REAL ESTATE IN THE NAPA VALLEY
NEW 2021 LAWS Dreamstime
you should know about
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everal commented on my previous column regarding Proposition 19. Californians can keep their property tax base, with the effects it has on estate planning. I have clients looking to preempt the law by gifting their real estate to their children with the fast-approaching February 16 deadline. Your heirs could save thousands of dollars in property tax through strategic planning, but you are almost out of time. Each new year brings us new laws; below are highlights of several laws affecting the property owner and investor for 2021. Common Interest Developments to allow rentalsAn owner of a home within a common interest development governed by a Homeowners’ Association (HOA) are now allowed to lease or rent out their units. Regardless of whether the BURT M. HOA has formally amended POLSON its governing documents, 25% of homeowners may now have tenants.
CREATION OF AN EMBERRESISTANT ZONE WITHIN FIVE FEET OF A STRUCTURE Current law requires a person who owns, leases, controls, operates, or maintains an occupied dwelling or structure to maintain a defensible space of 100 feet from each side of the structure. This law will require a more intense fuel reduction to create an ember-resistant zone within five to 30 feet around a structure.
median sales price of a single-family home not-to-exceed $600,000 from judgment debtor claims. Prevention of foreclosure ba
TENANT’S AND OTHERS, RIGHT OF FIRST REFUSAL TO PURCHASE A FORECLOSURE Establishes the right for a tenant, a prospective owner-occupant, non-profit, and other entities the right of first refusal RIGHT OF SENIOR CITIZENS to purchase a property through foreclosure TO CANCEL CONTRACTS within 45 days of the auction. The offer The law extends from three to five days must exceed the highest bid. for a person 65 years of age or older to cancel a contract. EXTENSION OF THE T h e r i g h t e x t e n d s f o r a h o m e HOMEOWNERS’ BILL OF RIGHTS improvement contract, service repair (HBOR) TO SMALL LANDLORDS contract, home solicitation contract, seminar HBOR provides protections and rights sales contract, and a Property Assessed Clean to homeowners facing foreclosure requiring Energy (PACE) contract. mortgage servicers to work with borrowers for foreclosure prevention alternatives. POINT-OF-SALE DISCLOSURE FOR This law offers HBOR protections to DEFENSIBLE WILDFIRE SPACE landlords who own three or fewer residential This law requires a statutory disclosure properties of one to four units. for homes built before 2010 in designated high fire areas by the seller stating the INCREASE IN THE property complies with local or state laws HOMESTEAD EXEMPTION about defensible spaces or local vegetation The new law provides a homeowner management laws. the greater of $300,000 or the countywide
COVID-19 TENANT PROTECTION ACT OF 2020 EXPIRES The time for the rent moratorium, collection of rental debt, unlawful detainer action moratorium, and just cause eviction rules appear to expire as of February 1. It is advisable for those tenants with rent owed or landlords looking for payment to consult with local authorities, property management companies, or their attorney for remedy. The laws are ever-changing, and it is prudent to stay informed as this could save you money and protect your rights and property. Be sure to do your research and have a team of professionals to call.
MARCH 2021
SED ON CONSUMER DEBT JUDGMENT Restricts the court-ordered sale of a debtor’s principal residence to satisfy a judgment lien of consumer debt unless the debtor’s home secured the debt.
Burt M. Polson is the CEO of ACRESinfo.com, a commercial real estate brokerage company and CEO of StoneMarkerInvestments.com, a private equity real estate fund. Call him at (707) 254-8000 or email burt@ acresinfo.com and burt@stonemarker investments.com. DISTINCTIVE PROPERTIES | 15
