Please choose your preferred language: English Japanese Portuguese Spanish

IMPORTANT THINGS YOU SHOULD KNOW!   (Updated: December 2007)

Disclosure for Private Transfer Fees: Effective January 1, 2008, a seller who must provide a Transfer Disclosure Statement must also provide, at the same time, a disclosure statement of private transfer fees if applicable. A transfer fee is defined as any fee that must be paid upon transfer of real property as imposed by deed, CC&Rs, or other documents, with certain exceptions (such as, but not limited to, transfer fees imposed by probate, trust, court order, or a governmental agency). The new disclosure statement must contain, among other things, a notice that payment is required, the amount of the fee, and the entity to which payment must be made.

Conforming loan limit for 2008: he cost of financing a home remains out of reach for many households in California in the wake of the Office of Federal Housing Enterprise Oversight (OFHEO) conforming loan limits for 2008, announced earlier today. The maximum 2008 conforming loan limit for single-family mortgages will remain at $417,000, unchanged since 2006. However, until the end of 2008, the conforming loan is temporarily increased, along with the FHA loan limit, to $729,750. The conforming loan limit determines the maximum size of a mortgage that Fannie Mae and Freddie Mac can buy or guarantee. Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan, increasing the monthly payment and negatively impacting affordability for households in California.

Real Estate Appraisers: Starting October 5, 2007, a licensed appraiser's compensation cannot be dependent upon, or affected by, the value conclusion generated by an appraisal for a real property purchase, sale, transfer, financing, or development. Also starting October 5, 2007, anyone with an interest in a real estate transaction is prohibited from improperly influencing, or attempting to improperly influence, through coercion, extortion, or bribery, the appraisal process for a mortgage loan. An interested party may, however, ask the appraiser to do any of the following: - Consider additional, appropriate property information; - Provide substantiation or explanation for the appraiser's value conclusion; or - Correct errors in the appraisal report.

Escrow Cancellation and Postponement Fees: Beginning January 1, 2008, an escrow company licensed by the California Department of Corporations (DOC) may charge a fee for cancellation or postponement resulting from the acts or omissions of the parties to an escrow transaction. The fee must be in not less than 8-point bold type on the front page of the escrow instructions signed by the principals. A postponement fee can only be charged for a postponement of at least two months after the most recent closing date in the agreed-upon written instructions. This legislative bill also requires an escrow company licensed by the DOC, and any of its directors, stockholders, trustees, officers, agents, or employees, to comply with the federal Real Estate Settlement Procedures Act (RESPA).

Anti-Discrimination of Tenants' Immigration Status: Beginning January 1, 2008, a landlord or landlord's agent cannot inquire into the immigration or citizenship status of an existing or prospective tenant or occupant. A landlord may, however, request information or documentation necessary to determine or verify the financial qualifications of a prospective tenant, or to identify a prospective tenant or occupant. This law also prohibits any city or county from requiring a landlord or landlord's agent of residential rental property to inquire into, or take any action based upon, the immigration or citizenship status of an existing or prospective tenant or occupant.

Notice of Agenda for HOA Meeting: Under existing provisions of the Common Interest Development Open Meeting Act, a homeowner's association (HOA) must not only allow members to attend HOA meetings as specified, but also provide members with at least 4 days notice of the time and place of a meeting. Effective January 1, 2008, such notice must contain the agenda for the upcoming meeting. At the meeting, the board of directors cannot discuss or take action on any item not on the agenda. Exceptions apply as specified for brief statements, exigent circumstances, and continuances from last month's meeting. This law does not prohibit a resident, who is not a member of the board, from speaking at a meeting about issues not on the agenda.

Consumers can access free Credit Report: Beginning December 1, 2004, consumers in 13 Western states--including California--will be able to requests a free annual credit report by visiting www.annualcreditreport.com, calling 877.322.8228, or mailing a standardized form to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.) It is strongly recommended that consumers regularly check their credit standing.

Grants and deferred interest loans available in RPV: If your home is in need of a new roof or window replacements, The City of RPV may be able to provide some assistance. The City offers grants up to $5,000 and/or deferred zero interest loans up to $10,000 to low and moderate income residents. The loan is payable upon the sale of the home, transfer of title, or if the home is refinanced. For more information: Home Improvement Program

Concern about the consequences of mold contamination: has become one of today’s top subjects. The implications of the emerging mold issue for insurance and the economy are serious. If you want to get the details of this news, please click Mold Information NCEH Mold Information CAR Mold Information

Asbestos Liability: Until recently asbestos losses seemed to have stabilized. Now claims are surging again. Asbestos liability looks to be one of the largest ever faced by businesses in the United States and abroad. If you want to get the details of this news, please click Asbestos Information EPA Asbestos Information

Protect Yourself from Predatory Lending: There have recently been an increasing number of escrow failures and many of them are caused by difficulties in obtaining financing due to the last minute changes in loan terms or programs. Please click below to learn more. English: California DRE "Protect Yourself in the Loan Process" Spanish: California DRE "Protéjase Antes De Sacar Un Préstamo "