The majority of Real Estate laws can feel like a burden to those of us working in the industry, as they tend to feel like more unnecessary hoops to jump through than anything else, but it is crucial for agents to be knowledgeable about these laws. Without them, our industry wouldn’t have standards on which to operate, and while most of these laws tend to be designed to prevent relatively rare problems, you never know when they might end up becoming relevant to you or your company.
New state laws relating to real estate have taken effect over the summer, many of which could impact homeowners, homebuyers and sellers in California.
One such law, enacted in California, equalizes the rules governing escrow services performed by real estate brokers, independent escrow companies and underwritten title companies (UTCs). The law, sponsored by the California Land Title Association, allows a UTC to handle transactions involving properties located in a county where it is not licensed, among other provisions.
Another California law, effective at the beginning of July, requires condominium projects’ annual budget reports include a statement about status as a Federal Housing Administration (FHA)-approved project and as a Department of Veterans Affairs (VA)-approved project.
A third law, new to California, requires mobile home park management to provide to buyers and sellers, in writing, the standards that determine the approval of a prospective homeowner; it also allows management to withhold approval based on concealment of material facts, deceit or fraud.
Were you aware of these news laws? Do you anticipate they will impact you or your clients? We’d love to hear from you!
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