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What You Didn't Know About DEEDS!

5/2/2014

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What is a deed?


A Deed is the document that transfers ownership of real estate. It contains the names of the old and new owners as well as a legal description of the property, and is executed by the parties transferring the property.


Do I need a Deed to transfer property? 


Almost always. You can’t transfer real estate without having something in writing. In certain situations, a document other than Deed is used-for example, in a divorce; a court may order the transfer of property from joint tenancy to an individual.



There are various types of Dedds. The following are examples of some of the most common types of Deeds




Quitclaim Deed:

A Quitclaim Deed transfers whatever ownership interest you may have in the property. It makes no guarantees about the extent of your interest. Quitclaim Deeds are commonly used by divorcing couples; one spouse signs all his/her interests in the couple’s real estate over to the other party. This can be especially useful if it isn’t clear how much of an interest, if any, one spouse may have in the property that’s held by the other spouse. Quitclaim Deeds are also used to cure technical defects in a title. They can be used eliminate any potential claims against the property from a person with an uncertain or potential interest to the property.


Deed of Trust:

A written instrument by which title to an interest in land is transferred by the trustor to a trustee as security for a loan or other obligations due a beneficiary. Also called “trust deed.”


Grand Deed:

A Grant Deed transfers your ownership and implies certain promises-that the title hasn’t already been transferred to someone else or been encumbered, except as set out in the Deed. This is the Deed most commonly used in the most states.



Warranty Deed:

A Warranty Deed transfers the ownership and explicitly promises the buyer that you have good title to the property. It may make other promises as well, to address particular problems with the transaction.


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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.

 



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Understanding Title And Closing Costs!

4/30/2014

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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,







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10 Most Expensive Homes In Los Angeles For Sale!

4/1/2014

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1. 172 Bliss Canyon Rd, Bradbury 91008


This Bradbury Estate made it to top of my list of most expensive homes of LA this week. With 7 bedrooms, 10 Bathrooms, 47,182 SqFt living space, on 348,305 lot, pool, spa, views and quest house, sounds like a great deal for $68,800,000!
As of today, this listing has been in the market for 770 days. 

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2. 312 N Faring Rd, Los Angeles 90077



This traditional Georgian in Holmby Hills, of Bel Air, made it to the 2nd spot this week. Listed for $65,000,000 with 8 Bedrooms and 8 Bathrooms. After 5+ years of construction "Per listing information" this fine estate has been waiting for its new owner for the past 992 days.  

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3. 31250 Broad Beach Rd, Malibu 90265


Who wouldn't want a Malibu home with breathtaking views of the ocean to wake up to? Specially if it is a Frank Gehry. 6 Bedrooms, 8 Bathrooms, 11,413 of living space, outdoor entertainment with pool, spa, tennis court, fire place and many more features have made this an absolute dream home that is being offered for $57,500,000. 

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4. 10231 Charing Cross Rd, Los Angeles 90024


Another Holmby Hills Estate with 5 Bedrooms, 6 Bathrooms, 20,637 SqFt of living space was listed 2 weeks ago for $55,000,000. This Contemporary European Villa of Bel Air with 2 extra structures, staff apartments, Olympic size indoor pool, spa, steam and massage rooms and much more, has made it to the 4th spot on my list this week. 

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5. 26880 Pacific Coast HY, Malibu 20265


Another Malibu beauty with 13 Bedrooms and 14 Bathrooms, 16,107 SqFt of living space with 6.5 acre of exquisitely landscaped gardens, indoor and outdoor pool, unobstructed views, two separate structures from the main house with guest house and offices, offers luxury living for $54,000,000 to those who demand it.

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6. 1 Buggy Whip Dr, Rolling Hills, 90274


This is a very unique and stunning property with 9 Bedrooms, 25 Bathrooms, indoor and outdoor pools and tennis courts with over 50,000 SqFt of living space is being offered to purchase for $53,000,000 and has been in the market for the past 280 days.  

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7. 12780 Chalon Rd, Los Angeles, 90049


And lets talk about my personal favorites, Brentwood and French Chateau! This beautiful European country estate was listed just two weeks ago in my favorite area of Brentwood. With 5 bedrooms, 9 bathrooms, 18,298 SqFt living pace and 157,927 with pool and pool house designed by Richard Landry is available to purchase for $50,000,000.



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8. 6250 Hollywood # Pentho, LA 90028


This Penthouse has made it into my list.  360 views of LA, in one of the most luxurious buildings, next to W Hotel, makes this a very desirable property. 7 Bedrooms, 11 Bathrooms, indoor private pool is being offered for $45,000,000. Keeping in mind the monthly Home Owner Assassination fee of $19,680

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9. 60 Beverly Park Way, Beverly Hills 90210


10 Bedrooms, 17.5 Bathrooms Italian Estate with 220,575 lot size and 2 guest houses, pool and pool house, tennis court, gym, staff quarters, 3 offices, and 30+ parking spots was offered to the market 12 days ago for $45,000,000. 
 




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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.  

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The Most Expensive Homes Sold In the Past 30 Days!

3/25/2014

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The Most Expensive Homes Sold in LA in the past 30 days!

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First Place:

44 Beverly Park CR, Beverly Hills 90210



7 Bedrooms, 10 Bathrooms, 17,100 SqFt Living Space
on a 80,519 Lot.


With Tennis court, Pool and Cabana and a separate 2 story Guest House.


This property came to the market on 12/03/13 and was sold on 03/05/14.


House was listed for $23,500,000 and was sold for 22,000,000. After only 93 days in the market.
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Second Place: 


7 Beverly Ridge TE, Beverly Hills, 90210


6 Bedrooms, 7 Bathrooms, 12,500 SqFt Living Space on a 86,684 Lot. 


This European Villa with amazing views and pool and entertainment back yard was listed on 07/22/13 for $19,500,000. The listing was updated with a price reduction to $18,500,000 and was sold on 03/21/14 for $16,750,000.






