Brad Garbutt

REALTOR®, Associate Broker

Since 1983, I have helped thousands of families and individuals buy and sell homes in Redding/Shasta County. The only thing that exceeds my experience is my commitment to you because whether you're buying or selling a home, your satisfaction is my number one goal. My commitment to you includes implementing the latest real estate technology and resources to effectively market and sell your property. When you're ready to buy or sell a home and you want exceptional service, call me!

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Some Landlords Confused By New Lease Termination Rules

INDUSTRY NEWS, REAL ESTATE LEGISLATION, REAL ESTATE PRACTICE, TIPS FOR SELLERS
September 9th, 2009

CreeksideOwners of rental property must be familiar with notice requirements when terminating a lease. A new federal law, aimed at protecting tenants occupying properties that were foreclosed upon, requires 90-day notice prior to eviction. Only “bona fide” tenants on a month-to-month tenancy are protected by this law.

Otherwise, tenants on a month-to-month rental agreement living in a property not in foreclosure are only entitled to a 30-day notice. Those with a 1-year or longer lease must be given a 60-day notice. Landlords renting to Section 8 recipients must give a 90-day notice regardless of the length of tenancy.

The law contained within the Protecting Tenants at Foreclosure Act of 2009 became effective May 20 and expires in 2012. The definition of a “bona fide” tenancy excludes the mortgagor and family members of the debtor. Furthermore, the tenancy must be an arm’s-length transaction and the amount of rent must be close to fair market rates. Finally, the rent being paid by the tenant must not be reduced or subsidized due to a federal, state, or local program.

I recommend my clients contact a legal professional that specializes in real estate to handle any evictions or lease terminations if the tenant may be uncooperative. Failure to follow the letter of the law in an effort to vacate a rental property could require the process be started anew-costing you time and money.

Contact me if I can be of help!

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL ESTATE PROFESSIONALS GMAC

CORNER OF COURT AND PLACER IN REDDING

QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE

This entry was posted on Wednesday, September 9th, 2009 at 4:25 pm and is filed under INDUSTRY NEWS, REAL ESTATE LEGISLATION, REAL ESTATE PRACTICE, TIPS FOR SELLERS. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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