After passing the real estate exam, and entering the world of transactions, it’s not uncommon for agents to find themselves overwhelmed with the intricacies of all the paperwork that goes into a sale; however far more important than the paperwork involved in a real estate transaction are the rules and regulations which govern what we can and cannot do.
Going one step further, it’s not just the California or National rules and regulations which we have to follow, Realtors also have to watch out for city specific rules (which are often antiquated and obscure)! Many cities and counties in California have their own requirements that must be met in order to close a real estate transaction. For this reason, it’s important to do all your homework when acquiring a listing or submitting an offer in a city that you may not be too familiar with.
Some cities have their own disclosures, some require pre-sale inspections, some even require permits to work in the city first! You can easily find out any of this information by contacting the city or the county’s housing department. Even if you don’t think there’s an additional requirement, it’s always best to check and be certain (as mother always said: an ounce of prevention is worth a pound of cure).
Here are a few examples of city requirements:
– City of Los Angeles Report of Residential Property Records (commonly known as the retrofit)
– City of Compton requires a pre-sale inspection
– City of Thousand Oaks requires a Residential Resale Records Report & Inspection
– City of Carson & City of Compton both require a business license/permit in order to conduct any real estate transactions
– City of Pasadena requires a Housing Occupancy Inspection
– San Fernando Valley has an Addendum to RPA
The following link has a list of additional cities, in LA County, that have special requirements http://www.johnhartrealestate.com/blog/2013/06/resources-for-realtors-links-to-city-specific-real-estate-regulations/
Jenny Manukyan is the Transaction Manager here at JohnHart Real Estate, as well as an agent herself. Being the supervisor and "linchpin" in our short sale operations, has endowed Jenny with invaluable knowledge; and here on the JohnHart Gazette she hopes to share that with you all!
