Page 2 - CTT-CA Real Estate Foreign Buyer & Seller Guide_English

Land Ownership
In California
California is known as the “Gold Rush State”, but California’s true gold is the land.
Since the days of the Spanish conquistadores and Sir Francis Drake, battles have been fought and lives lost over this rich resource.
California’s real estate is among the most valuable in the nation. Foreign invest- ment is common here, in the major metropolitan areas as well as top agricultural regions. Foreign buyers and sellers must comply with a number of state and feder- al regulations. In particular, buyers of a real property interest must be concerned with the applicability of F.I.R.P.T.A., the Foreign Investment in Real Property Tax Act.
Title insurance provides a policy holder against the challenges to rightful owner- ship of real property, challenges that arises from circumstances of past ownerships. Each successive owner brings the possibility of title challenges to the property. Escrow services are provided to coordinate the closing, including the collection and disbursement of funds related to the transaction.