Sandra Miller's Discussions

The California Association of Realtors just rolled out a new Mortgage Protection Program for first time buyers today.  Essenially it is an insurance policy in the event that the buyer loses their job or is diabled.  Policy pays up to $1500 a month.  Great program for buyers offered only through a licensed Realtor.

California Association of Realtors Web Site - Press ReleaseYou can get all the details here at the above link.  Sandy

Hi Undone - I belive it is free for the first year to qualifying first time home buyers (funded by CAR). Sandy

Have you looked at buying a condo in Santa Monica and wondered what it means when you see TORCA Conversion listed? TORCA = Tenant Ownership Rights Charter Amendment.  So What does that mean?In 1984 Santa Monica voters approved the Tenant Ownership Rights Charter Amendment through which an apartment building could be converted to condominiums if a sufficient number of tenants approved the conversion and agreed to purchase their units.  The City of Santa Monica offered shared appreciation loans to qualifying tenants to help them purchase their converted units.  Note:  If the seller of the property you are looking at was an original purchaser of a TORCA property and if they utilized the shared appreciation program, it should be reflected in the Preliminary Title report and must be addressed by the listing agent and escrow officer.Note:  Protections were built in for tenants who did not wish to purchase their units, even today there are still many units with original TORCA Tenants (the listing will say Tenant Occupied by TORCA Tenant).  These original tenants are protected by very strict rules under the TROCA Charter.  Once a tenant moves and the unit is bought and owner-occupied the TORCA Tenant rules cease to apply.The City of Santa Monica has new and improved TORCA Shared Appreciation Loans for low and moderate income households, to assist them to buy condominiums in buildings which have been converted under TORCA.To find out more go to:  http://www01.smgov.net/ho ... TORCA.htm