New Real Estate Laws

New Real Estate Laws

Assembly Bill 1169

Landlords are now required to provide a 60 days’ notice of eviction to tenants who have lived in a dwelling for one year or longer and a 30 days’ notice is required for a tenant who has resided in the dwelling for less than one year.

Assembly Bill 2100

This bill requires homeowner association boards adopt plans to adequately fund reserve accounts for the repair and replacement of items such as roofs, pools and common water heaters. HOA loans must be disclosed as well as statements to HOA members whether to defer or forsake repairs or replacement of major components of the development and clearly justify this choice. Beginning January 1, 2009, distribution of the plans must be provided to the members annually. Association board members who have a financial interest are prohibited in participating in decisions.

Assembly Bill 2429

This bill is designed to protect consumers from under-qualified agents. As of October 1, 2007, all applicants for real estate licenses will be required to complete all three of the courses mandated by the California Department of Real Estate before taking tha license examination.

Assembly Bill 2800

Standardizes sundry statutes regarding housing-related nondiscrimination provisions, making them consistent with the Fair Employment and Housing Act. The act prohibits discrimination in housing on the basis of race, color, religion, national origin, ancestry, disability, sex, marital status, sexual orientation, familial status and source of income.

Senate Bill 1609

This bill protects applicants seeking reverse mortgage loans which are attractive to the elderly due to payment options. Lenders are now required to provide independent counseling for all reverse mortgage loans, contracts must be translated into the language in which they were first negotiated and applications will not be accepted until the borrower receives housing counseling.

Senate Bill 1827

Registered domestic partners will be allowed to file joint state tax returns. Only couples of the same sex or those in which one partner is at least 62 can register.

For more legislative information visit: (http://www.sen.ca.gov.)

Comments

[Bobby Korey]

Nice info.... Thanks for updating....