Here is something to think about over the weekend. Just today I noticed the following apparently boiler plate language buried in the notes section of a preliminary title report. "Notice: Please be aware that due to the conflict between federal and state laws concerning the cultivation, distribution, manufacture or sale of marijuana, the Company is not able to close or insure any transaction involving Land that is associated with these activities". In this instance, "company" means the escrow company. I understand that to mean, in simple terms, that this escrow company and maybe all of them even, will not and can not be a party to a real estate transaction that involves cannabis as a crop on the property and said crop will make the property unable to qualify for title insurance. What can that mean to you? Well, if you are buying a property with this crop on it, and escrow finds out, they can't close the deal and they won't title insure it. If this crop is in play and you try to sell or refinance a property that you own, could be a problem. If you own a property and let others farm it, and this crop is on it, ditto. If you lease option a property and your tenant is growing, then the sale falls apart and the property reverts to you, ditto again. In a nutshell, if you own or are planning on purchasing these types of properties or are planning on cultivating, beware of this possible snag in your ability to buy, sell or refinance. What this means to me as a real estate agent is that if I ever got involved in a sale that involved this crop, however unlikely that is (not a specialty area I work in) I would have to disclose to my client up front that there can or will be issues with closing the deal using an escrow company and title insurance may not be available which will knock out any traditional financing (not necessarily private money) as title insurance is a requirement of financed purchases. This little paragraph opens up a whole can of worms doesn't it? I don't know how new this paragraph is but I'm guessing fairly new. Just in case any of you out there are dealing in this type of property or crop, its a good thing to know for the future.
Check out these week ending rates from Guy Rivera at Guarantee Mortgage by clicking here. Have a GREAT weekend leading up to the big day. Check back here on Monday and I'll let you know if there is any news.
1690 Juniper Avenue, Solvang $2400 Not many rentals out there so make the call today. Located on the edge of Alisal Glen, by the open space that separates this quiet little neighborhood from Alisal Rd. and the golf course. Easy stroll into town from here.
1227 Camino San Carlos, Buellton (main house and guest house on .99 of an acre) 879K On my favorites list for sure. This is an excellent value. Two houses, good location, pretty views, super quiet location. The remodel on the main house was exceptionally well done for the price point.
689 Rancho Alisal Drive, Solvang (4/5 on .70 of an acre) Listed at 624K and sold final for 610K. Original price was 692K so a 12% +/- less than original price. 232 days on market. The Alisal is doing very well with notably limited available inventory. These homes are on leased land with annual land leases.
1855 Tularosa Road, Lompoc (4/3 on 4.83 acres) Listed at 995K and sold final for same, 995K. This was also the original price with 237 days on market.
4080 Indian Way, Santa Ynez (main house and guest house on 20.64 acres) Listed at $2,475,000 and sold final for $2,325,000. I really liked this property. Another on my favorites list leaves the inventory. One of the very best locations in Meadowlark and oh so private. A remarkable amount of flat and usable too plus big views. Meadowlark offers some of the least expensive water in the valley in addition to convenience. Original price $2,600,000 so around 6% less than the original price with 116 days on market.
**Click on each hyperlink to see the listing office related to each property. Property links may not open if you are using Internet Explorer as your browser. Transactions noted here were completed by myself and other Realtors. I clearly identify those that I participated in. The hyperlink to each listing shows the listing office name if you would like to contact them directly. If you aren't already, please ask to be on my Daily Real Estate Update email list to receive the complete blog post with pics and aerials sent to you daily via email versus you having to remember to check my website or Facebook. Due to recent copyright issues, pics only appear on the email version. The identity of those on my list is not shared and I don't spam anyone. My daily updates are not a complete list of everything that happened today but instead events the general reader might find interesting or items you need to know to make good decisions. These informational items are also readily available on a variety of other sites. Readers should consult other venues of information gathering to find out more or to complete their information gathering efforts but this is a great place to start and I write most days Monday through Friday letting you know what I know.
Sharon Currie | Realtor DRE#01357602
Berkshire Hathaway Home Services BRE#01317331
Physical: 2933 San Marcos Ave #102, Los Olivos
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