AB 1046 – Effective January 1, 2010: Increase in Homestead Exemptions
Increase in Homestead Exemptions: Coming into effect on January 1, 2010, the homestead exemption protecting a homeowner’s equity from judgment creditors has been increased by $25,000 across the board to $75,000 for individuals, $100,000 for married couples or family units as specified, and $175,000 for persons over 65 years, disabled, or over 55 years with limited income as specified.
AB 1061 – Effective January 1, 2010: HOA Landscaping Restrictions Limited
Low Water-Using Plants: Renders unenforceable any HOA provision prohibiting landscaping with water-efficient plants in common interest developments.
AB 1094 – Effective January 1, 2010: Presumption re Records Ownership and Destruction
Disposal of Records: Provides shield from liability for businesses that dispose of abandoned records containing personal information by shredding or erasing, and gives a legal presumption that a tenant owns records remaining on the premises after tenancy termination.
SB 290 – Effective January 1, 2010: Sunset Removed for 60-Day Notice Law
60-Day Notice to Terminate Tenants Extended: Existing law generally requiring a 60-day notice to terminate a month-to-month residential tenant, which was originally slated to sunset on January 1, 2010, has been extended indefinitely. A 30-day notice to terminate is sufficient if the tenant has lived in the property for less than one year, or if the landlord has sold the property and certain requirements are met as specified in the CAR standard-form Notice of Termination of Tenancy (C.A.R. Form NTT). The 60-day notice requirement does not apply to fixed-term leases, such as a one-year lease. Other laws address tenants in properties foreclosed upon.
SB 804 – Effective January 1, 2010: Restrictions Prohibited on Broker Selection
Mobile home Parks: Prohibits management from requiring a homeowner to use a specific broker or dealer when replacing a mobile home or manufactured home on a space in a mobile home park.
SB 407 – Effective January 1, 2014 and Later: Plumbing Retrofit Requirements and Disclosures
Plumbing Fixtures: Provides new disclosure and other requirements for water-conserving plumbing fixtures effective on or after January 1, 2014.
1. On or after January 1, 2014 all building alterations to a single-family residence will require replacement of all non-compliant plumbing fixtures for the permit to be finalized. This may also apply to multi-family and commercial properties depending on the scope of the alterations.
2. On or before January 1, 2017 all non-compliant plumbing fixtures must be replaced in single-family residences.
3. On or after January 1, 2017 a seller shall disclose to any prospective purchaser the presence of any non-compliant fixtures.
4. On or before January 1, 2019 the requirements expand to all multi-family and commercial properties.
5. An owner will be exempt from compliance for one year after a demolition permit is issued.
You can continue to keep up to date on changing California real estate legislation and learn about ways to mitigate your risk as a practicing real estate broker by clicking here to sign up for your free trial of our Risk Management Program.