Presidential proclamation regarding evictions: President Trump has declared that the federal government shall not evict anyone until after April 31. This pertains to government transactions such as FNMA, FreddieMac foreclosures and HUD housing. HUD must suspend foreclosures and evictions. Ordinary, private evictions are not affected. #coronavirus #realestate #california | Blog Video
Coronavirus Addendum
Coronavirus Force Majeure cancellation rights have been issued in the state of California. This gives buyers and sellers additional rights to delay and cancel certain real estate transactions. All parties to real estate transactions should immediately begin receiving from their Realtor(R) the C.A.R. CVA form Coronavirus Addendum / Amendment, which informs buyers and sellers of their expanded rights to cancel and delay closing real estate transactions.
Reader Questions
Q: What are los angeles county rent dues with the “corona virus”? A: Not exactly sure what this question means, but some renters may be given more time to pay their rent. Some evictions may be delayed. Home buyers and sellers now additional rights to delay or cancel transactions.
Governor Gavin Newsom has removed some statewide restrictions on municipalities, making eviction moratoriums easier for cities and counties.
Reminder to send out Exemption Notices
What Property Owners Need to Know About Rent Control Exemptions:
Today’s message is to all of the rental property owners, landlords in the state of California: If you own an investment property and you’re exempt under the new rent control law, you’re still legally required to give your tenants an exemption notice or else your property will be subject to rent control. To learn more about rent control exemptions and how they could impact property owners, watch our latest video.
Regarding rent control, there are several exemptions that allow larger rent increases and no-fault evictions, including: properties built or converted less than 15 years ago; houses, and condo units owned by a non-corporate individual. Most Downtown Los Angeles lofts and condos fall under these exemptions. Landlords with exempt properties must send a Notice of Exemption to the tenants to help ensure that the landlord retains these exemptions. If you own an investment property in the state of California and you’re exempt under the new California rent control law, you’re required under the law to still give your tenants an exemption notice or else your property will be still subject to the law. There are a number of properties out there that are exempt from the law. For example, single family homes, condos, townhomes, where it’s tenant unoccupied, are exempt under the new rent control law. Additionally, folks that own duplexes where a one unit is owner-occupied and the other units tenant occupied: those properties are exempt from the law as long as it remains owner-occupied from one of those units. However, regardless, in order for these properties that are supposed to be exempt under the law, in order for them to be exempt under the law, the owner of the property must give an exemption notice to the tenant, letting the tenant know that their property is exempt from rent control law. Otherwise you could be subject to rent control. And you know, it entails both limitations on how much you can raise the rent, but also limitations on how you could terminate that lease. Once a tenant has lived in the property for over 12 months, an owner can no longer terminate that lease if it’s under the rent control law without having just cause. But, this is just a quick reminder folks, that if you do own property that is exempt in the law, please be sure to send out those exemption notices, or else you could find that you are no longer exempt. Please tell any of your friends who own properties: single family homes, condos, townhomes that are tenant occupied, and duplexes where the owner occupies one unit and is renting out the other units. We’re finding that a lot of folks who own these properties are not aware of this law. They just assume it doesn’t apply to them and they’re not aware that they need to send out exemption notices to their tenants, in order to really be exempt from the law. There’s a lot more to the rent control law than we’re discussing in this post. Feel free to reach out to the L.A. Loft Blog, and we’d be happy to send you a copy of the law. It’s more information on the new rent control law.
Renters, landlords, buyers, sellers and investors should consult with an attorney, and should perform their own research and due diligence before taking any action or making any decisions related to these laws and policy changes. | MORE
Q: What is avant 1360 south figueroa st? A: Avant is a relatively new apartment building in the South Park neighborhood of Downtown Los Angeles | DETAILS
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UPDATE 03/19/2020: In light of the COVID-19 crisis and national emergency, the Los Angeles Housing + Community Investment Department (HCIDLA) has announced that it is unable to accept new Low Income Purchase Assistance (LIPA) Program Loan Reservation Requests at this time. MORE
Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE 01889449 We are not associated with the homeowner’s association or developer. For more information, contact 213-880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.
