Source: http://clarketeam.blogspot.com/2011/03/
Timestamp: 2020-02-17 01:44:01
Document Index: 303350557

Matched Legal Cases: ['§ 13261', '§ 13260', '§ 13262', '§ 17926', '§ 13262', '§ 17926', '§ 17926', '§ 17926', '§ 1102', '§ 17926']

Real Estate Updates from The Clarke Team: March 2011
Posted by The Clarke Team at 12:29 PM No comments:
Understanding the tax treatment of cancelled mortgage debt
I read an excellent article today on the tax treatment of cancelled mortgage debt by an excellent Real Estate writer, Kenneth R. Harney.
In a nutshell, if debt is forgiven due to a short sale, foreclosure or loan modification, the lender sends the borrower a 1099C at the end of the year. If the debt was forgiven on your principal residence and you have only used the funds to purchase, build or improve your home, it's probably not taxable income. It would be taxable if you refinanced and pulled out money to buy a Tesla. Check out IRS Form 982 and Publication 4681 for more technical details.
The link to this great article is: http://articles.latimes.com/2011/mar/13/business/la-fi-harney-20110313
Enjoy! I have a great real estate attorney and C.P.A. to refer if you need more help. Just let me know.
650-489-5399
Posted by The Clarke Team at 6:08 PM No comments:
Labels: cancelled mortgage debt, Clarke Team, debt forgiveness, Judy and Kelly Clarke, loan modification, short sale
Clarification on Carbon Monoxide Detector Requirements
The Carbon Monoxide Poisoning Preventation Act of 2010 (Cal. Health & Safety Code Section 13260 et seq.) was signed into law in 2010. Existing single family dwellings are required to install carbon monoxide detectors on or before July 1, 2011. All other dwellings are required to install on or before January 1, 2013. Landlords must install these detectors for existing leased properties as well!
The detectors must be on the approved list of the State Fire Marshall. http://osfm.fire.ca.gov/licensinglistings/licenselisting_bml_searchcotest.php
Select 5276 Carbon Monoxide Alarms from the Category drop down box.
The detailed requirements are very complex - please see question and answers provided by the California Association of Realtors below.
In addition, there are well-documented chronic health effects of acute carbon monoxide poisoning from exposure to carbon monoxide, such as lethargy, headaches, concentration problems, amnesia, psychosis, Parkinson’s disease, memory impairment, and personality alterations. (Cal. Health & Safety Code § 13261.)
A Yes. The Carbon Monoxide Poisoning Prevention Act of 2010 (Cal. Health & Safety Code §§ 13260 et seq.) was signed into law this year. It requires carbon monoxide detectors to be installed in every “dwelling unit intended for human occupancy.” The California legislature also modified both the TDS (for residential one-to-four unit real property) and MHTDS (for manufactured homes and mobile homes) to include a reference to carbon monoxide detector devices. See below for more details.
A It is a relatively inexpensive device similar to a smoke detector that signals detection of carbon monoxide in the air. Under the law, a carbon monoxide device is “designed to detect carbon monoxide and produce a distinct audible alarm.” It can be battery powered, a plug-in device with battery backup, or a device installed as recommended by Standard 720 of the National Fire Protection Association that is either wired into the alternating current power line of the dwelling unit with a secondary battery backup or connected to a system via a panel. If the carbon monoxide device is combined with a smoke detector, it must emit an alarm or voice warning in a manner that clearly differentiates between a carbon monoxide alarm warning and a smoke detector warning.
The carbon monoxide device must have been tested and certified pursuant to the requirements of the American National standards Institute (ANSI) and Underwriters Laboratories Inc. (UL) as set forth in either ANSI/UL 2034 or ANSI/UL 2075, or successor standards, by a nationally recognized testing laboratory listed in the directory of approved testing laboratories established by the Building Materials Listing Program of the Fire Engineering Division of the Office of the State Fire Marshal of the Department of Forestry and Fire Protection. (Cal. Health & Safety Code § 13262.)
A This new law requires the owner “to install the devices in a manner consistent with building standards applicable to new construction for the relevant type of occupancy or with the manufacturer’s instructions, if it is technically feasible to do so” (Cal. Health & Safety Code § 17926 (b)). The following language comes packaged with carbon monoxide (CO) detectors:
For minimum security, a CO Alarm should be centrally located outside of each separate
sleeping area in the immediate vicinity of the bedrooms. The Alarm should be located at least 6 inches (152mm) from all exterior walls and at least 3 feet (0.9 meters) from supply or return vents. Building standards applicable to new construction are as follows (overview summary only):
Installed outside of each separate sleeping area in the immediate vicinity of the bedroom
(s) in dwelling units and on every level including basements within which fuel-fired
appliances are installed and in dwelling units that have attached garages.
