Month: March 2024

Important Legislation Effective 2024

Posted on March 14, 2024 by - Law

A row of colorful houses with different architectural styles, lined up side-by-side. There are trees with green leaves in front of the houses.

Selling A CA Home In 2024? Know The New Disclosure Law (AB 968)

As 2024 unfolds, if you’re a California resident involved in buying or selling a single-family home, there’s a new law you need to be aware of. This blog post specifically focuses on Assembly Bill (AB) 968, which introduces important disclosure requirements for sellers that take effect on July 1, 2024.

What Does AB 968 Mean For You As A Seller?

This law applies to you if you’re selling a single-family home and accept an offer within 18 months of buying the property yourself. In such cases, you’re now required to disclose the following information to potential buyers:
  • Details of any major changes made to the property – this includes room additions, structural modifications, alterations, or repairs done by a contractor since you became the owner.
  • Contractor information – this includes the names and contact details of any contractors involved in the mentioned modifications, as provided to you by the contractor.

Alternative Fulfillment

Instead of providing individual details for each modification, you can offer a comprehensive list of all contractor-performed modifications, including their contact information.

Permit Disclosure

  • If you have copies of any permits obtained for the work done – you must provide those copies to the buyer.
  • If you didn’t receive permit copies from the third party who did the work – you can fulfill the requirement by informing the buyer that:
    • Permit information might be available from the third party.
    • Providing the contact details of the third party.

Impact on “Flippers”

If you buy a property, renovate it, and resell it quickly, you’re considered a “flipper.” As of July 1, 2024, you’re legally obligated to disclose the details mentioned earlier regarding any modifications made during your ownership.

Need Legal Advice?

Unsure about your obligations under AB 968? Please schedule a consultation with us at (619) 546-7880. Our experienced intake specialists will collect the relevant information needed to determine how we can assist.