Introducing our new Free Real Estate Dictionary full of definitions and examples of common real estate terms.
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It’s apparently a great time to be in the real estate market if you’re a celebrity in California. Last week we reported that Ellen DeGeneres and Portia De Rossi sold their Malibu home for $13 million. This week we discover that Robin Williams has listed his 654-acre Villa Sorriso vineyard for sale, and that Matt Damon has just closed on a $15 million dollar resort-like home in the Pacific Palisades.
When you buy a home, one of the most important things you should do is to check on statuses of permits for anything that looks to be an addition or a major modification to the home. For example, room additions, garage additions, bathroom additions, major remodels, adding a guest house or building a second story above the garage all must be permitted by the city.
Before choosing your escrow officer you need to understand what an escrow officer really does. Nicole Phillips, Escrow Officer with Advantage Tile in Westlake Village, CA says “Escrow is the neutral third party between the buyer and seller in a real estate transaction. We hold the funds to pay the bills at the close and affiliate the loan document signing.” They perform a multitude of tasks from ordering payoff demands on existing liens, to preparing preliminary/final closing statements (HUD-1 forms), and getting the transfer recorded on title. |
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