We provide the highest quality service in the most efficient, cost-effective and courteous manner possible.

4528 Bonita Road, Bonita, CA 91902
Phone  619-475-1400   Fax  619-475-9400
Email  bonitavistaescrow@hotmail.com

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Bonita Vista Escrow is licensed with the Department of Corporations, License #963-1991 and is a member of the California Escrow Association.

The Department of Corporations is California's Investment and Financing Authority, and has exclusive authority to bring both civil and administrative actions under the laws subject to the jurisdiction of the California Corporations Commissioner.

The Department of Corporations website is http://www.corp.ca.gov/.

The California Escrow Association has a number of services to offer its members along with serving as a unified voice on legislative and regulatory issues. A strong Association benefits all of its members and affiliates.

Property Reports.

Many cities have ordinances which impose requirements on Sellers when they sell their property. These may include the disclosure of a home's building permit history and satisfaction of water conservation and retrofit requirements. Because these laws vary widely throughout California, it is important to inform your escrow officer about any local laws which might affect the closing of your escrow.

Tenants and Leases.

Advise your escrow officer if your property is rented to tenants. Your purchase contract may provide for a proration of the monthly rent and adjustments for security deposits. If so, your escrow officer can provide a Rent Statement which you can use to provide the required information.

Owner's Associations.

You will need to tell your escrow officer about the homeowner associations which affect your property. During the escrow process, the associations will be contacted by your escrow officer for a statement of your account and property transfer requirements. If the fire insurance premium is included in your regular association dues, please disclose this information to your escrow officer as well. This helps your escrow officer anticipate what will be needed to satisfy insurance requirements for the buyer in your transaction.

Seller's Instructions to Escrow Holder.

In the Loan Information Statement which will be provided to you, as the Seller, instruct your escrow officer to order the necessary payoff statements and other documents which are needed to close your escrow. You also agree to pay the costs associated with these services. Please complete any and all preliminary information requested by Escrow which will include our social security number and, a forwarding address. This information will greatly assist in the smooth and worry free transfer of ownership and completion of sale.

REAL ESTATE TAX WITHHOLDING LAW:

When a sale escrow is opened, Sellers can expect to receive Franchise Tax Board (FTB) forms in their document package. Here are some brief guidelines to help Sellers understand the use of these forms.

Form 593-C Real Estate Withholding Certificate.

Complete this form to show whether withholding applies to your transaction and return it to your escrow officer.

  • If Form 593-C is not signed, completed and deposited into escrow or if your social security number is missing, your escrow officer is required to withhold 3-1/3% of the sales price and to submit these funds to the Franchise Tax Board.
Escrow holder is not allowed, under the law, to answer questions or advise the seller regarding the 593 forms and/or completion of same as it could result in certain tax ramifications for you. Your financial advisor can help you determine which withholding method is best for you. Be sure to complete all information.

New RDP Category.

A new Seller category has been added for Registered Domestic Partners (RDP). RDP's have the same legal benefits, protections, and responsibilities as married couples unless otherwise specified by the FTB. For more information on RDP's, see FTB Pub. 737 entitled Tax Information for Registered Domestic Partners. As with all tax documents, Sellers are required to provide their social security numbers and to sign under penalty of perjury that they meet the exemption or withholding requirements. Your escrow officer is not authorized to provide legal or accounting advice. To avoid delays in your closing, consult with your accountant in the early days of your escrow to be sure your FTB forms are properly completed.

The FTB's website is www.ftb.gov.

FOR DOCUMENT FORMATTING STANDARDS  -  see "CONTACT US"

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