After July 1, 2022, all contracts for the sale of single-family residential real estate must include a notification that any property appraisal must be impartial, objective, and free from improper or illegal influences as mandated by current legislation.
This bill would require a seller of a single-family residential property who accepts an offer for the sale of the single-family residential property within 18 months from the date that title for the single-family residential property was transferred to the seller to disclose to the buyer specified information, including any room additions, structural modifications, other alterations, or repairs made to the property since title to the property was transferred to the seller that were performed by a contractor and the name of each contractor with whom the seller entered into a contract with for the room additions, structural modifications, other alterations, or repairs, as specified. The bill would alternatively authorize a seller to satisfy these obligations by providing a list of room additions, structural modifications, other alterations, or repairs performed by, and provided by, the contractor with whom the seller contracted for the room additions, structural modifications, other alterations, or repairs. The bill would require the seller to provide a copy of any permit for any room additions, structural modifications, other alterations, or repairs to the buyer or, if the seller contracted with a third party and was not provided with a copy of the permits, by informing the buyer that information on permits may be obtained from a third party and providing the third party’s contact information. The bill would specify that these provisions apply to the sale of a single-family residential property where the seller accepts an offer from a buyer to purchase the property on or after July 1, 2024.
Now, residential flippers need to meticulously monitor and report all alterations to properties, even minor repairs, to guarantee compliance with permits. This new requirement introduces intricacies to the procedure and could potentially affect the speed and profitability of transactions.
For full bill details visit: Legal Info AB 968
Please reach out if you have questions. As always, I am here to assist you in navigating the complexities of today's real estate market. You can reach me at 310-901-4687 or steven@stevenmullins.com.
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