According to a national study, 55% of consumers do not understand the different types and meanings of “Agencies” in a real estate transaction. Agency identifies the relationship a REALTOR® has when representing a principal in a property sale. The three types include a Buyer’s agent, a Seller’s (or listing) agent, and a Dual agent, one who represents both Buyer and Seller. A Dual Agency can also be two different REAL-TORS® from the same Brokerage representing each side. The critical component in every Dual Agency relationship is, it must be disclosed and approved by all parties.

Dual Agency is permissible in CA, as in most States. Included in the Listing and Purchase Agree-ments are several forms and sections that identify the role of a REALTOR® to be signed by all parties. In my experience, it is an occasional Seller who may initially object to a Dual Agency until they understand how one agent can remain faithful and provide advice when representing both sides. Dual Agency is a standard busi-ness practice and knowing the boundaries is the ethical part. For example, I include a clause in a Listing Agreement stating: Agent is not to provide offer information to Buyers and/or their agent unless Seller approves.

Knowing the disclosure boundar-ies in a Dual Agency transaction can create a seamless transaction for all parties. Having one less person involved, there is less chance of misunderstood com-munication, no game playing, and no phone tag. There are also "cautionary" procedures in a Dual situation to involve the office manager when reviewing offers.

It is important to remember that a REALTOR® is a facilitator, an edu-cator, and not a decision-maker. The Seller ultimately decides the asking price, and a Buyer knows what they want and can afford to pay. Together they decide the final price and terms.

Dual Agency is staying around. It is the Agent who must educate their client(s) by answering ques-tions that will help them to under-stand the fiduciary responsibilities

of a REALTOR®. If you trust your agent to represent you, then trust a Dual Agency.

This subject bears repeating because there is a penalty for non-compliance. Everyone needs to read this:

The Assessor’s Office must be notified upon the death of a property owner within 150 days of the date of death, or if the estate is probated, at the time the inventory and appraisal is filed. The Change in Ownership-Statement Death of Real Property Owner form (BOE-502-D/ ASSR-176) is required to be completed and submitted to the Assessor’s Office, even if the decedent held the property in a Trust.

Failure to file a Change in Ownership Statement within the time prescribed by law may result in a penalty of either $100 or 10% of the taxes applicable to the new base year value of the real property or manufactured home, whichever is greater, but not to exceed $5,000 on property eligible for the homeowners’ exemption, and $20,000 for property not eligible for the homeowners’ exemption if that failure to file was not willful. This penalty is added to the assessment roll and is collected like any other delinquent property tax and is subject to the same penalties for nonpayment.

Contact your estate planning attorney (and update your Trust as needed) or complete a form found on the Assessor's website.

Anticipated mortgage rates and home values for 2023 are fluctua-ting with the wind. A few more in-terest hikes of .25% are expected, but Buyers have accepted that loans will not return to the unpre-cedented low rates of the COVID era. In SoCal, our inventory re-mains low, which seems to be stabilizing purchase values, for now. When owners are ready to sell and Buyers are ready to buy, that will be the right time for each.

GreenLancer website

In 2018, California created a mandate that new single-family homes and multi-family dwellings up to three stories high must install solar panels. The mandate took effect on January 1, 2020, and is part of California’s building codes.

Solar systems on new construc-tion projects must have the capacity to provide all the power needs on an annual basis. Because these properties haven’t been inhabited in the past, builders estimate the electricity needs of the home based on the climate zone and square footage. In the future, new homes will be required to have wiring that enables an easy transition from gas appliances and heating to all-electric and to be “solar-ready” to easily add solar storage capacity. Existing homes are not usually required unless they are undergoing extensive updates.

The Golden State is serious about transitioning to renewable energy to phase out fossil fuel consump-tion and reduce carbon emissions. CA is the only state requiring solar systems on new construction projects.

Effective January 1, 2023, more laws went into effect requiring many new commercial buildings to have solar panels and battery storage. The commercial buildings included in this change are: high-rise residential projects, hotels, offices, medical offices, health clinics, retailers, grocery stores, restaurants, schools and civic spaces.

According to estimates, the mandate increases the cost of a new home by roughly $8,400. However, estimates also indicate the solar system would reduce energy bills by an estimated $80 a month.

The world of luxury is a sight to behold. Coldwell Banker Realty created two websites that provide news, reports and estates for sale around the world for your viewing pleasure, click here to enjoy.

If you want to view just U.S. lux-ury estates for sale, click here.

See the column below, Priciest Homes in 2022, for more luxury.

