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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Is FITE explained in "California Foreclosure, with an Emphasis on Buying at the Trustee's Sale" Posted by Craig Triance on March 25, 2004 at 8:55 PM In Reply to: Is FITE explained in posted by steve on March 24, 2004 at 9:03 AM : Is FITE explained in the "California Foreclosure, with an Emphasis on Buying at the Trustee's Sale" audio CD? : I want to understand the significance of "T" & "E". : Thanks. -- Steve The "T" stands for documentary transfer tax being paid. In California, filing a deed which transfers ownership requires the payment of a documentary transfer tax. Since this can be several hundred dollars in a transaction, it is not normally paid unless there is a bonafide transfer for value. This is recorded near the top of the deed, with a box showing how the amount was calculated. In newer deeds, the initials or signature of the officer who computed the tax is also found. The "E" stands for escrow number. This means an independent escrow company prepared the paperwork and issued the deed. This is normally indicated on the deed by a reference to an escrow number, normally in the upper half of the deed. I have not heard the CD you mentioned, but Gurus Ward and Norise cover this in their 3 day class extensively. You should take the class. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Is FITE explained in the "California Foreclosure, with an Emphasis on Buying at the Trustee's Sale" audio CD? : : I want to understand the significance of "T" & "E". : : Thanks. -- Steve : The "T" stands for documentary transfer tax being paid. In California, filing a deed which transfers ownership requires the payment of a documentary transfer tax. Since this can be several hundred dollars in a transaction, it is not normally paid unless there is a bonafide transfer for value. This is recorded near the top of the deed, with a box showing how the amount was calculated. In newer deeds, the initials or signature of the officer who computed the tax is also found. : The "E" stands for escrow number. This means an independent escrow company prepared the paperwork and issued the deed. This is normally indicated on the deed by a reference to an escrow number, normally in the upper half of the deed. : I have not heard the CD you mentioned, but Gurus Ward and Norise cover this in their 3 day class extensively. You should take the class. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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