Important Updates to be Aware Of
Some important new real estate laws have taken effect as of January 1, 2006 in California. Here are some highlights that may affect California property owners:
Disclosure of Supplemental Property Tax Bills
Selling or changing the ownership of California real estate will generally trigger a reassessment of the property tax bill. Many buyers don't realize that they may have to pay supplemental tax bills after they take ownership, and it comes as a big surprise in their mailbox. In order to protect buyers from this mailbox surprise, CA Assembly Bill 459 requires sellers of most residential properties, or their agents, to disclose to their buyers that supplemental taxes may be assessed.
Small Claims Court Amount Increases
Individuals may now file small courts claims for amounts up to $7500, up from the prior limit of $5000. This only applies to individuals, not to legal entities such as corporations or partnerships.
Notice to Terminate Tenancy Shortened to 30 Days
A 30-day notice to terminate month-to-month tenants is all that is required of landlords unless rent control or subsidized housing rules apply. Any existing laws that require a minimum of a 60-day notice will be sunset at the end of this year.
Meth-Contaminated Property Disclosure
The new laws require property owners to disclose in writing to prospective buyers or tenants if an order has been issued prohibiting the use or occupancy of a property contaminated by meth lab activity. Noncompliance with these new laws may result in a civil penalty up to $5,000 and other actions.
Looking for Santa Clarita or Los Angeles County California homes? Click here to check out the latest listings!
Linda Slocum
HoneyStartPacking.com
No comments:
Post a Comment