Did You Know? Interesting Facts About Owning and Renting a Home In LA

11 Fun and Need-To-know Facts About Owning And Renting in Los Angeles

1. If you own your own condo in LA, your HOA can not tell you that you can't own a pet.  However, they can restrict the type of pet, size and number of pets you own.
2.  When buying a home you must show some type of proof that you have liquidable funds in an account to cover the down payment and closing costs at the time you make the offer.
3. If you buy a home while single, then get married, your spouse may automatically be half owner under our state's community property law.
4. If you are a renter, you may be legally required to obtain renter's insurance and provide a copy to your landlord.
5. When buying a home, the previous owner is suppose to not only disclose is someone passed away in the home in the past three years, but they may also be required to disclose if they have experienced any paranormal activity in the house.
6.  Here is California, home inspectors are not legally required to carry insurance, hold a license, or have any real background in order to perform a home inspection.
7.  If you are a renter, it can be considered a violation to smoke in or in close proximity to the home you are renting.
8.  When buying a home, just because you've been approved for a loan, does not mean they are going to give it to you when you put an offer on a home.
9.  If you are a certain age and live in LA, you may be able to transfer your current property tax amount to a whole new home in LA.
10. If you own your own home, you may be eligible to upgrade your doors, windows, roof, add insulation and solar panels and then attached that cost onto your property tax bill which will be spread out over many years.
11.  If you are thinking of buying or selling your home, you should work with someone who is in the know of real estate laws and regulations.  Call me today if you have any questions about these facts or would like to find out more about buying or selling your home.

                                                                                 

Disclosures, Disclosures, and More Disclosures

I have a great tip for those of you buying a home when it comes to disclosures you receive...read the line just before where you are signing so that you understand why you are signing it.  Most (not all) disclosures you sign will say something like "The undersigned hereby acknowledges a receipt of this disclosure" This means that you are not approving of what may be written on that paper, but just that you have been given it.  The "approval" of all the disclosures you receive comes in the form of the removal of your contingencies.  So next time you sign a form, read the line or two before your signature to understand why you are signing what you are signing.