3 New California Real Estate Laws for 2024 You Should Know About
Ricky Flores
Father. Realtor. Coach. Go Getter. Entrepreneur. Nothing Worth Having Comes Easy
3 Bills that became laws, some effective as of January 1, 2024. The laws are summarized to the best of our ability, again we am not an attorneys. Our goal is to inform you, the consumer, of changes that may impact you as consumers of Real Estate.
Beginning on July 1, 2024, the bill mandates additional disclosures for sellers of single-family residential properties. Sellers accepting an offer within 18 months of acquiring the property must disclose information about any room additions, structural modifications, alterations, or repairs made since obtaining the property. This includes details about the contractor(s) involved, including their contact information, and any/all permits obtained. Sellers can fulfill these requirements by providing a list from the contractor or supplying copies of permits. These provisions apply to property sales where the offer is accepted on or after July 1, 2024
The existing Planning and Zoning Law allows local agencies to create accessory dwelling units (ADUs) in residential zones, with specific standards, including a prohibition on selling the ADU separately from the primary residence. However, current law allows exceptions, such as selling to a qualified buyer under certain conditions.
Effective January 1, 2024, this new law permits local agencies to adopt ordinances allowing the separate conveyance of primary and accessory dwelling units as condominiums. The bill imposes new duties on local governments for ADU approval, constituting a state-mandated local program. The bill states that no reimbursement is required for this act and includes related legislative findings and declarations.
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The Residential Exclusive Listing Agreements Act is proposed to regulate exclusive listing agreements for single-family residential properties. Effective January 1, 2024, the bill establishes limitations on the duration of such agreements, making it unlawful for them to last longer than 24 months, with renewals limited to 12 months. The bill prohibits attempts to record or file these agreements with the county recorder, and it specifies that violations result in the agreements being void and unenforceable.
Additionally, the bill considers violations of these provisions as offenses under the Consumers Legal Remedies Act, allowing homeowners to retain consideration received. Violations by licensed individuals constitute violations of licensing laws, potentially leading to criminal punishment. The bill imposes duties on county recorders and expands the scope of crimes related to attempting to record unrecordable documents.
While the bill acknowledges certain mandates, it provides that no reimbursement is required for specific reasons. For other mandates, reimbursement is contingent on the Commission on State Mandates determining the presence of mandated costs.
As always the Margot and Ricky Team are here to assist you in navigating the complexities of today's Real Estate Market and in doing to we aim to be the first name you think about when you are considering Buying or Selling Real Estate.
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