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Third Place:

11004 Bellagio PL, Los Angeles, 90077


6 Bedrooms, 6.5 Bathrooms, with 10,534 Living Space on a 32,901 lot. 


This Beautiful Italian Villa in gated community of Bel Air was listed on 07/29/13 for $19,995,000.


The house was sold 03/10/14 for $13,500,000.  
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Fourth Place:


822 Sarbonne RD, Los Angeles, 90077


4 Bedrooms, 6 Bathrooms, with 7,479 Living Space on 33,154 Lot with pool, spa and breathtaking views was sold for $11,100,000 after almost 200 days in the market. 


Listing price started at $14,950,000 when the listing was introduced to the market on 08/12/13. 


 
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Fifth Place:


1169 Loma Linda DR, Beverly Hills90210

6 Bedroom, 6.5 Bathroom with 7,500 SqFt Living Space on 24,390 Lot.


The unique residence was introduced to the market on 11/18/13 as the "Beverly Hills Glass House" and was priced to sell for $14,995,000.


The property with walls of circular glass was sold on 03/03/14 for $10,500,000 after only 100 days in the market. 
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Sixth Place: 


517 N Beverly DR, Beverly Hills 90210


This 7 Bedrooms, 8 Bathrooms with 9,957 SqFt living space on 13,450 Lot was sold in 5 days. 


List date: 02/21/14 listed for $8,950,000 Sold on 03/12/14 with what seems like to be a less than 2 weeks of escrow time. 



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Seventh Place:


2172 Startford CR, Bel Air 90077



7 Bedrooms, 9 Bathrooms, Built in 2003 Italian Villa has 11,485 Living space and sits on a 24,099 Lot. 


Unlike it's competitions, this listing spent much more sitting in the market. 


Listed 03/25/12 for $8,995,000 was finally sold after 726 days for $8,250,000.
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Eight Place:


707 N Alta DR, Beverly Hills 90201


6 Bedrooms, 7 Bathrooms, 5,554 Sqft Living space on a 18,122 Lot size. 


Another well priced fast sale that was listed on 02/03/14 listed for $8,250,000 and was sold in less than 10 days on a 30 day escrow for only $50,000 less than listing price. 
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Ninth Place:


30 Latimer RD, Los Angeles 90402




This Kenneth Lind designed home features 10 Bedrooms, 8 Bathrooms with 10,169 Sqft Living Space on 3.2 acres.


Listed on 06/17/13 for $12,999,000 was sitting in the market for sometime until it was sold on 03/14/14 after almost 270 days for $8,000,000.
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Tenth Place: 


2244 Weybridge LN, Los Angeles 90077


7 Bedrooms, 7 Bathrooms, built in 2001 with 10,828 SqFt Living Space and 37,369 Lot took its sweet time in the market for 632 DAYS. 


The Bel Air Estate was Listed on 02/14/12 for $9,750,000 and was sold on 03/03/14 for $7,940,000.



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Softening Housing Market Pushes Key Mortgage Rates Down

11/5/2013

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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

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Construction Loans for Your Dream Home

10/10/2013

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Affluent home buyers are building their dream mansions by signing up for jumbo construction loans that cover extravagant projects, including indoor swimming pools and multicar garages. Some are using construction loans to build their vacation homes. And others are using them to pay for major renovations, like adding extra bedrooms or extensions, to their existing homes.
A construction loan is basically short-term financing that covers building costs while the work is in progress. Demand for these loans among the wealthy dropped after the recession as home values fell. But the tide is changing. "Overall, there's a general uptick—the market has been coming back," says Kim Casaday, president of the home-financing division at Zions Bank. The Utah-based institution has seen originations for jumbo construction loans increase 15% during the first eight months of this year compared with the same period a year prior.
TD Bank says originations for its jumbo construction loans, which it provides along the eastern U.S. coast, have risen 110% in number year to date. Boston Private Bank & Trust Co. says its jumbo construction loan originations increased by 35% in the San Francisco Bay area from January through August compared with the same period a year ago. In response to rising demand, the bank introduced construction lending to its Southern California clients last month.
Lenders say the pickup is partly due to limited housing inventory in many markets. Rather than choosing from the small number of listings that are for sale, wealthy buyers are building their own homes.


In most cases, those planning to build their own homes buy land and hire a contractor to build on it. If a contractor has lined up his own financing to build the property, the buyer may just need a standard mortgage after the home is completed. But small or specialty contractors often don't have that front-end financing, says Stephen Melman, director of economic services for the National Association of Home Builders. That leaves buyers with two choices: pay cash or apply for a construction loan.

Types and terms of construction loans vary, but one of the more popular products is a one-time close construction loan or construction-to-permanent loan. It covers building costs and then becomes a regular mortgage once the home is finished. During the building phase, the loan acts like a line of credit that can be tapped each time more funds are needed to proceed with the project. Since the loan covers pre- and postconstruction financing, there is only one application and one closing.

Part of the loan's appeal is that it helps borrowers with cash flow, since they typically just make interest-only payments during the construction period on the amount that has been used at that point. Once construction is completed, monthly principal and interest payments are due. In some cases, the interest-only payment period exceeds the construction period: At Boston Private Bank, for example, it lasts the first 10 years of the loan.

The loans can also offer interest-rate protection. Some lenders allow borrowers to lock in their rate from the time of application (before construction) with a 30-year, fixed-rate mortgage.



Source: Wall Street Journal By 
  • ANNAMARIA ANDRIOTIS






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      HomesByArya@gmail.com

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