SPRING IT ON! March 2025 Newsletter

When we have clients who are looking to make a simple change to their title, we send them to In A Pinch. This Document Preparation Service offers self-help legal services with quick turnaround, smooth systems, professional staff, and considerably low fees! All of their services can be done without calling an Attorney, Escrow, or Title Company. If you're looking to add or remove someone from title, transfer your property into a trust, remove a lien or "cloud" on title, or transfer title, then this is a great company to check out or keep in your back pocket.

In A Pinch Website

If you read our last closing story, then you know that there is a new balcony inspection law for all multi-unit properties (3+ units) and all HOAs with elevated exterior elements (EEEs). EEEs are classified as 6 feet or higher (such as balconies, decks, outdoor hallways, or stairs). The inspection laws were created to improve safety after a tragic 2015 balcony collapse in Berkeley that took 6 people's lives and injured 7 others. In response, Senate Bills SB271 and SB326 now require stricter safety standards for EEEs. If the property is identified as a multi-unit/complex, then the complex must be inspected by a licensed architect, engineer, or general contractor by 1/1/26. The building owner, corporation, or property management company is responsible for maintaining and repairing the balcony... If you're living in an HOA, your HOA is responsible for having the inspection done and paying for the repairs.

This important if you're looking to purchase a condo in the near future. Read our most recent closing story for our first hand experience. If your HOA is not properly funded, the expensive repairs could very well be force-funded through a special assessment to homeowners in the complex. All property managers, multi-unit and condo owners should be aware of this brand new law!

Do you need a 20% downpayment to purchase a home? No. There are plenty of options to put down way less of a downpayment!

Is Private Mortgage Insurance (PMI) added to every buyer's monthly payment? No.  Buyers that go with an FHA loan have PMI for the entire length of their loan. Buyer's that go with a Conventional loan only have PMI if they put down less than 20%, and keep paying it until they own 20% equity in their home.

Oftentimes, people will touch the bottom of their savings account to try and put 20% down.

We want to tell you about an option where you don't have to put down all of your savings. Instead of putting all your savings into your down to hit that 20%, talk with your lender and strategize what's a good amount under 20% to keep you at a good interest rate.  Keep the extra funds in your savings until you close escrow.  Once you close, use the money that would've gotten you a bigger downpayment to immediately renovate your new home & add value to it!  This is how you build sweat equity, instantaneously increase your home's value.  Sometimes the sweat equity helps you hit that 20% down mark now that your home is worth more money than when you bought it, helping you quickly get rid of your PMI!