Real Estate Law changes for 2009
January 26, 2009 by Gordon Corsie · Leave a Comment
4 changes this year. 
1/ Effective July 1 2009 all Realtors need to include their Dept of Real estate icense number on any and all solicitations, business cards flyers and other advertising materials.
2/Civil Code section 1923.5 prohibits the lender involved in a foreclosure process from recording a notice of default until 30 days after contacting the borrower to “assess the borrowers financial situation and explore options for the borrower to avoid foreclosure”. Many have said their lender refuses to discuss the situation and or they are on hold for hours on the phone trying to make contact. This change should at least open communication with lenders and borrowers.
3/A foreclosing lender must maintain the vacant residential property or be subject to a $1000 a day fine.
“failure to maintain” means failure to care for the exterior of the property such as permitting excessive foliage growth that diminishes the value of surrounding properties.
extracted from CAR magazine
written by Sonia M Younglove
California Association of Realtors senior counsel.
4/ A foreclosing lender must now give a tenant a 60 day notice to terminate the tenancy instead of the previous 30 day notice. If the property is owner occupied then only a 3 day notice is necessary.
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