California Association Of Realtors Residential Lease

The following information from the California Association of Realtors have been provided to meet the many new laws affecting California real estate and their clients. The new laws were published in the conclusion of the first half of the 2009-2010 legislative session. The laws mentioned are interpretations and details on the new comprehensive legislation passed bill can be found on the Internet www.leginfo.ca.gov.

REAL ESTATE

Buyer can select REO Title and commitment: Since October 11, 2009 to January 1, 2015. The bill of the Assembly 957.

The buyer in a transaction REO is free to choose their own title company Escrow. A lender that subjects the buyer to use a specific company will be liable.

MORTGAGES

Advance Fee Loan No Change: October Since September 11, 2009 - January 1, 2013. The draft Senate Bill 94.

This law is the high number of scams ask for upfront fees by prohibiting any compensation for the provision of a loan modification until all services are delivered as promised. This law applies to any real estate agent and lawyer.

The originators of mortgages regulated: effective December 2010. The draft Senate Bill 36.

Mortgage originators who negotiate the terms of a mortgage loan for compensation are now regulated by the mortgage system licensing, including finance and residential mortgage lenders. That means more laws and restrictions will be applied to these professionals.

Restricted Mortgage Brokerage: Effective January 1, 2010, 260 Bill of the Assembly.

It is the duty of the trustee of a mortgage broker to put the financial interests of the borrower first. It imposes restrictions on the provision of mortgages to high prices, prepayment penalties, the yield spread premiums, and loans with negative amortization.

Mortgage fraud is a crime of State: Effective 1 January 2010, 230 the Senate bill.

All the processing of mortgage loans with the intent to influence the process is considered mortgage fraud under CA law. If convicted, the crime is punishable by a sentence of one year in prison.

Reverse Mortgages: As of 1 January 2010, 329 Bill of the Assembly.

Now there is new information and other requirements under the reverse mortgage Elder Protection Act that must be followed in reverse mortgage transactions.

INVESTORS

60 days notice to terminate rental extent: 290 Bill Senate.

A notice of 60 days of each month a residential tenant is always the law indefinitely. If a tenant has lived in a property for less than one year or a qualified lease, a notice of 30 days is sufficient. Acts other tenants were also addressed in this bill.

Utilities Rental: 120 Bill in the Senate.

This bill requires certain public utilities to notify residential tenants if the owner has been past due bills that would result in the termination of services. This protects the tenant have no form of basic services and allows the tenant to put the utilities in their name to avoid interruption of service.

Mobile home parks: 804 Bill Senate

Management can not make an owner use a specific broker or dealer to replace a mobile home or manufactured home space in a mobile home park.

OTHER AREAS OF REAL ESTATE

Control of the assessment industry: From 1 January 2010, 237 bill in the Senate.

Background checks on all accredited assessors. further expands the definition of what is considered fraud assessment, including promotions, promises, threats, compensation.

Increase Homestead exemptions: 1 January 2010, 1046 Bill to the Assembly.

Homestead exemptions increase of $ 75,000 for individuals, $ 100,000 for married couples and $ 175.00 for those over 65, disabled or 55 with limited income. The farm exemption is to protect the equity of an owner against creditors trial.

Swimming: 1020 Bill Assembly

The bill stipulates that o.