(s) in dwelling units and on every level including basements within which fuel-fired the American National standards Institute (ANSI) and Underwriters Laboratories Inc. (UL) as set forth in either ANSI/UL 2034 or ANSI/UL 2075, or successor standards, by a nationally recognized testing laboratory listed in the directory of approved testing laboratories established by the Building Materials Listing Program of the Fire Engineering Division of the Office of the State Fire Marshal of the Department of Forestry and Fire Protection. (Cal. Health & Safety Code § 13262.)
A Every owner of a “dwelling unit intended for human occupancy” must install an approved carbon monoxide device in each existing dwelling unit having a fossil fuel burning heater or appliance, fireplace, or an attached garage. The applicable time periods are as follows:
(2) For all other existing dwelling units on or before Jan. 1, 2013. (Cal. Health & Safety Code § 17926(a).)
A This new law requires the owner “to install the devices in a manner consistent with building standards applicable to new construction for the relevant type of occupancy or with the manufacturer’s instructions, if it is technically feasible to do so” (Cal. Health & Safety Code § 17926 (b)).
(s) in dwelling units and on every level including basements within which fuel-fired appliances are installed and in dwelling units that have attached garages.
A No. However, the buyer may be entitled to an award of actual damages not to exceed $100 plus court costs and attorney’s fees. (Cal. Health & Safety Code § 17926(d).) Note the following language in the TDS and MHTDS:
A No. The only disclosure obligations are satisfied when providing a buyer with the TDS or the MHTDS. If the seller is exempt from giving a TDS, the law doesn’t require any specific disclosures regarding carbon monoxide detector devices. (See Cal. Civ. Code §§ 1102.6, 1102.6d.) The Homeowners’ Guide to Environmental Hazards also will include information regarding carbon monoxide.
A Yes. All landlords of dwelling units must install carbon monoxide detectors as indicated in Question 4. The law gives a landlord authority to enter the dwelling unit for the purpose of installing, repairing, testing, and maintaining carbon monoxide devices “pursuant to the authority and requirements of Section 1954 of the Civil Code [entry by landlord].” The carbon monoxide device must be operable at the time that a tenant takes possession. However, the tenant has the responsibility of notifying the owner or owner’s agent if the tenant becomes aware of an inoperable or deficient carbon monoxide device. The landlord is not in violation of the law for a deficient or inoperable carbon monoxide device if he or she has not received notice of the problem from the tenant.
A It depends. Yes, when the owner makes an application for a permit for alterations, repairs, or additions to that dwelling unit with the cost exceeding $1,000. (Cal. Health & Safety Code § 17926.2 (b).)
The information contained herein is believed accurate as of Dec. 1, 2010. It is intended to provide general answers to general questions and is not intended as a substitute for individual legal advice. Advice in specific situations may differ depending upon a wide variety of factors. Therefore, readers with specific legal questions should seek the advice of an attorney. Written by Sonia M. Younglove, Esq. Copyright© 2010 CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). Permission is granted to C.A.R. members only to reprint and use this material for non-commercial purposes provided credit is given to the C.A.R.Legal Department. Other reproduction or use is strictly prohibited without the express written permission of the C.A.R. Legal Department. All rights reserved.
Terms and Conditions Privacy Policy Permission to Reprint Site Map Copyright © 2011 CALIFORNIA ASSOCIATION OF REALTORS®
Posted by The Clarke Team at 12:00 PM No comments:
Labels: Carbon Monoxide Detectors, carbon monoxide poisoning prevention act of 2010
From The Wall Street Journal Weekend Investor, February 26, 2011
Jobs: Although many areas of the country were deeply impacted by the recession, some areas were less affected by job loss. If employment stability is a concern, prospective buyers should review job-growth data from the U.S. Bureau of Labor Statistics at http://www2.realtoractioncenter.com/site/R?i=OY4Sr8R-aTMAv3xZ7tqPOw... The data provided by the Bureau is approximately one month old and shows the direction of the local economy.
Posted by The Clarke Team at 3:29 PM No comments:
Labels: jobs, mortgage availability, time to buy a home
Posted by The Clarke Team at 10:00 AM No comments:
Labels: income requirements, interest rates rising, mortgage market
This is great news for renters - especially those renters trying to rebuild their credit history after losing a home to foreclosure! Experian recently purchased Rent Bureau, hence the change. Ask your landlord to report your rent payments to help get your credit score back to where it should be. Don't give up - you can purchase a home again with time and patience.
From the Experian Website:
Dear YES, You can’t report your own rent payments, but that doesn’t mean your rent payments can’t help you build a credit history.
Labels: credit history, experian, foreclosure, rental payments