New California Laws for Real Estate in 2013

Many of the significant upcoming laws are in the landlord-tenant arena, but other new laws involve foreclosures, HOAs, settlement agreements, smoke alarms, mobile home parks, and much more. Landlord Must Disclose Notice of Default to Prospective Tenants: Starting January 1, 2013, every landlord who offers for rent a residential property containing one-to-four units must disclose …

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Forgo final property inspection at your own risk

Sellers don’t always play by rules when moving out Purchase contracts often include a provision for the buyers to walk through the property with their real estate agent about five days or so before closing. This is not a contingency of the contract. It provides the buyers an opportunity to confirm that the property is …

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Income Taxes on the Abandonment, Foreclosure or Repossession of Property

Income Taxes on the Abandonment, Foreclosure or Repossession of Property Dispositions of property include sales and exchanges, but also include abandonment, foreclosures and repossessions. For U.S. federal income tax purposes, you can have a gain or loss on these types of dispositions. When you abandon property, you voluntarily and permanently give up possession with the …

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