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When Are Sellers Exempt From Certain Disclosures in California Real Estate?

  • November 19, 2024
  • devinlucas

California law requires real estate sellers to disclose known material facts about their property, even when certain exemptions apply. While some sellers—like trustees, fiduciaries, or those involved in court-ordered sales—may be exempt from completing forms such as the Transfer Disclosure Statement (TDS), they are still obligated to disclose any defects that could impact the property’s value. Learn how exemptions work, when they apply, and why tools like the Exempt Seller Disclosure Form are essential for compliance. For trustees, explore our detailed guide to their specific disclosure requirements. Whether you’re selling in Newport Beach, Costa Mesa, or other coastal Orange County communities, Lucas Real Estate ensures your transaction is smooth, compliant, and stress-free.

New FinCEN Reporting Requirements: What Real Estate Owners Need to Know About Their LLCs

  • November 18, 2024
  • devinlucas

New FinCEN Reporting Requirements: What Real Estate Owners Need to Know

A new federal law now requires LLCs, corporations, and similar entities—including those holding real estate—to report their beneficial ownership information to FinCEN. If your LLC was created before January 1, 2024, you must file by January 1, 2025, to avoid steep penalties.

This rule is critical for real estate owners, as LLCs are a common structure for property ownership in Newport Beach, Costa Mesa, and throughout California. Compliance requires detailed reporting, including personal information for all beneficial owners. Non-compliance could result in fines up to $5,000 per violation and even criminal penalties.

At Lucas Real Estate, we specialize in helping property owners navigate these complexities. Whether you’re filing for the first time or managing multiple LLCs, our legal and tax expertise ensures your investments stay protected and compliant.

Have questions? Contact us today for personalized guidance.

beach house at sunset

Tips for Buying a Vacation Property: Destination Relaxation

  • October 27, 2024
  • devinlucas

Thinking about buying a vacation home in Newport Beach? From budgeting and location to long-term considerations, there’s a lot to think about before diving in. Our latest blog covers key tips to help you make a smart investment in your ideal getaway. Discover how to find the perfect vacation property and start planning your dream retreat!

exterior of home with fall decor including pumkins!

Low-Cost Ways to Boost Your Fall Curb Appeal in Newport Beach and Costa Mesa

  • October 27, 2024
  • devinlucas

Boost your Newport Beach or Costa Mesa home’s curb appeal this fall with budget-friendly tips! From festive pumpkin displays to vibrant autumn flowers and cozy lighting ideas, make your home stand out this season. Perfect for sellers or homeowners looking to enjoy a seasonal refresh. Discover easy, affordable ways to enhance your curb appeal in our latest blog!

living room with warm fireplace

6 Reasons to List Your Home During the Holidays

  • October 27, 2024
  • devinlucas

Thinking about selling your home this holiday season? The holidays offer a unique opportunity to attract motivated buyers, face less competition, and potentially close faster. From serious, end-of-year buyers to cozy holiday vibes, listing now could be your ticket to a successful sale. Discover why the holiday season might be the best time to make your move – and learn how Lucas Real Estate can help you make the most of it.

Renting Out Rooms in Your Home? You Could Still Qualify for the IRS Section 121 Deduction When You Sell

  • October 6, 2024
  • devinlucas

If you rent out rooms in your primary residence, you can still qualify for the IRS Section 121 deduction when you sell, allowing you to exclude up to $250,000 (or $500,000 for married couples) in capital gains. However, be aware of depreciation recapture rules and how renting affects your taxes. Learn more about how renting out rooms or separate units impacts your tax benefits.

a don't forget post it note.

2024-2025 California Property Tax Bills are Out! Check Your Mail or Check Online (The County Will NOT Remind You!!!!)

  • October 3, 2024
  • devinlucas

Attention Newport Beach and Costa Mesa homeowners! The 2024-2025 California property tax bills are out, and it’s time to take action. Don’t wait for a reminder—the County won’t send one! Your first installment is due by December 10, 2024, and the second by April 10, 2025. Missing a payment can lead to hefty penalties, especially with the high property values in our local communities. Stay on top of your property taxes and avoid unnecessary fees. For help navigating your bill or understanding Proposition 19, reach out to Lucas Real Estate—your local property tax experts.

Prop 33 infographic

Understanding Proposition 33: What It Means for Homeowners, Renters, and the Housing Market

  • September 27, 2024
  • devinlucas

Understanding Proposition 33: What It Means for Newport Beach and Costa Mesa Property Owners

Proposition 33 aims to repeal the Costa-Hawkins Rental Housing Act, potentially imposing rent control on single-family homes and new apartment developments across California. This measure could drastically affect property owners in high-demand areas like Newport Beach, Costa Mesa, and other coastal Orange County communities by expanding rent control regulations. At Lucas Real Estate, we guide property owners through the evolving real estate landscape, ensuring your investments remain protected. Discover how Prop. 33 could impact your property and the housing market.

For personalized real estate advice, contact Lucas Real Estate today.

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Fed Rate Cut: What It Means for Buyers in Newport Beach, Costa Mesa and Orange County

  • September 18, 2024
  • devinlucas

Fed Rate Cut: What It Means for Newport Beach and Orange County Homebuyers
The Federal Reserve’s recent 0.5% rate cut could lead to lower mortgage rates, presenting an opportunity for homebuyers in Newport Beach and Orange County to secure more favorable loans. However, with increased competition and potential delays, acting quickly may be key. Learn how this rate cut impacts mortgage rates and your buying power in today’s real estate market.

people signing a document

When Are Trustees Exempt From Certain Disclosures in California Real Estate?

  • September 18, 2024
  • devinlucas

Exemptions from Seller Disclosures: Are Trustees Really Exempt?

In California, trustees often believe they are exempt from disclosure requirements when selling property. However, if the trustee has lived in or owned the property within the past year, they must still disclose known defects. This exemption is truly meant for trustees who have no personal knowledge of the property’s condition, such as out-of-state heirs. At Lucas Real Estate, we specialize in guiding trustees through these complex transactions in Newport Beach and Costa Mesa, leveraging our legal and accounting expertise. Let us help you navigate the process smoothly.