Los Angeles Homebuyer, Seller& Property-Law Resource Center

Official Sources

• CalHFA: homebuyer loan and assistance programsThe state housing agency lists every current first mortgage and down-payment assistance program, with the income and sales price limits that apply by county.
• HUD: buying a homeFederal guidance on FHA loans, plus how to find a HUD-approved housing counselor who will review your situation at no cost or low cost.

On This Site

• Buyer representationHow I work with a buyer from search through close.
• First-time buyer guideThe steps in order, written for someone who has never done this.
• How much house can I affordWhat income, debt and down payment do to the number you can borrow.
• Mortgage ratesWhere current rate data comes from and what moves it.
• Condos and townhomesHOA dues, reserves and the questions to ask before you write an offer.

Tools

• Down Payment Connect, provided through Down Payment ResourceA search tool on Down Payment Resource’s own site. You describe the purchase you have in mind and it reports how many programs may match a purchase like yours. It asks for a property address or an area, an estimated sales price, the number of units, how many people live in your household, whether you own a home now or owned one in the last three years, annual household income, veteran status, American Indian status, and optional special circumstances.Aryan reaches this tool through CRMLS, so the page carries his name, but it opens in a new tab and the answers you enter go to Down Payment Resource rather than to Aryan. Program rules, income limits and every final decision belong to the agencies and administrators that run each program.

Checklist

• Get a written pre-approval from a lender, not a rate quote.
• Ask your lender which loan types your price range supports, and what each one costs per month.
• Read the current income and purchase price limits on the agency site before you count on any assistance program.
• Budget closing costs, insurance and property tax separately from the down payment.
• If the home is a condo, ask early whether the building itself is approved for the loan you plan to use.

Official Sources

• IRS: Publication 523, Selling Your HomeThe full federal rules on figuring gain from a home sale, what counts as an improvement, and the ownership and use tests behind the main home exclusion.
• IRS: Topic 701, sale of your homeThe short version of the same rules, including the current exclusion amounts and when a sale has to be reported.
• California Franchise Tax Board: real estate withholdingHow and when California withholds from a seller at closing, and the certification forms that reduce or remove it.
• City of Los Angeles Office of FinanceThe city department that administers the Los Angeles real property transfer tax, including the Measure ULA tax on higher-value transfers.

On This Site

• Rules by SituationPick your situation, city and price range and see the rules that may apply, each with its official source and the date it was verified.
• Seller representationPricing, preparation, marketing and negotiation.
• Home value and selling strategyA confidential review of comparable sales and positioning.
• How a home is marketedThe photography, film and distribution behind a listing.

Checklist

• Find your original purchase price and closing statement.
• List the capital improvements you have made and find the receipts.
• Ask your CPA about the main home exclusion before you sign a listing agreement, not after you are in escrow.
• Ask escrow early which California withholding form applies to you.
• Confirm with the city which transfer tax applies to the property address.

Official Sources

• California Courts Self-Help: divorceThe court system explaining how a California divorce works, including how property and debt are divided.
• California Courts Self-Help: financial disclosuresWhat each party has to disclose about property, income and debt, and what happens if the disclosure is not made.

On This Site

• Home value and selling strategyA confidential valuation both parties can look at before deciding anything.
• Seller representationHow the sale itself runs once a decision is made.

Checklist

• Confirm with your attorney who currently has authority to list and to sign.
• Agree on one point of contact with the agent before the property goes on market.
• Complete your financial disclosures on the schedule the court sets.
• Decide in writing how proceeds will be held at closing.
• Tell the agent who is living in the home and who controls access.

Official Sources

• California Courts Self-Help: probateHow the probate process works in California, the forms involved, and when a smaller estate can avoid full probate.
• California Courts Self-Help: wills and estatesPlain definitions for the roles and terms you will see on estate paperwork, including executor, administrator and trustee.
• LA County Assessor: exclusions from reassessmentThe county list of transfers that may be excluded from a property tax reassessment, including transfers between parent and child, with the filing deadlines.

On This Site

• Inherited PropertyYou inherited a home and are not sure what happens next — whether to keep it, what it is worth, or who can even sell it.

Checklist

• Find the deed and see how title was held.
• Find the trust document or the will if one exists.
• Confirm who has authority to sign: a trustee, an executor or an administrator.
• Ask the Assessor which exclusion from reassessment, if any, applies to the transfer.
• Keep the property insured and secured while the process runs.

