Happy Holidays

Hello all,

I just wanted to take the time to thank you all for your continued support and readership.

I hope you all have a very happy holiday season and see you in 2007!

Warm wishes,

Nisha

P.S. For those of you who will be traveling this holiday season: In January 2007, ALL persons, including U.S. citizens, traveling by air between the United States and Canada, Mexico, Central and South America, the Caribbean, and Bermuda will be required to present a valid passport, Air NEXUS card, or U.S. Coast Guard Merchant Mariner Document.

Cal FIRPTA Withholding - State Bill 2962

California Assembly Bill 2962 revises Revenue and Taxation Code Section 18662 and 18668 for sales of California real property that close on or after January 1, 2007. The new law allows a seller to elect an alternative to the current withholding requirement based on 3 1/3 percent of the sales price. A seller will be able to choose a withholding amount based on applying the seller’s estimated gain to a maximum tax rate. The maximum tax rates are as follows:

• 9.3% for individuals
• 8.84% for corporations
• 10.84% for banks and financial corporations

If such an election is made, the seller is required to certify the alternate withholding amount in writing under penalty of perjury. The Franchise Tax Board (FTB) will have new forms available in mid to late December. Additionally, the FTB willprovide an electronic form on its website to assist sellers in calculating the amount of gain and the alternate withholding amount.

First-Time Home Buyer

Always remember that you are the most important person throughout the entire real estate process. It is easy to think that many others may have more expertise or clout, but the truth is that you, the buyer, are the one person in this transaction that makes it all happen. If you decide not to buy, the entire process comes to a complete stop.

If you plan from the beginning to approach the homebuying process intelligently and with confidence, you are much more likely to buy the home you’ve always wanted, and have the confidence that the best decisions were made.

Steps To Buying A Home

1. Make a decision to rent or buy.
2. Figure out how much you can afford.
3. Find the right real estate agent.
4. Get pre-approved.
5. Decide what kind of home you want.
6. Find the right neighborhood.
7. Begin the home search.
8. Preview the homes.
9. Make an offer.
10. Apply for a mortgage.
11. Have the inspections conducted.
12. Close the transaction.
13. Move into your new home.

Home Maintenance Checklist: December

Here a list of some maintenance items to tend to in your home for this month:

• Check the operation of all ground-fault circuit interrupter outlets by pushing the "test" button. The "reset" button should pop out, indicating the receptacle is operating properly. Press in the reset button.
• Check inside bathroom vanities and kitchen sink cabinets for moisture and other signs of leaks. Carefully inspect pipes for condensation or slow drips. Repair the plumbing system if necessary.
• Review the family fire escape plan with every household member.
• Unpack and test all electrical holiday decorations. Repair or discard any that do not function properly.
• Watch for sales on tools before and after the holiday season.