Earlier this week, I had an opportunity to hear Gov Hutchinson (California Association of Realtors Assistant General Counsel) speak at the Palos Verdes Board of Realtors meeting.Â The California Legislature passed 870 new laws in 2012 and 80 of the laws were real estate related.Â I attend three or four legal updates a year to stay current on changes.Â Below are some of his comments:
1) If a tenant or seller leaves their possessions worth more than $700, the landlord or new buyer must continue to store them or have a public sale (with notification) and can deduct costs and commissions before sending the balance to tenant/seller. If possessions are worth less than $700, they do not have to be stored/saved.
2) If you are renting out a room in your own house, you are exempt from Fair Housing laws.
3) Mortgage debt forgiveness (to avoid taxes) was extended one more year and it must have been your primary residence at time of sale.Â Click here to continue reading.....