Real Estate Information Archive

Adjoining Owners Equally Responsible for Shared Fences and Boundaries:
As of January 1, 2014, landowners with properties that share fences and other boundaries must adhere to a new law, codified as California Civil Code (CC) § 841. According to CC § 841, adjoining landowners share an equal benefit from any fence dividing their property and therefore “shall share equally in the responsibility for maintaining the boundaries and monuments between them,” unless otherwise stated in writing. As a result of this shared obligation, any landowner who intends to incur any cost for such a fence must provide a 30-day written notice to the other landowners stating:

• A notice of the presumption of equal responsibility for the reasonable costs of construction, maintenance, or necessary replacement of the fence;
• A description of the nature of the problem with the shared fence;
• The proposed solution for the problem;
• The estimated construction or maintenance costs to address the problem;
• The proposed cost sharing approach; and,
• The proposed timeline for addressing the problem.

The federal tax credit for home buyers was signed into law by President Obama Friday, Nov. 6.  The tax credit, which was set to expire Nov. 30, has been extended through April 30, 2010 with a 60-day extension if a binding contract is in place prior to deadline.  It also was expanded to include existing homeowners who have lived in their primary residences for five consecutive years out of the last eight years.

First-time home buyers still may be eligible for a tax credit of up to $8,000, while existing homeowners may receive a credit of up to $6,500.  The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers, to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances.

Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

The federal tax credit for home buyers was signed into law by President Obama Friday, Nov. 6.  The tax credit, which was set to expire Nov. 30, has been extended through April 30, 2010 with a 60-day extension if a binding contract is in place prior to deadline.  It also was expanded to include existing homeowners who have lived in their primary residences for five consecutive years out of the last eight years.

First-time home buyers still may be eligible for a tax credit of up to $8,000, while existing homeowners may receive a credit of up to $6,500.  The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers, to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances.

Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

December 1,  the Federal Tade Commission has required all prerecorded telemarketing calls to include a "quick and easy" opt-out system to stop future call by the company. Typically for calls you answer, that means saying a certain word or press a number. Message left on your voice mail must have a toll-free number that connects to an automated opt-out system. Any prerecorded sales or fundraising calls that do not meet these criteria are subject to fines. File complaints at www.ftcomplaintassistant.gov or call 1-877-382-4357 toll-free.

Want to take advantage of the low loan Rates but you have no equity. Well there may be help for you now. If your mortgage loan is owned by Fannie Mac or Freddie Mac, you may be eligible for a Home Affordable Refinance to take advantage of lower interest rates. Your mortgage company can tell you if your loan is guaranteed by Fannie Mac or Freddie Mac or you can contact Fannie Mac or Freddie Mac directly by click on the link below and completing the forms for each company. Two things you should know before you make the call. 1. You can't owe more than 105% of the appraised value. 2. No late payments in the last 12 months. If you meet these two conditions fill out the forms and get the ball rolling.

FANNIE MAE
1-800-7FANNIE (8 am to 8 pm EST)
www.fanniemae.com/loanlookup

FREDDIE MAC
1-800-FREDDIE (8 am to 8 pm EST)
www.freddiemac.com/mymortgage

I thought I was loosing excessive amounts of water from my pool. I was filling it everyday to bring the water level back to normal. Before you call a leak detection company in to see if your pool  has a leak there is a simple test you can do. If found this online at http://www.americanleakdetection.com:

1. Bring pool water to normal level.
2. Fill 5 gallon bucket with pool water about 3-4 inches from top.
3. Place bucket on first or second step of pool.
4. Mark water level on inside of bucket.
5. Shut off pump and mark pool level on outside of bucket.
6. Resume normal pump operation. Make sure auto/manual fill valve is off during test.
7. After 24 hours, compare the two levels. If the pool water (outside mark) goes down more than the inside water level, there is probably a leak.

In case of rain, repeat the test.

They also had a short video at http://www.americanleakdetection.com/tips-bucket-test.php  Fortunately for me the Sun was sucking it away.