Paul Kaplan - Modern Real Estate » Canadians in Palm Springs

Canadians buying Property in Palm Springs- What is Escrow?

Paul Kaplan — Mon, 01 Nov 2010 23:55:19 +0000

Escrow 101

The purchasing process varies from state to state in the US. Buying real estate in Palm Springs, California, will involve setting up an Escrow Account. Many Canadian Real Estate Buyers in Palm Springs, and other areas are unfamiliar with this process. Paul Kaplan’s MODERN REAL ESTATE GROUP is extremely experienced with dealing with Canadian buyers and other foreigners, and are here to help explain the process for purchasing homes in Palm Springs.

Here’s a quick explanation of how it works:

What is Escrow?

Escrow is a process that evolved to ensure protection for all parties to

a real estate transaction. A “neutral third party” or “stakeholder” was

nominated to hold the funds until the purchaser received appropriate

assurance that the property had been transferred. An escrow may also be

created for other purchases, although it is most commonly used during the

transfer of real estate. Today the escrow is overseen by an escrow officer

employed by an independent escrow company or title company. All parties

are protected because the escrow holder will retain funds and documents

until all the instructions are fulfilled.

An escrow is created when money and/or documents are deposited

with the escrow officer. The escrow officer’s authority is strictly governed

by written instructions, mutually agreed upon by the parties involved.

The instructions direct the escrow holder to perform duties necessary to

complete the transaction. A few of the tasks which may be required are:

• Receive and deposit earnest money

• Order information for payoff of existing liens

• Calculate and/or prorate taxes, liens, interest, rents, and

insurance policies

• Make arrangements for title insurance protection for the

buyer and lender

• Prepare and/or receive documents relating to the escrow

• Request and receive funding from new lender when conditions have

been satisfied

• Arrange for recording of the conveyance documents and any other

legal instruments required to transfer title to the property pursuant to

the terms of the purchase agreement

• Close the escrow and disburse funds as agreed upon in the

instructions

• Prepare a closing statement for the parties showing disposition of funds

Definition of “Escrow” from Black’s Law Dictionary

A writing, deed, money, stock or other property delivered by the grantor,

promissor or obligor into the hands of a third person, to be held by the

latter until the happening of a contingency or performance of a condition,

and then by him delivered to the grantee, promissee or obligee. A system

of document transfer in which a deed, bond or funds is delivered to a third

person to hold until all conditions in a contract are fulfilled.

Fun Fact

Escrow practices evolved from English common law. The word “escrow”

is actually derived from the Middle English (12th to 15th century) word for

“scroll”, on which all of the escrow instructions and lists of properties were recorded.

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The Modern Real Estate Group is here to help with your purchase in Palm Springs. We provide individual attention, genuine knowledge, considerate and gentle guidance in all price ranges for those looking to purchase a desert home. Please contact us for more information.

Paul Kaplan
The Modern Real Estate Group
www.PaulKaplanRealtor.com

760-285-8559

Paul@PaulKaplanRealtor.com
Greater Palm Springs Realty

Canadians Snapping up US Real Estate (especially in Palm Springs)

Paul Kaplan — Tue, 13 Jul 2010 22:05:30 +0000

Welcome Canadians!! Per the Globe and Mail news, the Candian national news source, a recent study says Canadians have become the biggest foreign buyers of U.S. real estate. http://www.theglobeandmail.com/report-on-business/canadians-snap-up-us-properties/article1638310/

The report states that says Canadians have become the biggest foreign buyers of U.S. real estate. Per the National Association of Realtors, 23% of all foreign national purchases in the US last year from Mar 09 to Mar 2010, were Canadians.

“Although international purchasers from a wide variety of countries are present throughout the United States for a variety of reasons, proximity to the home country and the convenience of air transportation are believed to be important considerations in selecting the buying location,” the study reported.

And really, can we blame them??? Here’s a email I received from one of my Canadian clients in Calgary today, July 13, 2010:

“Our current temperature is 9°C or 48°F – yours is 39°C or 102°F. It’s also pouring rain with brutal winds but, that’s an improvement from the golf ball sized hail and tornado warnings yesterday! Luckily no damage to my car but, lots to many others – knocked out windshields, etc. from the monster hail.”

Seriously? I think I’ll take our 105 degree weather any day!!! (Makes me think twice about complaining about our weather).

Canadians continue to purchase in Palm Springs. A large majority of my buyers this past year, were from all over Canada, as more and more Canadians recognize the good buying opportunities in the US, let alone our good weather here.

For more information on Canadians buying here, please see: http://www.paulkaplanrealtor.com/ForeignBuyers.php

Palm Springs Real Estate- modern desert hideaway

Paul Kaplan — Mon, 01 Mar 2010 18:58:28 +0000

Palm Springs Real Estate Just listed - Located in the heart of Palm Springs, this mid-century home has been updated with all the 21st Century modern conveniences. A resort style home with amazing mountain views. Currently also used as a very successful vacation rental.

Yours to enjoy for $565,000. Click the attached link:

Palm Springs Modern Hideaway

Help for Canadians buying Real Estate in Palm Springs

Paul Kaplan — Wed, 13 Jan 2010 22:42:51 +0000

The Canadian Guide to Buying Residential Real Estate in the United States

As more and more Canadians are looking to invest in the unitied states, now they can find an excellent resource to guide them along their journey. “South of 49 is a must read for anyone wanting to buy real estate in the US. This groundbreaking book is jammed full of practical information that will ensure you avoid all the potential pitfalls.” – Les Hewitt, Best-Selling Author

Palm Springs continues to be a hot spot for Canadian buyers. Prices are at record lows; the Canadian dollar is stronger then ever. I have helped numerous buyers find properties in the desert, from all over Canada.

Click Here for more information.

If you’d like more information of properties in the Palm Springs area, please feel free to contact me. I have extensive experience and resources available to assist the Canadian Buyer wanting to purchase in the Palm Springs market, from condos, to golf course homes to single family residences. www.PaulKaplanRealtor.com

Its getting easier for Canadians to travel to Palm Springs!

Paul Kaplan — Thu, 17 Dec 2009 17:12:04 +0000

WestJet to provide year-round service to Palm Springs airport from Canada
Marcel Honore • The Desert Sun • December 16, 2009

Canadian airline WestJet announced today it will expand from seasonal to year-round service to Palm Springs International Airport, according to a city news release.

Beginning in June the airline will fly two weekly round trips, on Thursday and Sunday, from its hub in Calgary, Alberta, the release stated.

WestJest provides daily service to Palm Springs from Calgary, Edmonton and Vancouver, it added. The airline has transported some 128,000 passengers to and from the Coachella Valley this year, according to Tom Nolan, Executive Director of the Palm Springs International Airport