2006 Real Estate Laws Update

2006 Law Changes Affecting Santa Clarita Real Estate

Some new laws have taken effect as of January 1, 2006 that may affect the way you handle your real estate transactions. The small claims court ruling can affect many areas, so it's important to note that the maximum claim has been increased.

For those who are selling By Owner, make sure that you're in compliance with these new laws as well. Selling without a real estate agent does not exempt you from compliance with these new laws. Also, if you are selling by owner, don't forget to list your home online for free at http://ByOwnerSantaClarita.com

Small Claims Court
The maximum monetary claim an individual may bring into small claims court has been increased from $5,000 to $7,500. Legal entities such as corporations, partnerships, or governmental entities do not qualify for this increase.
For more information, see CA Assembly Bill 1459 and Senate Bill 422.

Supplemental Property Taxes
Buyers may not realize that a change of ownership triggers reassessment of
property taxes and that they may have to pay supplemental tax bills. The new law requires sellers of most residential properties up to four units, or their agents, to disclose to their buyers that they may owe supplemental taxes.
For more information, see CA Assembly Bill 459.

Notice to Terminate Tenancy
Landlords may now give a 30-day notice to terminate their month-to-month tenants (unless rent control or subsidized housing rules apply). Existing law that requires a 60-day notice of termination under certain circumstances will sunset at the end of this year.

Methamphetamine-Contaminated Properties
Property owners must disclose in writing to prospective buyers or tenants if local health officials have issued an order prohibiting the use or occupancy of a property contaminated by meth lab activity. The owner must also give a copy of the pending order to the buyer or tenant and acknowledge the receipt in writing. Failure to comply with these requirements may subject an owner to, among other things, a civil penalty up to $5,000. This new law also establishes procedures for local authorities to deal with meth-contaminated properties, including the filing of a lien against a property until the owner cleans up the contamination or pays for the cleanup costs.
For more information, see CA Assembly Bill 1078.

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Linda Slocum
HoneyStartPacking.com
Santa Clarita Real Estate