A common document that a borrower will come across during the escrow process is the “Notice of Right to Cancel” (also known as the “Rescission Document” or the “Three-Day Notice of Cancellation”).

This document is an important one, so today, we wanted to share with you a bit more about it and provide answers to some commonly asked questions.

  • What is the “Notice of Right to Cancel” document?
  • When does the right to cancel apply?
  • What important dates do I need to know about for the Right to Cancel?

What is the “Notice of Right to Cancel” document?

This document is located in the loan document package and states that the borrower can cancel or rescind their location transaction within three business days after signing their loan documents.

When does the right to cancel apply?

There are often questions from borrowers about what circumstances allow them to cancel and when.

Confusion arises for borrowers as to when the right to cancel applies, and if so, exactly what day the borrower can rescind their approval of the loan transaction.

The right to cancel DOES apply to:

  • Applicable to refinances or “home equity lines of credit” extended on a borrower’s “primary residence.”

The right to cancel DOES NOT apply to:

  • Borrowers who are purchasing a home
  • Borrowers who are refinancing a secondary residence
  • Investment or rental properties
  • Borrowing on behalf of a business

Understanding the important dates on the “Notice of Right to Cancel” document

A common question about the “Notice of Right to Cancel” document is “How do I know when the three-day period starts and ends?”

  1. The first is the date of signing.
  2. The second is the rescission date or final date to cancel.

When the final loan documents are prepared by the lender for the anticipated signing, these two important dates might be noted.

But, there are cases when the lender will not note any dates and will leave the fields blank. This typically occurs if the exact date of the signing is not known.

In this situation, the lender might print instructions on the document for determining the correct dates or may include an instruction sheet along with the Notice of Right to Cancel in the loan package.

If for any reason, the dates that have been included are not correct, the instructions should give information about how to correct them to properly determine the rescission date.

How to determine the rescission date for the Notice of Right to Cancel.

The borrower has the right to cancel until midnight of the third day after signing the documents.

To determine this date, the borrower or qualified escrow officer will count three days starting with the first day following the signing date.

Please note: the following dates are NOT counted or factored into the equation:

  • Transaction date is not counted.
  • Sundays are not counted
  • Recognized Federal holiday are not counted.

Saturdays are counted because banks are open and conduct business.

Here are a few real-life examples to help you understand how to figure out the rescission period:

  • Loan documents are signed on Monday, April 9 – rescission period ends on Thursday, April 12 at midnight.
  • Loan documents are signed on Friday, April 20 – rescission period ends on Tuesday, April 24 at midnight. (Because Sunday is not counted.)
  • Loan documents are signed on Friday, May 25 — rescission period ends on Thursday, May 31 at midnight. (Because Sunday is not counted and Monday is Memorial Day – Federal holiday.)

Of course, if you have any questions about the Notice of Right to Cancel document or Rescission Periods, please don’t hesitate to contact us.

We’re here to help you with the escrow process in any way we can.

There is no shortage of paperwork during the escrow process, and we understand this can be a bit overwhelming, especially for first time home buyers or sellers.

To help, we wanted to share with you some information about the Statement of Information – what it is, how it works and why it’s important. So, let’s get started…

What is the Statement of Information?

Once escrow is opened, home buyers and sellers will receive their initial escrow package. One of the forms included in this package is the Statement of Information (also referred to as the Statement of Identity).

The Statement of Information is a one-page document that asks for name, date of birth, social security number and current and previous addresses for both the buyer/borrower and seller.

Ultimately, this document assists the Title Company is ensuring that the person seeking Title Insurance is you, and not somebody with the same name.

Who Requires a Statement of Information?

The Title Company of record will require this form is completed to confirm your identity. This requirement ultimately assists in eliminating closing delays in a real estate transaction.

How Does the Statement of Information Work?

The Statement of Identity will establish and confirm your identity. By confirming your identity, the Title Company can resolve matters such as judgments, bankruptcies, child support liens or other matters on the public records filed against a person with a similar or same name.

Why Buyers and Sellers Need to Complete the Statement of Information?

Here is a quick example of why it’s so important to complete the Statement of Information:

Your name is Robert Smith. Your Title Company runs a name check on Robert Smith, and it’s not a surprise that they find a number of recorded judgments filed against Robert Smith.

The only way for the Title Company to know that the Robert Smith who owes thousands of dollars is or is not you is by comparing other information – social security numbers, birthplace, marriage history, previous address, etc.

