Its bad enough the federal government wants to cripple us with onerous regulations. They want to raise our tax rate, capital gains rate and reduce deductions. When you see how the fiscal cliff negotiations come out, make sure you read the fine print. If they agree not to raise taxes but then take away our deductions, how is that not a tax increase?
As bad as this is, we have the state of California piling on. Are you aware of new Ca. laws concerning landlords?
New Laws for Landlords, Property Managers
If you own or manage apartments, townhouses or space in an RV park, these new California landlord tenant laws apply to you:
1. If you are a tenant and your house is foreclosed on, you can not be kicked out until the end of your lease. Beware of this if you are buying an reo and plan to rehab and sell.
Notice of Default: Landlords must disclose written notice of default under any mortgages or deeds of trust on rental properties to any prospective tenants, if renting properties containing one to four residential units, before signing a lease agreement. Under Senate Bill 1191, the tenant may void the lease and recover either one month’s rent or twice the amount of damages and all prepaid rent should a landlord fail to provide notice.
Foreclosure Notice: Month-to-month tenants must be given a written 90 Day Notice to Terminate a rental unit when a property is foreclosed. If a tenant still has a fixed-term lease, generally the tenant can remain until the end of the term, under Assembly Bill 2610.
Mobile Home Owner Rights: Per Assembly Bill 2150, managers or owners of mobile home parks must provide a specified notice in the rental agreement for space, before February 1st of each year, starting in 2013. The notice sets forth rights and responsibilities of the mobile home owner, including a 90 day notice of a rent increase.
Abandoned Property: When a tenant quits the premises and leaves behind personal property, the landlord must sell the abandoned property at public auction if it is worth $700 (formerly $300) or more, per Assembly Bill 2521.
2. Landlords can’t require that tenants pay on time. What????? How is that going to play out? I can’t wait to see.
You may want to double check that last item – I saw somewhere else that landlords can not require a tenant to pay ONLINE. The tenant lease deal may be good – if you can use that to get a better price from the bank. Or maybe the tenant is a good one and would cooperate with you in renovations.
Guess i should believe what i read in the LA Times. Tried to investigate further but could not find any online reference to it.