Showing posts with the label Disclosure requirements

4 New Real Estate Laws in 2021 that homeowners should be aware of.

The new year always brings New Real Estate Laws, 2021 was no exception.  There were 4 laws that homeowners, home buyers, investors and tenants should be aware of.  As well, if you are hiring a Real Estate Agent to represent you, they absolutely should have extensive knowledge on these new laws.   Proposition 19 (Statewide Tax Basis Portability) With the passage of Proposition 19, a homeowner who is 55 years of age or older, severely disabled or whose home has been substantially damaged by wildfire or natural disaster may transfer the taxable value of their primary residence to: •    A replacement primary residence •    Anywhere in the state •    Regardless of the value of the replacement primary residence (with adjustments if "greater" in value) •    Within two years of the sale •    Up to three times (but without limitation for those whose houses were destroyed by fire) Proposition 19 will supersede the old rules which limited this exemption to the sale and purchase of a pri