Oct 28 2009

New real estate laws - part 3

This law is currently in existence, though the timeframe is being extended. The 60-Day notice to terminate tenants, under most situations, requires a 60-day notice to terminate a month-to-month tenant if they've resided at the home/apartment for more than one year. This law was to expire January 1, 2010, and has been extended indefinitely.

A 30-day notice to terminate is still sufficient if the tenant has lived in the property for less than one year. There are also some exemptions to the 60-day period in the case where the landlord has sold the property.

If you own rental property and manage it yourself, a membership or general review of CAA (California Apartment Association) website will keep you up-to-date with new laws and current litigation that may affect your tenants. On more general matters, our property management website is a source for general maintenance and lease questions that are commonly asked by our tenants.

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Sep 03 2009

Renter's Insurance

Published by Christine under Property Management

In wake of the many fires in California, it brings to mind the value of renter's insurance. If you rent a property, are you aware that if the house burns down, the owner's insurance does NOT cover your belongings? The property owner's insurance covers the structure, but contents that are not the owner's possessions are not covered under most circumstances.

Renter's insurance is very economical, and very worthwhile! We always recommend that renters investigate and secure an insurance policy to protect their personal property.

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Aug 27 2009

How many people can rent a duplex?

Published by Christine under Property Management

Our attorney advises us that the fair housing law indicates that there are guidelines for the number of people who can live in a property. Fair housing laws allow for two people per bedroom, and one person for a living area. Therefore, if your duplex is a two bedroom, theoretically up to five people could reside in the unit.

When you have a number of adults living at a property, take into consideration the number of vehicles that will be parked at the address. One thing often not considered is if four adults rent a two-bedroom duplex, they will likely have four or more vehicles. As a property owner, clarifying in your lease agreement where vehicles can be parked will help avoid disagreements with neighbors.

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Aug 10 2009

Broken Dishwasher?

Published by Christine under Property Management

Oddly enough, it's not uncommon for a perfectly good dishwasher to break from non-use.

Yep, that's right!

Use your dishwasher! Lack of use causes the motor to freeze. Often singles or young couples don't cook at home frequently, so the use of the dishwasher isn't practical. We recommend property owners advise their renters to use the dishwasher at least once a week to keep the motor from seizing up.

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Jul 14 2009

My sale is closing before my purchase!

Help! The house I'm selling will close escrow before the house I'm buying! It wasn't supposed to be this way, but my loan has been taking forever and now I can't close escrow when planned. What can I do? I need to be moved out by the time my sale closes!

You have several options.

Step 1 - See if your buyer can delay the close of escrow until after your purchase closes. Due to rate locks and terms, this may not be an option, but it's the simplest.

Step 2 - Ask if you can stay in your sale until your purchase closes. This is called a "rent back" agreement. Usually the buyer will request that daily rent be paid at a flat rate or amount equal to their PITI (mortgage payment including taxes, insurance, and HOA fees, if applicable). This option is convenient if you expect the delay to be minor. Most buyers who purchase with intent to occupy must move in at or shortly after close of escrow, so a two- to three-month rent back is probably not going to fly.

Step 3 - See if you can move into your purchase before close of escrow. This will be a similar situation as Step 2, just in reverse. The benefit is, of course, that once you move, you can settle

Step 4 - Secure temporary housing at a Stay America or other "hotel" or short-term apartment rental. It's not fun to move twice, but neither party (your buyer or your seller) is required to let you stay or move in to a home you don't own. There can be reprecussions to either "rent back" situation, making the property owners nervous about what ifs (what if you can't close escrow, what if you don't move out on time and THEY have no place to go).

TIP - NEVER, NEVER, NEVER allow someone to stay in or rent your home without a legal rental agreement in place.

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