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Deed restrictions aren't a bad thing...usually. Have you used the AR data base of agents to find an agent that can help you? I might recomment, Jeff Dowler CRS , Endre Barath, Jr. and Ryan Huggins - Thousand Oaks, CA . Those are some great CA agents that are members of AR that might be able to help you out.
Ryan Huggins - Thousan...
Thousand Oaks, CA
Endre Barath, Jr.
Beverly Hills, CA
Jon Kolsky is a great agent to work with if you'd like to refer out....(I know you are in the same county).
Long Beach, CA
I own a deed restricted property and have sold them. Disclosure of the deed restrictions is all my attorney has ever told me to do. Never has affected a loan.
Contact Jon Kolsky 562.225.2296.
Long Beach, CA
Search ActiveRain roster for Long Beach, CA for Activerain members. If you need help email me firstname.lastname@example.org
Hope this all worked out well.
Jada Dunomes ~ it was nice speaking with you yesterday, I really appreciate the call. After speaking with my RE lawyer and title rep, it seems there are two issues. As Lyn mentions the deed restriction can not discriminate. You'll need to pull a prelim and see what it actually says. Once you find out more about the deed restriction, then it is probably off to the city to find out more about what constitutes low-income.
Anyway, you got some amazing responses from the AR community, and I want to personally thank Praful, Roger, and Michael for thinking about me
Jada ... This proposed listing at Long Beach might be like many others in Orange County and/or Southern California.
Be sure to work with an experienced title officer who will provide you with best information. Such deed restrictions come in all shapes and sizes, such as covenents running with the land and income limit qualifications for buyers.
Thanks to Endre Barath, Jr., for the mention at his comment.
I don't know CA real estate; however I don't think it would be a problem.
Good morning Jada. As usual, Ken some very good answers to questions like this.
Should not be a big deal. Find out what are those restrictions and disclosure.
This is the kind of thing I'd run by my favorite title attorneys before starting to market the listing.
Any good Title Officer worth his money can identify if the Restriction is legitimate or not. I would suggest a Preliminary Title Report first from a Reputable Title Co. Realtors are secondary in a situation like this... and a local agent can do the job if he or she is seasoned.... Harrison K. Long might be a good choice too if your clients want to choose from more than one agent..
Debbie Laity thank you for the mention... unfortunatly it is not my area ...hope my comment might help, Endre
I don't, but consider contacting the city for the guidelines. What I usually see in listings are the income limits that apply to the number of people in the family and a link to the page on the city website for additional details.
So the deed restrictions are what they are. Can't discrimiate in any form I believe. I'm not sure your 2nd sentence about moderate income folks can be enforced any longer. Call HUD or someone you trust in Fair Housing.
See but then if the condo is over 700K it's not likely to happen is it?