FAQ
Frequently Asked Sales Questions
Q. Do you offer seller financing?
A. In some instances financing is available subject to the review and approval of the buyer's credit-worthiness. A significant down payment is required in order for financing to be considered.
Q. If the property requires a zone change or other entitlement, who pays for the entitlements?
A. The buyer pays for all entitlements and assumes the risks associated with the entitlement process.
Q. Which Title and Escrow Company do you use.
A. SCE uses International City Escrow in Long Beach and Chicago Title Company in the county in which the property is located.
Q. At the close of escrow, will I have clear title to the property?
A. During escrow, you will be asked to review and accept a preliminary title report listing the encumbrances of record. All SCE property is encumbered by a Trust Indenture recorded in 1923. Due to the complexity and cost of removing individual properties from this trust, SCE bundles the parcels and removes the property several times a year. Upon request, Chicago Title will issue a policy and insure against any loss from the Trust Indenture.
SCE will also reserve rights for any electric facilities and access to those facilities they may have on the property or adjacent properties.
Q. Will I get the mineral rights to the property I am buying?
A. If Edison International or one of it's subsidiaries owns the mineral rights and they have been deemed to be of minimal value, they may be included in the sale. If acquisition of the mineral rights are an important item, it should be specified in the original offer and addressed in the Purchase Contract.
Q. How are property taxes prorated?
A. SCE pays property taxes in a bulk billing, one bill is issued by each county for all that close escrow prior to March 1, taxes are prorated from the close of escrow to June 30 of that taxing year; for properties that close escrow after March 1, taxes are prorated to June 30, of the following taxing year. Example:
- COE 2/2/11 taxes prorated to 6/30/11 (4 months proration)
- COE 5/2/10 taxes prorated to 6/30/11 (13 months proration)
SCE will pay the General taxes before they become delinquent and indemnify the buyer against any loss therefrom.
