Legal Updates in Real Estate

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

September 18, 2024
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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.

Renting Out Rooms? How Separate Leases Could Trigger Rent Control

September 18, 2024
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Renting out individual rooms in your single-family home in Newport Beach or Costa Mesa? You might assume you’re exempt from rent control, but California’s complex legal landscape could prove otherwise. Under certain conditions, separate room leases could trigger statewide rent control and tenant protection laws—even if your property would otherwise qualify for exemptions. Understanding the nuances of the Costa-Hawkins Rental Housing Act and California’s Tenant Protection Act (AB 1482) is essential to avoid costly surprises. In this article, we explore how local laws, especially Costa Mesa’s new rent control ordinance, interact with state protections and what you need to know to stay compliant.

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Understanding Heggstad Petitions: Securing Real Property for Your Trust

August 18, 2024
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In Newport Beach and Coastal Orange County, it’s not uncommon for property owners to overlook transferring real estate into a trust before passing. A Heggstad petition can resolve this issue by allowing the property to be added to the trust without going through probate. Discover how Lucas Real Estate can assist you in securing your real property efficiently and effectively.

Addendums vs. Amendments in Real Estate Contracts: What’s the Difference?

August 18, 2024
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Understanding the difference between addendums and amendments in real estate contracts is crucial for successful transactions, especially in competitive markets like Newport Beach and Costa Mesa. This blog explains when to use each form, ensuring smooth modifications to your agreements. Whether adding terms to an initial offer or making adjustments to an existing contract, knowing how to navigate these documents can make all the difference in securing a successful sale. Learn more about how Lucas Real Estate can guide you through these complexities with expertise and precision.

How Offering Buyer’s Agent Compensation Can Benefit Sellers

August 12, 2024
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Discover why offering buyer’s agent compensation can benefit sellers in Newport Beach, Costa Mesa, and coastal Orange County. Learn how this strategy attracts more buyers, ensures smoother transactions, and maximizes your property’s value. Stay ahead of real estate changes with Lucas Real Estate’s expert guidance. Read more to find out how to leverage these benefits in your next sale.

Use of Floor Plans in Real Estate Listings – An Architectural Copyright Infringement???

July 9, 2024
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Federal Court Rules on Real Estate Floor Plans: A recent federal court decision declares that using floor plans in real estate marketing is “fair use” and not copyright infringement. This ruling impacts real estate professionals in Newport Beach, Costa Mesa, and beyond. Learn how Lucas Real Estate navigates these legal complexities to protect your interests in the competitive luxury real estate market.

Understanding Corrective Deeds: Crucial Insights for Real Estate

July 2, 2024
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Corrective deeds are essential in maintaining accurate property records, especially in luxury real estate markets like Newport Beach and Laguna Beach. Learn when you need to file a new deed, how to correct errors, and why precise documentation is vital for coastal Orange County properties. Discover expert advice from Lucas Real Estate Group to ensure your property transactions are seamless and legally sound.

New Landlord Restrictions Starting July 2024: Tenancy Security Deposits Capped at One Month’s Rent (with Exceptions)

May 21, 2024
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Introducing Assembly Bill 12 (AB 12) – Effective July 1, 2024, this legislation will significantly impact the rental landscape in California. Under AB 12, landlords will be restricted in their ability to demand security deposits, with a new cap set at one month’s rent. Learn how these changes may affect Newport Beach and Costa Mesa real estate, and how Lucas Real Estate can help navigate these challenges.

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.

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