Official Sources

• IRS: like-kind exchanges, real estate tax tipsThe federal rules for Section 1031: what property qualifies, the identification and completion deadlines, and how boot is treated.
• Federation of Exchange Accommodators: about qualified intermediariesWhat a qualified intermediary does, and what to ask one about their bonding and account controls before you hand over sale proceeds.
• California Franchise Tax Board: Publication 1016, real estate withholding guidelinesCalifornia withholding guidance for real estate sales, including how an exchange is treated and which certifications apply.

On This Site

• Investor buyer listHow I work with buyers of value-add and income property.
• Fixer and value-add homesWhat to look at on a property that needs work before you underwrite it.

Checklist

• Talk to your CPA before you accept an offer, not after.
• Engage a qualified intermediary before the sale closes.
• Put the exchange language in the purchase agreement.
• Track the identification and closing deadlines from the day the relinquished property closes.
• Ask your CPA what California reporting the exchange creates.

Official Sources

• LA Housing Department: Rent Stabilization OrdinanceWhich Los Angeles properties are covered by rent stabilization, what registration requires, and the rules that come with coverage.
• LA Housing Department: renter protectionsThe city page for current tenant protection rules, including the notice and relocation requirements that apply to covered tenancies.
• LA Housing Department: rental property ownersThe owner side: registration, annual requirements, exemptions and the forms the city expects a landlord to file.
• California Courts Self-Help: evictionThe court process for an unlawful detainer in California, written for both landlords and tenants.

On This Site

• Seller representationHow a sale runs, including an occupied one.
• Home value and selling strategyWhat an occupied property is worth to the buyers who want it.

Checklist

• Check whether the property is covered by the city Rent Stabilization Ordinance before anything else.
• Gather the rent roll, the leases and the registration status.
• Confirm the notice required before each showing.
• Ask a landlord-tenant attorney about any end-of-tenancy question before you act on it.
• Tell buyers in writing that the tenancy continues after close.

Official Sources

• LA Department of Building and SafetyPermits, inspections, property records and the point-of-sale reports for property inside the City of Los Angeles.
• LA City Planning: zoningHow the city zoning code is organized, how to read a zone designation, and where the current and new code rules live.

On This Site

• 9A Report & RetrofitEscrow is asking for a 9A report and a retrofit certificate, and nobody has explained what either one actually is.
• Fixer and value-add homesWhat to check on a property before you assume the work is possible.

Checklist

• Pull the permit history for the property before you plan anything.
• Confirm the zoning and any overlay that applies to the parcel with the city.
• Ask the building department what the parcel actually allows, in writing.
• Budget for the plan check and permit timeline, not just construction.
• If the property is in a fire hazard severity zone, ask what that adds to the requirements.

Official Sources

• LA County Assessor: Proposition 19The county page on Proposition 19: which transfers qualify, which claim form to file, and the deadlines for filing it.
• LA County AssessorAssessed values, ownership records, exemptions and the office that answers property tax questions for Los Angeles County.
• California Board of Equalization: Proposition 19The state explanation of Proposition 19, including the base year value transfer rules and the parent-child and grandparent-grandchild rules.
• California Board of Equalization: property taxesThe statewide property tax rules behind every county Assessor, including change in ownership, new construction and exemptions.

On This Site

• Inherited PropertyYou inherited a home and are not sure what happens next — whether to keep it, what it is worth, or who can even sell it.

Checklist

• Ask the Assessor which claim form applies to your transfer.
• Note the filing deadline, because a late claim can change the result.
• Expect a supplemental tax bill after a change in ownership.
• Read your current bill for special assessments, which are separate from the base rate.
• Run any expected number past your CPA before you rely on it.

Official Sources

• CAL FIRE Office of the State Fire Marshal: fire hazard severity zonesThe state maps that classify fire hazard by area, and an explanation of what a zone designation does and does not mean.
• CAL FIRE: defensible spaceThe state requirements for clearance around a structure, zone by zone, which is often what a carrier inspects before it writes a policy.
• California FAIR PlanThe state basic property insurance plan of last resort: what it covers, what it does not, and how a licensed broker applies for it.
• California Department of InsuranceThe state regulator: consumer guides on residential insurance, licence lookup for agents and brokers, and the complaint process.

On This Site

• Seller representationWhere disclosures and hazard reports fit into a listing timeline.

Checklist

• Get an insurance quote before you remove your contingencies.
• Check whether the address sits in a mapped fire hazard severity zone.
• Read the natural hazard disclosure report line by line rather than filing it.
• Ask what the carrier requires around the structure before it will write the policy.
• If no standard carrier will quote it, ask a broker about the FAIR Plan and what it does not cover.