sustain low mortgage rates in the near future.”

Rates have dipped in each of the two weeks following the conclusion of the federal government shutdown. Beginning in May, averages on fixed-rate mortgage loans had climbed more than a percentage point; however, both the 30-year and 15-year fixed-rate loans are now trending at their lowest levels since June 20.

The number of mortgage applications submitted showed a strong spike this week. However, it should be noted that the government shutdown previously slowed the submission process substantially, which could have contributed to the increase in applications.

Looking ahead, rates are expected to remain relatively the same in the short-term. In the latest Mortgage Rate Trend Index by Bankrate.com, 70 percent of analysts polled believe rates will remain unchanged over the next week. Another 20 percent believe rates will continue their downward trend.

“I don’t expect to see much of a difference in rates,” opined FBC Mortgage planner Jim Sahnger. “The Fed says it is data-dependent, as are most traders. Just haven’t seen much in the data to indicate a rise in rates.”

The same cannot be said for the long-term, as many expect the fed’s stimulus program to be curbed come January and rates to rise significantly. The 30-year fixed-rate average is expected to be around 4.6 percent in Q1 of 2014 andhit the 5 percent threshold by Q3.



“At the end of the day it’s really not sustainable to have mortgage financing at 3.5, 4 percent,” says Mark Fleming, chief economist for Corelogic. “Rates have been subsidized in some way but that subsidy is being removed and the cost of financing housing will rise. We can’t stay down at this level indefinitely.”

 
By: Neal J. Leitereg