Dear Michael: I am renting an apartment and my lease is set to expire at the end of July. My landlord has informed me that he will not renew my lease. I have two questions. A) How long does the landlord need to notify me to move out and how long can I stay after the expiration of my lease? B) Do I have the right to ask the landlord for moving expense?
Answer: If a tenant has lived in the premises for more than one year, the landlord must provide at least 60 days’ notice to vacate. If the tenant fails to vacate within the appropriate notice period, or fails to correct his/her breach of the agreement, the landlord may pursue an eviction action. There are a number of reasons for eviction. Your landlord can give you the boot if you violate the terms of your tenancy, break the law, don’t pay your rent or create a nuisance for other tenants. But there are also scenarios in which your landlord can evict you for no reason at all. This power is limited depending on the details of your rental agreement and the city in which you live in. Additionally, the type of housing you are renting can also play a factor. State law protects you from being evicted for discriminatory reasons such as your sex, religion or race. The law also protects you from being evicted for retaliatory reasons, such as having complained to the landlord about something that needed fixing, or fixing it yourself and deducting the cost from your next rent payment, or initiating legal action against your landlord because of the condition of your rental unit. More generally, you cannot be evicted for exercising any legal right that inconveniences the landlord. Some jurisdictions in California have landlord-tenant rules that go above and beyond the state’s laws. According to the California Department of Consumer Affairs, “Some rent control cities require ‘just cause’ for eviction.” The specifics depend on where you live, so your first step should be to look at your city’s website. You can also call the Los Angeles housing Right Center at (800) 477-5977. You can always ask your landlord for moving expenses but he is in no way obligated to comply.
Dear Michael: I am purchasing a home and my Realtor is suggesting that I remove my appraisal contingency. Why must I remove my appraisal contingency?
Answer: If you are purchasing a home and are in multiple offers, chances are the price of the home has gone above the asking list price. The concern for the seller is that his/her home may not appraise at the new selling price, which means that the buyer could cancel the purchase. When asking the buyer to remove the appraisal contingency the seller is securing himself/herself with a guarantee that the buyer will make up the difference between the appraised value and the selling price. Please note, that if you refuse to accept the terms for removal of appraisal you are then minimizing your chances to purchase this home. When in multiples you can assume that one of the other buyers will accept the seller’s terms of the counter, so be as aggressive as you can without putting yourself at risk. Remember this is a seller’s market!
Dear Michael: I want to refinance my home. Is this a good time to refinance?
Answer: Mortgage rates are still considered low. If you can qualify for refinancing, you may want to investigate the possibilities and lower your mortgage payments. Refinancing involves paying many of the same fees paid at the original closing, plus origination and application fees, so you will have to calculate if it is worth it. Most experts agree that you should plan to be in your house for at least a minimum of two years in order to have a positive return on your refinance cost. Refinancing will also involves lender qualification, which includes: income-to-debt ratio, credit score, proof of employment and appraisal. When considering refinancing please stay away from the “We can refinance your home for free at no cost and no fees!” schemes. Choose your lender wisely. Look for financial stability and a reputation for customer satisfaction. Be sure to choose a company that gives helpful advice and that makes you feel comfortable. A lender that has the authority to approve and process your loan locally is preferable, since it will be easier for you to monitor the status of your application and ask questions. Plus, it’s beneficial when the lender knows home values and conditions in the local area. Do research and ask family, friends, and your real estate agent for positive recommendations.
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.