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Monday, January 21, 2013

South San Francisco Rejects Inspection Ordinance

South San Francisco Code Enforcement has been requiring inspections of homes at time of sale.

It originally began as inspections only for smoke detectors and water heaters.


It expanded into an inspection for building permits.  It was beyond health and safety concerns.

Due to an outpour of concern from Residents and the San Mateo County of Realtors, on Jan, 16 South San Francisco City Council voted to "Table" the issue of Point of Sale Inspections.  Mayor Pro Tem Karyl Matsumoto said the issue is "dead".

I thank you for your support in defeating this.

As of now the inspections are no longer required although if you would like I do believe the city will inspect your home at no charge if you request it.

For further information:



It is still required for South San Francisco Home Sellers to perform a sewer lateral inspection and to meet compliance prior to a home selling.




New Laws and Taxes for Home Owners and Investors for 2013

There is no change as of now to the Mortgage Interest Deduction!
Capital Gains rate remains at 15% for incomes up to $400,000 for single filers and $450,000 for joint filers. Over those limits capital gains tax increases to 20%.
As a single filer selling your primary residence you are still entitled to $250,000 of tax free gain and $500,000 for joint filers.
Estate Taxes are exempt from estate tax if the estate is valued less than $5,000,000 for single tax filers and $10,000,000 for joint filers. Above those limits the tax rate increased to 40% from 35%.
If a portion or all of your mortgage debt was cancelled relief is extended through Dec. 31, 2013.
3.8% tax on investment income begins now. It applies to home sales, interest, dividends, capital gains and net rents. This is a very complicated tax. If you are selling your primary residence you are still entitled to the $250,000/$500,000 tax free. This affects only those with $200,000 of AGI or $250,000 for joint filers.
Mortgage Insurance premiums remain deductible for tax filers making less than $110,000.
15 Year Straight-line cost recovery on leasehold improvements is extended through 2013.
Energy Efficiency Tax credits remains in force through 2013.
For any of the above Tax issues, I strongly recommend speaking with your tax advisor.
New Rental Property Laws
AB 1679 – Allows return of security deposits directly to a bank account designated by the tenant.
AB 1925-Limits tenant relocation costs in San Francisco to $275.00 per day.
SB 1055- Prohibits a landlord from requiring Electronic Funds Transfers as the only type of payment.
SB 1229-Prohibits a landlord who allows a pet to require that the pet be declawed.
SB 1191-Requires a property owner (1-4 units) who has received a notice of default to inform a prospective tenant.
SB 1953-Prohibits a Landlord from proceeding with an eviction if the above notice compliance has not been met.
AB 2521-Increases the threshold for tenants’ abandoned property from $300.00 to $700.000 before requiring a Landlord to take additional steps to dispose of the property.
AB 1186- Eliminates frivolous suits over Building ADA Accessibility.
AB 2610- Requires a 90-day notice on month to month tenancy on foreclosed property and requires that a lease be honored to the end of its term, unless sold to a buyer who will occupy the home (some other exclusions apply)
AB 1394- Requires before Jan. 1, 2016 a smoke alarm be installed in each bedroom. As of Jan. 1, 2013
Carbon Monoxide Detectors are required in all Single Family and Multi-family properties.
On January 16, the South San Francisco City Council unanimously rejected a proposed ordinance mandating private property inspections before the city would allow residents to sell their home.