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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: property profiles Posted by bukzin on July 02, 2009 at 6:30 AM In Reply to: property profiles posted by hard money lender on July 01, 2009 at 10:08 PM : RED ALERT – CHANGES THAT AFFECT YOUR REAL ESTATE BUSINESS! : Effective July 1st, 2009 : All Title Companies will adhere to Changes to a Property Profile : governed by the State of California Regularly Guidelines : Regretfully we must inform you of changes affecting all title companies regarding property profiles. The Department of Insurance has issued a memorandum of what a title insurance company can provide in a property profile. : : “Insurance Code Section 12404.1, provides in relevant part that a property profile may include only the following: : • The names of owners of record of a specified property. : • A description of real property. : • “Property Characteristics” as defined in Section 408.3 of the Revenue and Taxation Code, meaning: : o Year of construction of improvements to the property : o Square footage : o Number of bedrooms and bathrooms of all dwellings : o The property’s acreage : o Other attributes of or amenities to the property, such as swimming pools, views, zoning classifications or restrictions, use code designations : o Number of dwelling units of multiple family properties : The Department considers anything included beyond these items to be inappropriate and in violation of Insurance Code Section 12404.” : Simply put, a title insurance company can provide a property profile assessors summary page with the information above (if available through public records) and an assessor’s parcel map. No recorded documents (deeds, trust deeds, liens, etc), Sales Comps, Tax Bill, or Demographics may be provided by law. : You can express your concerns with the California Association of Realtors : and the Department of Insurance. : CALIFORNIA ASSOCIATION OF REALTORS : Los Angeles - Executive Office: : 525 South Virgil Avenue : Los Angeles, CA 90020-1403 : Phone: (213) 739-8200 : Fax: (213) 480-7724 CALIFORNIA ASSOCIATION OF REALTORS : Sacramento - Legislative Office: : 980 Ninth Street #1430 : Sacramento, CA 95814 : Phone: (916) 492-5200 : Fax: (916) 444-2033 DEPARTMENT OF INSURANCE : Executive Office – Steve Poizner : 300 Capitol Mall, Suite 1700 : Sacramento, CA 95814 : 916-492-3500 : 916-445-5280 ++++++++++++++++++++++++++++++++++++++++++++++++++ Thanks for the posting. Looks like its from a local MLS board, is that correct? Follow Ups: Re: property profiles hard money lender 6:40 AM, 07/02/09 (1) Re: property profiles Daniel 12:15 AM, 07/02/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : RED ALERT – CHANGES THAT AFFECT YOUR REAL ESTATE BUSINESS! : : Effective July 1st, 2009 : : All Title Companies will adhere to Changes to a Property Profile : : governed by the State of California Regularly Guidelines : : Regretfully we must inform you of changes affecting all title companies regarding property profiles. The Department of Insurance has issued a memorandum of what a title insurance company can provide in a property profile. : : : : “Insurance Code Section 12404.1, provides in relevant part that a property profile may include only the following: : : • The names of owners of record of a specified property. : : • A description of real property. : : • “Property Characteristics” as defined in Section 408.3 of the Revenue and Taxation Code, meaning: : : o Year of construction of improvements to the property : : o Square footage : : o Number of bedrooms and bathrooms of all dwellings : : o The property’s acreage : : o Other attributes of or amenities to the property, such as swimming pools, views, zoning classifications or restrictions, use code designations : : o Number of dwelling units of multiple family properties : : The Department considers anything included beyond these items to be inappropriate and in violation of Insurance Code Section 12404.” : : Simply put, a title insurance company can provide a property profile assessors summary page with the information above (if available through public records) and an assessor’s parcel map. No recorded documents (deeds, trust deeds, liens, etc), Sales Comps, Tax Bill, or Demographics may be provided by law. : : You can express your concerns with the California Association of Realtors : : and the Department of Insurance. : : CALIFORNIA ASSOCIATION OF REALTORS : : Los Angeles - Executive Office: : : 525 South Virgil Avenue : : Los Angeles, CA 90020-1403 : : Phone: (213) 739-8200 : : Fax: (213) 480-7724 CALIFORNIA ASSOCIATION OF REALTORS : : Sacramento - Legislative Office: : : 980 Ninth Street #1430 : : Sacramento, CA 95814 : : Phone: (916) 492-5200 : : Fax: (916) 444-2033 DEPARTMENT OF INSURANCE : : Executive Office – Steve Poizner : : 300 Capitol Mall, Suite 1700 : : Sacramento, CA 95814 : : 916-492-3500 : : 916-445-5280 : ++++++++++++++++++++++++++++++++++++++++++++++++++ : Thanks for the posting. : Looks like its from a local MLS board, is that correct? 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