Foreclosure News & Notice of Default with your Tenants.
Landlord Must Disclose Notice of Default to Prospective Tenants:
Starting January 1, 2013, every landlord who offers for rent a
residential property containing one-to-four units must disclose in
writing to any prospective tenant the receipt of a notice of default
that has not been rescinded. This disclosure must be made before
executing a lease agreement. If a landlord violates this law, the tenant
can elect to void the lease and recover one month’s rent or twice the
amount of actual damages, whichever is greater, plus all prepaid rent.
If the lease is not voided and the foreclosure sale has not occurred,
the tenant may deduct one month’s rent from future amounts owed. The
written disclosure notice as provided by statute must be in English,
Spanish, Chinese, Tagalog, Vietnamese, and Korean. A property manager
will not be held liable for failing to provide the written disclosure
notice unless the landlord has given the property manager written
instructions to deliver the written disclosure to the tenant. This law
will expire on January 1, 2018. Senate Bill 1191.
Jim W Hildreth-Mediator