So, to summarize the Statement of Information:

  • Title Company requires that buyers/borrowers and sellers fill out the Statement of Information to be able to complete their fiduciary duty to return a clear title for the real estate transaction.

  • Every real estate transaction is unique, so if you have questions, talk with your Escrow Officer. He or she will be able to help!

  • If you’re aren’t comfortable with the questions you’re being asked to answer, talk with your Escrow Officer. He or she can explain the Privacy Act Notice with which all Pango brands are in compliance.

Of course, if you have any questions about the Statement of Information or any other part of the escrow process, please don’t hesitate to contact us. We are here to help in any way we possibly can!

Many of us have a love-hate relationship with email. We know that we need it to be successful in our jobs and it can make communication more efficient, but we also know that it can be a huge time suck.

But, how do you manage your Inbox so that you’re optimizing the benefits and diminishing the downfalls?

There may be some trial and error involved to find the best fit for your needs, but we’ve found some tools and processes that are guaranteed to make your Inbox a more peaceful and productive place.

Unsubscribe from email clutter 

Manually unsubscribing from emails you’ve subscribed to over the years it exhausting!  Enter Unroll.me. This service allows you to mass unsubscribe from everything you don’t read, so it’s a huge time saver and will eliminate junk in your inbox.

Schedule Email Reminders

Another tool that we love is FollowUpThen. Remind yourself, your clients or team to follow-up on specific emails. There are a ton of options and it works with all email services. The first 50 follow-ups each month are free too!

Create Your Own Rules

IFTTT (If This Then That) is a wonderful productivity tool that uses ‘recipes’ to create rules. There are a lot of pre-made recipes, but you can create a recipe for virtually anything! Here are a few we like:

  • Get a text message when a particular person emails you.
  • Send all email attachments to a specific folder in Dropbox based on sender.
  • Turn emails into a task in your project management system.

While there’s a bit of configuration required on the front-end, the time you’ll save in the months ahead, make it worth the investment!


Cheers to a happier and healthier Inbox! And, as always, we’re here to help, so please get in touch if we can help with any of your escrow needs. 

California requires that income tax for the sale of a home sale must be withheld.

Today, we’ll share with you more information about this form, why it’s important and key information you’ll want to know about before completing it. 

So, let’s get started!

What is the 593-C Form?

  • Seller fills out the State of California Real Estate Withholding Certificate (593-C).
  • Escrow provides this form to the seller, typically when the escrow instructions have been prepared and sent out for signatures.

How to Complete the 593-C Form

  • The standard amount of taxes to withhold is equal to 3 1/3% of the total sales price.
  • If the seller claims an exemption by filling out the 593-E form, the percentages will be different if it is reduced withholding. These are reflected on the form itself.
  • If the seller is an individual, enter the social security number (SSN) or individual taxpayer identification number (ITIN) as indicated on the 593-C form.
  • If the sellers are spouses/registered domestic partners (RDPs) and plan to file a joint return, enter the name and SSN or ITIN for the spouse/RDP on the 593-C form in the space provided.
  • If there is more than one seller and the sellers are not married/RDPs, then each seller must complete their own 593-C form.

What Entities May Be Considered “Individuals” by the Franchise Tax Board?

  1. Single Member LLC
    If the seller is a single member disregarded LLC, enter the name and the tax identification number of the single member.

  2. Grantor Trust
    • Created when the trust is formed by the grantor(s), and the grantor(s) are also the trustee(s) of the trust.
    • One example is a Family Trust. The grantor trust is disregarded for tax purposes, and the individual seller must report the sale and claim the withholding on individual tax returns.
    • If the trust was a grantor trust that became irrevocable upon the grantor’s death, enter the name of the trust and the trust’s federal employer identification number (FEIN) on Form 593-C. Do not enter the decedent’s name or trustee’s name or SSN.

What Are Exceptions to Withholding?

Certain real estate transactions are exceptions to state income tax withholding, including:

  • Total sales price is $100,000.00 or less.
  • The property is being foreclosed upon pursuant to a power of sale under a deed of trust, or sold by a deed in lieu of foreclosure.
  • The transferor is a bank acting as a trustee other than a trustee of a deed of trust. 
  • The seller certifies to an exemption.

What Are Exemptions to Withholding?

There are a number of exemptions.

