For Investors and Rental Property Owners
As of January 1, 2013, property managers and landlords in California are required to disclose in writing to any prospective tenants if a notice of default has been recorded against the property. The law applies to rentals of single-family homes and apartment buildings of no more than four units.
The disclosure also includes a notice that if a new owner takes ownership of a property following foreclosure, the owner will not be able to evict the tenants for at least 90 days after a written eviction notice is provided (in many cases). Supporters of the new bill say that such a disclosure is critical for tenants in making an informed decision about where to live. Opponents, however, argued that such disclosures could worsen the financial conditions of the landlord and even hasten foreclosure. For landlords who violate the disclosure requirement, tenants may be able to void any lease and recover one month’s rent or twice the actual damages — whichever is greater. Tenants may also be able to recover all prepaid rent from the landlord if the landlord violates the disclosure requirement, according to the new law. The California Association of REALTORS® is offering a new form (LID) for the new disclosure to its members.
“The Law applies to rentals of single-family homes and apartment buildings of no more than four units.”
Keller Williams Realty 27290 Madison Ave. #200 Temecula, CA 92590
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Chardonnay Hills | Copper Canyon | Corona | Creekside Village | Crowne Hill | De Luz |
Four Seasons | French Valley | Glenoak Hills | Greer Ranch | Harveston Temecula |
Hemet | La Cresta Murrieta | Lake Elsinore | Lantana | Los Ranchitos | Mapleton |
Meadow View | Menifee | Moreno Valley | Morgan Hill Temecula |
Murrieta | North Star Ranch | Nuevo | Old School House |
Paloma Del Sol | Paseo Del Sol | Perris | Rancho Bella Vista | Rancho Highlands |
Red Hawk Temecula | Riverside | Roripaugh Hills | San Jacinto | Santiago Ranches |
Serena Hills | Spencers Crossing |Temecula | Temeku Hills | The Colony | The Knolls |
The Vineyard | Vail Ranch | Vintage Hills | Wildomar | Winchester |
Winchester Creek | Wine Country, Temecula | |Wolf Creek Temecula |
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