Dear Michael: My home is in escrow and my agent is telling me that I have to have a carbon monoxide detector present in my home before the close of escrow. Is this a new law and do I need a carbon monoxide detector in my home?
Answer: In May 2010, the state of California enacted a law requiring homeowners to install carbon monoxide detectors in their homes. California residents must now have carbon monoxide detectors in their homes/condo as of January 1, 2013. This applies to all single-family homes and condo’s that have appliances that burn fossil fuels or homes that have attached garages or fireplaces. Types of fossil fuels include wood, gas and oil. The detector must sound an audible warning once carbon monoxide is detected. It also must be powered by a battery, or if it is electrical, have a battery for a backup. Carbon monoxide detectors typically can be purchased at any hardware stores for about $20 and up. California law states that anyone who does not comply with the law may face a $200 fine. However, residents will receive a notice of 30 days to correct any violations before they are fined.
Dear Michael: I just listed my home for sale and we got an offer within two days. It is a very good offer over asking. Should I accept it or wait and see if anymore offers will be coming my way?
Answer: Consider yourself lucky you have received an offer in such a short period of time. We are in a seller’s market. Waiting for additional offers to come in could be a good strategy. If you plan on doing a weekend open house and your property is well priced then chances are you may have other offers. In our current market holding off and hoping for additional offers can be a good strategy, but don’t wait too long. If after your first open house you don’t have any other offers then it’s time to negotiate with buyer No. 1. Our current market allows sellers the luxury of waiting. Your Realtor can help you strategize. This can be a very stressful situation for a seller so whatever decision you make, make sure you stick to it. When you close escrow you’ll be glad it’s all over and moved on.
Dear Michael: If I become the owner of a home property by a quick deed, am I responsible for any delinquent taxes?
Answer: That would most likely depend on where the property is located but the most common answer to that question is YES! Property Taxes, Mortgages, Liens, and other encumbrances are tied directly to the property, not the person that owns it. For instance, the IRS has the right to place a tax lien on your property if you are delinquent on your taxes. That lien is then attached to the property. If you quit claim your home to your brother, then the lien follows the property and your brother will have to pay the lien off when selling or refinancing the property. Never obtain a property without research. At the very least run a title search, and check with any other entity that may have the right to lien the property. This will give you a general idea if there of the properties status. However, there may also be judgments and other liens attached to the property that you can’t find on your own and can become a burden to you. It is highly advisable that you have a title company do a complete title search on the property before you have it deeded to you; it is well worth the expense.
Michael Kayem is a Realtor with Re/max estate properties serving Culver City and the Westside since 2001. You can contact Michael with your questions at 310-390-3337 or e-mail them to him at: homes@agentmichael.com
