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    2011 – New Santa Clarita Real Estate Laws that will effect Buyers and Sellers of Real Estate.

    New California Laws For 2011 Impact Real Estate.

    New California Laws For 2011

    Real Estate Impact

    New California Laws for 2011 to impact real estate, REALTORS®, buyers, sellers and investors:

    No Short Sale Deficiencies: a seller’s first trust deed lender cannot obtain a deficiency judgment
    against the seller after a short sale.
    Providing written consent to a short sale shall obligate the first trust deed
    lender to accept the sales proceeds as full payment and discharge of the remaining amount owed on the loan.
    This law applies to first trust deeds secured by one-to-four residential units, but does not limit the lender from
    seeking damages for fraud or waste by the borrower. Senate Bill 931 effective January 1, 2011

    Energy Audit in Home Inspection Report: a home inspection and inspection report may, upon a
    client’s request, include an audit of the energy efficiency of a home, according to the standards of the Home
    Energy Rating Systems (HERS). REALTORS® are also strongly encouraged to give the newly released HERS
    booklet to residential buyers, because doing so provides a valuable shield from liability. Delivery of the booklet
    will be deemed to be adequate to inform the buyer about the statewide HERS program. Assembly Bill 1809 and
    California Civil Code section 2079.10 effective January 1, 2011

    Restriction on Adverse Possession Claim: a claim for adverse possession requires, among other
    things, certified records of the county tax collector showing that all state, county, or municipal taxes have been
    timely paid for the five-year period the property has been occupied and claimed. Existing law merely requires
    proof that taxes have been paid for the five-year period, not certified proof of timely payments. Assembly Bill
    1684, effective January 1, 2011,

    Loan Originator requirements Enforcement of Mortgage:

    Anyone acting as a mortgage loan originator (MLO) without an MLO license endorsement will be guilty of a
    crime punishable by six months imprisonment plus a $20,000 fine. And a broker cannot employ or compensate
    a real estate licensee for MLO activities unless that licensee has a license endorsement. This law has also given
    the Department of Real Estate (DRE) the authority to deny or revoke a MLO license endorsement or take other
    action. This amends the MLO requirements for finance lenders and residential mortgage lenders under the
    Department of Corporation. Senate Bill 1137, effective January 1,2011

    •Protections Against Real Estate Fraud:
    new laws protecting consumers from real estate fraud include:
    • Expanding the foreclosure consultant law to include someone who performs a forensic audit of a residential
    mortgage loan (Assembly Bill 2325);

    • Requiring any mailed solicitation that offers to provide a copy of an owner’s grant deed
    or other title records
    for a fee to include a prominent statutory disclosure that the copy service is not associated with any
    governmental agency and that the homeowner can obtain such records from the county recorder (Assembly
    Bill 1373); and

    • Increasing the criminal punishment for renting out a residential dwelling without the owner’s consent from
    six months imprisonment plus a $1,000 fine, to one year imprisonment, plus a $2,500 fine (Assembly Bill
    1800). Effective January 1, 2011

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    Paris and Connor MacIvor

    Connor and Paris MacIvor are in the Top 1% of Realtors Nationwide, starting their real estate business in 1998 with RE/MAX Gateway - Santa Clarita Valley and Valencia CA. Their becoming licensed real estate consultants and representatives came from the horrible experience they had when they bought their first home. There were many things that the agent they had hired did not explain and disclose, which per law he should have. Getting that agent on the phone after they closed escrow and after he had gotten paid was impossible. Paris and Connor called the broker, the board of realtors, the office manager and all they received was the promise of a phone call back. The remedy did come, but not as fast and in the way they wanted. That act - that bad agent was the reason why Paris and Connor became Realtors. That was all they needed to vow to never let the same fate befall anyone else, that befell them. Today Connor and Paris are focused on client service. Protection and top-shelf service with regard to their real estate clientele. They primarily work within the Santa Clarita Valley and Valencia CA. However, for a referral, where 80+ of their business is referrals they have License and Will Travel to other parts of Ventura County, Los Angeles County, and Orange County to handle real estate transactions for those who trust their real estate operation. Writing on their Real Estate Blog is a passion. SCVnest.com/blog is where you will find over 10,000 real estate articles. Go to SCVnest.com/radio to listen to their latest real estate radio broadcast.

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