  1. The most common exemption is the seller’s principal residence as set forth under Internal Revenue Code (IRC) Section 121.Typically, the seller must have owned and lived in the property as their primary residence for at least two years during the five-year period ending on the sale of sale.
  2. Another is a loss or zero gain. Claiming this exemption will require form number 593-E to be filled out and signed by the seller.

If any of the first three Exceptions to Withholdings apply, the seller will check that exception on the 593-C form and then sign it.  If the seller checks number 4 on the 593-C form, claiming an exemption, there is an additional form which will need to be filled out.

The California Franchise Tax Board website has provided more information with a complete list of exemptions, as well as forms 593-C and 593-E. It is always important for the seller to check with their tax advisor when filling out the 593-C and it is even more important if the seller is filling out a 593-E exemption form.

We hope that you found this article helpful! Of course, if you have any questions about Form 593-C or need any type of assistance with an escrow, please contact us. We are here to help!

Ever end a crazy, non-stop day, but can’t recall what you actually accomplished? You’re not alone! It’s a common challenge. Today, we wanted to share with you a productivity tip in hopes of helping you work smarter, not just harder.

Time blocking is a concept that might help.  

What is time blocking?

  • Assign tasks (and down time) to specific blocks of time.

  • We recommend blocking the time in whatever calendar you use for calls and appointments – that way you don’t double book.

Why time block?

Helps set you free of distractions and procrastination to actually get things done!

So, at this point, you might like the sound of this but are wondering how to start implementing this into your daily routine.

First off, be realistic. You’re one person, and there are only so many hours in the day.

Set aside time to actually plan

We get caught up with doing instead of planning, but planning allows us to see the big picture, prioritize and set realistic expectations.

  • Instead of saying I will reach out to 50 past clients today over a two-hour window, set a goal to reach out to 10 in a two-hour window.

Allocate time to be reactive

‘Emergencies’ happen no matter how well you plan. Block out time each day for this so that your other goals don’t go unaccomplished.

  • Set 30-minute blocks every two hours. If there are no ‘fires,’ great! You can move onto your next task.

Audit yourself

Having a record of what you planned to do and what you actually did do is invaluable.

  • At the end of each day, see if certain tasks took longer than anticipated and adjust the days ahead accordingly.

Set time aside for breaks

It’s easy to get sucked into skipping lunch or even a workout. But, ‘down time’ can actually increase productivity.

  • If the traditional 12-1pm is an unrealistic time to break away, that’s perfectly okay. Set aside 30-minutes between 10-10:30am and 2:45-3:15pm to breathe, eat or get outside!

Click here to view a sample time blocking calendar.

We hope you found this information helpful. Cheers to getting more done – effectively and efficiently – in a day!

Today, we’re excited to introduce you to Muriel!! She’s a Branch Manager and Escrow Officer at our CV Escrow office in Rancho Mirage.

Although she’s been with our company for less than a year, she has been working in escrow for over three decades and already made a great deal of significant contributions to our team, clients and organization as a whole.

Muriel’s passion for helping clients and skill for making the escrow process as seamless as possible is evident each and every day, so we’re beyond grateful to have her on our team.

Meet Muriel!

What is your favorite thing about working at the company?

The company values are stated and lived out

Tell us what a typical day at work for you entails.

Opening escrows, closing escrows, and working out all file challenges.  Phone calls and emails galore.  

What motivates you?

Helping move an escrow to a successful close, making buyers and sellers happy throughout the process.

How long have you been in the industry?

30 years

What is the one thing you can’t resist?

Chocolate

What’s the best book you’ve ever read?

Gone With the Wind

If you had to eat one meal every day for the rest of your life, what would it be?

Dinner

If you could do another job for just one day, what would it be?

An Actress

What’s one item on your bucket list that you can’t wait to check off?

Seeing Niagara Falls


Muriel, thank you for all that you do for our team and clients. We all appreciate your dedication our mission and the fact that you make the escrow process a smooth and happy one for all of the clients you work with. Thank you!

Dana is an Escrow Officer at our CV Escrow office in Palm Springs. She has been with our team for one year, and in the industry for over 30 years. She has an immense amount of escrow knowledge and brings an immense amount of positive energy to our team.

On a daily basis, Dana works diligently to serve our clients and their unique needs, and her genuine desire to help in whatever way she can is evident to everyone she works with!

Meet Dana!

What is your favorite thing about working at the company?

The positive and upbeat work environment.

Tell us what a typical day at work for you entails.

