Yesterday, I attended a presentation by Gov Hutchinson, Assistant General Counsel for the California Association of Realtors, giving an update on new laws affecting California real estate and Palos Verdes homes owners. Here are some of the interesting changes:
- The limit in Small Claims Court has been raised to $10,000 for an individual. The limit is still $7,500 until January 1, 2015 for actions brought by natural persons for bodily injury from a car accident.
- After you have purchased a unit, Home Owners Associations cannot change the rules to restrict you from renting out your unit.
- Home Owners Associations cannot charge the seller more than their out-of-pocket costs for the information that they must provide to the new buyer.
- If you are managing property for an out of area investor, you must withhold 30% of monthly rent for out of country owner/investor and 7% for out of state owner/investor.
- Sellers must disclose if their home has water conserving plumbing fixtures. After January 1, 2017, all homes must have low flow shower heads, toilets and faucets as described in Civil Code Section 1101.3 (or by January 1, 2014 as a condition to the issuance of a certificate of final completion and occupancy or a formal permit if such certificate or permit is needed for any type of remodeling work).
- A residential landlord may prohibit the smoking of any tobacco product anywhere on the premises and this ban must be states in the lease or rental agreement itself.
Photo courtesy of Arvin Design
