California real estate law can be very specific. There are some things you need to know to ensure that you do not run amok of the law in California. These laws are extremely specific and you need to be aware of them before you buy or rent your property in California. The last thing you want is to have trouble because you made a legal error. Here is a look at the most important California residential real estate laws that you should know about.
1. Contracts Must Be Written
Any contract about real estate must be in written format. When you are writing leases or contracts for the sale of a property you need to make sure that these are written documents.
Licenses and commission agreements should also be done in writing. If they are not done in writing then they are not valid. Thoroughly review any written contract before signing it.
2. Acknowledge Property Defects
Property defects are something that you should acknowledge before you rent or sell anyone a property. If you fail to disclose defects on the property to a buyer or a renter you can be held liable. You also need to disclose any deaths that happened on the property in the last three years.
3. Abandonment of Property
There are statutory requirements for a Landlord to take if a tenant abandons property.
Property that has been abandoned for three years or more can be taken over by the government. Any property that is abandoned is usually considered unclaimed property after three years.
Once the unclaimed property status remains for that period if you wish to reclaim your property you have to do so through the court.
4. Security Deposit
You can take a security deposit for a rental property but the property should not deposit greater than two months of rent. The deposit is refundable and must be given back when the lease is finished unless there are permitted deductions under the lease terms.
Some of the lease deposit may be withheld if the renter has outstanding payments or has damaged the property in some way. Money can also be retained from the security deposit if the rental unit needs cleaning before it can be leased again.
5. Give Proper Notice for Eviction
Before a landlord can evict a tenant they must give proper notice to the tenant about vacating the premises. Evicting a tenant is not always simple and a lot of requirements need to be followed.
Stay Inside California Real Estate Law
As you can see there is a lot of California real estate law to consider when it comes to your property in the state. Understanding these five important laws that have been discussed here can help to prevent you from getting into legal trouble.
It is important to note that laws do change from time to time and this is why you must keep up with any new laws so that you do not make mistakes. For more detailed legal advice please contact us.