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Real Estate Terms

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Alquist-Priolo Earthquake Fault Zoning Act

This law was passed in December 1972. Basically it requires property owners and their real estate agents to disclose that their property lies within earthquake zones. This is disclosed in the Natural Hazards Disclosure when escrow is opened.

For more information click on the links below:

http://en.wikipedia.org/

http://www.conservation.ca.gov/

California Homestead

A homestead exemption protects a portion of your equity from creditors. It must be homeowner occupied. There are two types: One is automatic when you purchase a home and the other must be recorded at the county recorders office.

For more information click on the links below:

http://en.wikipedia.org/

http://homeguides.sfgate.com/

California Mello Roos

Proposition 13 was passed in 1978 limiting property tax bills to 1% of the sales price. This limited the government to use property taxes to construct public utilities and services. In 1982 Mello Roos came to life and allows the financing for the publics facilities.

Mello Roos is an added tax base to homes by the builders. In these areas the payment will be higher by an average of $100 to $500 depending on the bond and number of homes. When the homes are built, instead of the builder paying the costs of greenbelts, parks etc., they get a bond from the city and pass it on to the buyers. These are additional payments made by the buyer for a term of roughly 20 to 25 years from when it was built, then passed on to the new buyer when the home is sold. After the Bond is paid off, the city will continue to charge a lesser fee for the maintenance of the projects. When buying a home ask if there is a Mello Roos!

For more information click on the link below:

http://www.clta.org/

Homeowners Property Tax Exemption

In California, when you become a homeowner and occupy the home, you may be eligible for a maximum $7000 tax exemption.

For more information, click on the link below:

http://www.assessor.saccounty.net/

Home Protection Plan

This plan usually covers appliances, HVAC, washer & dryers, pool, spas, roofs and other miscellaneous items. The basic plan usually covers the appliances in the house. The pool, spa, roof and the extra appliances are at an additional cost.

How It Works

The buyer or seller pays for it at the close of escrow. The plan is for one year and renewal afterwards if you choose to do so. When there is a problem with an appliance(e.g. Dishwasher), you call the company, pay them a small deductible and they will proceed to repair it and in some cases will replace the unit if they can not repair it. Different companies offer different coverages, your agent should be able to direct you to a reputable company.

REO

Real Estate Owned homes are already foreclosed and have been taken back by the bank and "bank owned". We deal with the asset managers representing the banks.

Short Sales

These homes have a loan that is higher than the market value. The owner lives in it and signs the offer, the bank has to make the final decision of accepting less than what is owed. The seller receives no funds from closing, it all goes to the bank. This process can take 2 to 6 months. The bank accepts the agreed price or makes a counter offer, but some banks have been known to kill a deal if another higher offer comes in or sometimes delay it so that it goes into foreclosure.

Standard Sales

Owner occupied homes. We deal with the Homeowners/sellers on the homes making an offer.

Contact Info

Phone Phone: (909) 473-0712
Cell: (909) 815-0188
Fax: (909) 281-8000
Computer joe@jvpmres.com
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Mail P.O. Box 9083
San Bernardino, CA 92427
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224 N. Riverside Avenue, Suite E
Rialto, CA 92376

Located in Riverside Professional Plaza