Legal Updates in Real Estate

California Association of REALTORS® Open Letter in 39 California Newspapers

May 6, 2024
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Amidst recent developments in real estate, the California Association of REALTORS® (C.A.R.) has taken proactive measures to address potential confusion surrounding buying and selling homes. As part of this initiative, C.A.R. has published an open letter in prominent California newspapers, including the Los Angeles Times and San Francisco Chronicle. The letter aims to clarify upcoming changes in business practices resulting from antitrust lawsuits, emphasizing transparency and consumer awareness.

At Lucas Real Estate, we’re dedicated to staying at the forefront of industry changes and ensuring our clients understand how these new rules will impact their home buying and selling journey. As the landscape of real estate evolves, we remain committed to guiding buyers and sellers through these transitions with expertise and clarity.

2024 IRS Taxable Gift Exclusion Amount Raised To $13,610,000 Per Person / Reportable Exclusion Raised to $18,000 Per Person

May 2, 2024
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For 2024, the federal estate tax threshold is $13.61 million for individuals, which means married couples don’t have to pay estate if their estate is worth $27.22 million or less. For 2023, the threshold was $12.92 million for individuals and $25.84 million for married couples.

man holding compass with lake and hills in background

Navigating Commission Changes: Your Guide to Demystifying New Real Estate Dynamics Over Compensation

May 2, 2024
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New Requirements for Buyer Representation Agreements and other pending changes to the industry.

FAQ Regarding the National Association of REALTORS® Class-Action Lawsuit Settlement: Impact on Commissions and Home Sale Process

April 15, 2024
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The California Association of REALTORS® (C.A.R.) has received many questions about the National Association of REALTORS® (NAR) proposed settlement of the antitrust class action lawsuits brought related to broker compensation. The settlement is subject to final court approval; however, because the release of claims extends through the date of class notice, NAR will be putting … Continue Reading

infographic showing Grant Deed vs Quitclaim Deed information

Grant Deed versus a Quitclaim Deed

March 28, 2024
devinlucas

From our friends at Lawyer’s Title, a great infographic on the differences between a Grant Deed and a Quitclaim Deed. This question often comes up, especially in many of our family transactions involving gifts or inheritance or selling below fair market value here in Newport Beach, Costa Mesa or anywhere in the state of California. (other … Continue Reading

California Real Estate Form of Ownership: How To Take Title When Buying A Home

March 19, 2024
devinlucas

How to take ownership of a property is very important and should be carefully considered, potentially with consideration from your attorney. Here is an overview of the forms of ownership and implications.

An Update From The National Association Of REALTORS® On The Pending Legal Settlement Over Commissions and Clarification that REALTORS® Do Not Set Commissions, Consumers Do

March 19, 2024
devinlucas

As people may know, following years of litigation, The National Association of REALTORS® has reached a tentative settlement in a class-action lawsuit that would enact substantial changes to the way commissions are offered in marketing materials and via the Multiple Listing Service, or MLS. How will this change your real estate sale in Newport Beach, … Continue Reading

Prop 19 Repeal Efforts Update: HJTA collects over half a million signatures for Repeal the Death Tax initiative, misses November ballot

February 26, 2024
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An update on the Prop 19 repeal efforts from The Howard Jarvis Taxpayers Association.

shopping store window with "final sale" written on window.

Unlocking “As-Is” Sales in Newport Beach, Costa Mesa and California Real Estate: A Comparative Analysis of “As-Is” vs. “No Contingencies” vs. “Non-Refundable Deposits”

February 16, 2024
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There is “as is”, and then there are “no contingencies” sales in California real estate. Here we explore a brief explanation on the difference.

Legal Matters Podcast: the official podcast of the California Association of REALTORS®

January 28, 2024
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California Association of REALTORS® Attorneys Jana Gardner and Dana Spears are joined by Attorney Allyson Richman of Californians for Homeownership to discuss the current state of Housing Development Laws in California and the role that Californians for Homeownership plays in promoting development by keeping an eye on local governments across the state. Learn more about Californians for Homeownership’s initiative.

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