The last issue of my Real Estate Newsletter includes an article, "Listing Exposure" about the numerous ways a property for sale is revealed to the public. It outlines where each Westside listing in the CLAW-MLS is seen, and added exposure for only Coldwell Banker Realty property listings.

Now, every property listed for sale in the CLAW-MLS will have International exposure. Just unveiled is a new website called TheiMLS.com for access by REALTORS® and the public alike.

iMLS for Buyers and Sellers

- The Global portal has listings in 100+ countries in 100+ languages, as well as a full agent/broker membership platform

- Offers the ability to search for Residential, Commercial and New Development properties, as well as a search for real estate agents anywhere in the world

- Having your property listed on The iMLS along with the local MLS will increase your property's exposure throughout the world

- The iMLS search provides your property listing with additional global exposure. From Florida to Spain, from France to Los Angeles, The iMLS search has been delivered to agents to share listings and commissions on behalf of their clients

- Your listing can be syndicated by iMLS agents to 100+ Global real estate portals in 60+ countries attracting 145m viewers/month see here

- Tips: Emptying a loved one's home. Heed my words, "the great-est gift you can give to your children is a cleaned-out home". Decades of stored, unused, broken, expired, past due, yellowed, dirty, and hazardous junk is a nightmare for your children to handle while they deal with the emotions of loss.

- Measure GS: The Santa Monica mansion tax that went into effect on March 1st is a sunset law and expires in ten years unless voters extend it. Unlike Measure ULA in Los Angeles, which is on-going.

- Expensive Cities: The 2022 top ten most expensive cities in the world to live in have Singapore and NY tied for 1st place, LA and Hong Kong tied for 4th.

If it wasn't for the sale of real estate, the world-famous HOLLYWOOD sign may never exist.

In 1923, a real estate developer installed a 50' billboard, five feet higher than today's sign, that read HOLLYWOODLAND. It was an ad to sell houses and plots of land to create a residential community below the sign, not far from the Hollywood reservoir. Today the area is still known as the Hollywoodland Homeowners Association.

The real estate billboard, in its present day location, was surrounded by 4,000 20-watt light bulbs, employing one man to ensure each remained lit. The original plan was to keep the sign installed for only a year and a half, but the sign remained for 17 years until the early 1940s.

Finally, in total disrepair, the locals complained about the eyesore. At a time when television was becoming the entertainment of choice, the local LA Chamber of Commerce decided that the film industry needed a boost. In 1949 a new sign was installed that was shortened to read HOLLYWOOD, a symbol of the industry that is all of LA. Now you know the real story!

"I have had the luxury of working with many different Realtors in my life, but to say this was my favorite and the best experience is an understatement. Cynthia was a pleasure to work with. Beverly Hills has a lot of Realtors and those Realtors have a lot of attitude that come with them. Cynthia was far from your normal, long-term Realtor. She was 100% honest, no BS, and a straight shooter. She wasn't going to tell me what I wanted to hear, she was honest and straightforward. She wanted to make sure that I knew what I was getting myself into rather than trying to make a quick commission. She truly did her best in helping us. I have not only found a Realtor for life, but a true friend through the process."

view here and click to photo #3.

Just days before the COVID eviction moratorium was to expire (which is now extended to March 31st), the LA City Council imposed new laws to help City-based tenants. But, causing more blows to City landlords.

- Just cause: A landlord must have a reason to pursue eviction, which now applies to single-family homes and other dwellings that were previously exempt.

- Only 14 reasons: Landlords can evict tenants for only one of 14 reasons. The most common circumstances are non-payment of rent; the tenant is determined a “nuisance” or is causing damage to property. Landlords may evict a tenant if the owner, a spouse, or certain family members intend to take back the property as a primary residence. Also, if the owner seeks to demolish or substantially remodel the property or converts the property into affordable housing or non-residential use.

- Moving fees: More tenants may be able to collect moving expens-es, which include: $9,200 for those who have resided for three years; $12,050 for longer tenancy; and those who are disabled or over the age of 62 may collect $22,950.

- Rent caps: City and State laws restrict annual rent increases at 5% plus an inflation rate or a 10% cap, whichever is lower.

In a separate sunset ordinance, the Council outlines protections for renters who could not pay rent as a result of factors caused by the pandemic.

The life of a water heater is 10-12 years before it needs replacing. Most likely your current appliance is heated by gas. However, by 2030 all of CA wants to be off of fossil fuel appliances and to be the first all-electric State. Whether the grid will be ready is questionable.

Planning for that switch is some-thing to ponder when replacing the water heater. Consider a "heat pump" water heater. While the efficiency of this electric hybrid appliance is 90-95% efficient, it is more expensive. And, since it takes longer to recover hot water, a larger tank is recommended.