Stay in the Know!
Six new Real Estate Laws:
1) California law now requires that water conserving plumbing fixtures be installed by the end of 2017 for single family homes built before 1994. For other properties, it must be done by 2019.
2) Nationwide, condo associations minimum owner occupancy rate was reduced to 35% from 50% for FHA and certification processed made simpler – this is huge! This will open up the option for loans for many associations that currently don’t!
3) California law is requiring the availability of adding legal second dwelling units (now called Accessory Dwelling Units). It is also prohibiting the requirement of additional parking for the additional unit. I’m betting Santa Barbara will still make it difficult, but supposedly you can do it now. Expect to see more construction!
4) Landlords will no longer be allowed to rent out places they know have bedbugs. That’s right! Of course, they don’t have to check for them. They just have to remediate if they know about it. How many tenants actually let their landlords know if they have bedbugs? Eew!
5) Notary Publics can now charge $15, rather than $10 per notary.
6) Water use fines may be imposed for “excessive water use.” Oprah might want to adjust her consumption habits!
Keep in mind, this is just a quick recap. If you think one of these laws impacts you, please consult an attorney to fully understand the new law. (That’s my disclaimer!)