California Real Estate Legal Documents

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Commonly Asked Questions about California Real Estate Legal Documents

What is the new law on real estate in California?

AB 968 This bill requires flippers of residential properties including properties of up to four units to disclose any recent repairs and renovations to the property in addition to all other existing disclosures. The bill notably applies to properties that are resold within 18 months of the initial closing.

What is the new law in California for houses?

Assembly Bill 12 AB 12 limits security deposits to one months rent, regardless of whether the residential property is furnished or unfurnished. It goes into effect on July 1, 2024.

How long are you liable after selling a home in California?

California is clear about liability laws This means the buyers have three years to sue you if you failed to fully disclose issues or defects in your home before you sold it.

What are the record keeping requirements for real estate in California?

In California, real estate records must be maintained for a minimum of three years, and must include copies of listings, contracts, deposit receipts, canceled checks and other normal real estate transaction records.

What is the new flip law in California?

There is a new law called AB-968 that affects single-family homes, including condos, and goes into effect July 1, 2024. It requires any seller who has owned a home for less than 18th months to disclose all additions, modifications, alterations, and repairs made to the property.

What new California laws bring changes to housing in 2024?

California Senate Bill 567, i.e., the Homelessness Prevention Act, which goes into effect on April 1, 2024, seeks to cap rent hikes at 10% and prevents landlords from evicting tenants without a legal cause. California Assembly Bill 12, i.e., the new residential security deposit law, which goes into effect on July 1,

What is the new real estate commission law in California?

The change will also require that agreements spell out exactly what commission the buyer will pay their agent. The buyer and their agent are going to have to have a formalized agreement like the seller and the sellers agent, said Patrice Horvath, founder of Illuminate Properties.