Replying to e-mail requests, taking phone calls, opening escrows, sending lender requested items,  appointments with buyers and sellers to go over and notarize paperwork, working up loan documents, packaging loan documents, preparing BIA paperwork, preparing title recording documents, balancing out a closing and sending closing packages.

What motivates you?

I enjoy assisting in a real estate transaction. I am very customer service oriented, and I like to provide guidance and assistance whenever I can.

How long have you been in the industry?

30 years

What is the one thing you can’t resist?

Line dancing

What’s the best book you’ve ever read?

Any book by Sidney Sheldon.

If you had to eat one meal every day for the rest of your life, what would it be?

Benihana steak and shrimp

If you could do another job for just one day, what would it be and why?

A country music singer.

What’s one item on your bucket list that you can’t wait to check off?

A cruise to Alaska.


Dana, thank you so much for everything that you do for our team and clients. We are beyond grateful for you, your dedication to our clients and your positive energy. We look forward to many more years together!

Today, we are excited to introduce you to Julie Ekstrom. She’s a Manager and Escrow Officer at our CV Escrow office in Palm Springs and has been with us for nearly a decade.

Julie has played a pivotal role in the success of the office due to her positive energy and genuine passion for helping other team members and clients. Her desire to ensure clients are beyond pleased with their experience is just one reason we are so grateful for Julie.

Meet Julie!

What is your favorite thing about working at the company?

The people I work with and work for.

 

Tell us what a typical day at work for you entails.

A lot of hard work – and everything won’t fit on this short line

What motivates you?

Seeing people happy at their jobs and clients happy with the work that we do.

How long have you been in the industry?

38 years

What is the one thing you can’t resist?

Popcorn

What’s the best book you’ve ever read?

The Beach House by James Patterson

If you had to eat one meal every day for the rest of your life, what would it be?

Chile Rellenos, tacos, chips and salsa, rice and beans (shall I keep going?)

If you could do another job for just one day, what would it be and why?

Any job that would surround me with dogs.

What’s one item on your bucket list that you can’t wait to check off?

I don’t have a bucket list – I live in the moment.

Julie, on behalf of everyone at Pango Group, we want to thank you for everything you do for our team and clients on a daily basis. We are so grateful for you and look forward to many more years together!

Monique is an Escrow Officer at our CV Escrow office in Rancho Mirage and has been with us for four awesome years.

We’re extremely thankful for Monique given the positive impact on all of those she works with and has ensured that our clients are taken care of through every step of the escrow process!

Meet Monique!

 

 

 

What is your favorite thing about working at the company?

Working with my clients and the customers.

Tell us what a typical day at work for you entails.

My typical day entails phone calls and emails from agents, buyers and sellers. Fundings, closings, HOA and BIA processing and opening escrows.

What motivates you?

My family

How long have you been in the industry?

12 years

What is the one thing you can’t resist?

Any opportunity to please my family

What’s the best book you’ve ever read?

The Long Road Home by Danielle Steele

If you had to eat one meal every day for the rest of your life, what would it be?

Tacos, rice and beans

If you could do another job for just one day, what would it be and why?

I love working with children, so I would love trying to be a Kindergarten teacher.

What’s one item on your bucket list that you can’t wait to check off?

Going to Rome with my husband and kids


Thank you, Monique, for four years of dedication, caring for our clients and being so passionate about what you do! We look forward to many more years.

 

Meet Gina! She’s an Escrow Officer at CV Escrow and has been doing awesome work for our clients for over six years!

On a daily basis, Gina works hard to ensure that our clients have a remarkable (and stress-free) experience throughout their escrow process.

Her ability to overcome even the most challenging circumstances in an escrow truly is truly amazing, so we’re extremely grateful for her and all that she does.

What is your favorite thing about working at the company?

I love helping clients and the people I work with.

Tell us what a typical day at work for you entails.

Escrow. Escrow. Escrow.

What motivates you?

The challenge to get things done that agents think can’t be done.

How long have you been in the industry?

28 years

What is the one thing you can’t resist?

Food!

What’s the best book you’ve ever read?

The Bible

If you had to eat one meal every day for the rest of your life, what would it be?

Fried zucchini

If you could do another job for just one day, what would it be and why?

I would work at my kid’s school.

What’s one item on your bucket list that you can’t wait to check off?

A cruise.

Gina, on behalf of everyone in the Pango Group family, we wanted to thank you for your continuous motivation, dedication and hard work. You’ll contribution to our organization is greatly appreciated!

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