How Proposition ULA (Mega Mansion Tax) Will Affect Property Owners in Los Angeles  


   

If you own a property in Los Angeles that is worth more than $5 million, you may be wondering how the recently passed Proposition ULA will affect you. Proposition ULA was a ballot initiative that was approved by voters on November 8, 2022 with 57.77% of the vote and became law January 1, 2023. It imposes a new tax on the sale or transfer of properties valued over $5 million to fund affordable housing and tenant assistance programs.  

According to the initiative, the tax rate is 4% for properties sold or transferred for more than $5 million and 5.5% for properties sold or transferred for more than $10 million. The tax applies to both residential and commercial properties, and it is effective for sales or transfers effective April 1, 2023. The tax revenue will be collected in a special fund called the House LA Fund, which will be used to finance projects ...

#leaseoptionprogram #leasewithoptiontobuy #renttoown #trybeforeyou #homepartnersofamerica

Introducing an easy way for homeowners to buy a new home before selling their current home.  Knock Home Swap program makes the transition easy and smooth. Contact us today to see if your home qualifies. 
 

HAVE YOU INHERITED A PROPERTY?

Selling an inherited property can be a complex process; especially if you have other competing priorities such as making final arrangements for your loved one, working with attorneys, dealing with family members, and other businesses affairs you may need to look after. However, if you are working with the right team of real estate professionals it can mean a load of stress off your shoulders and a step closer to finalizing your loved one’s estate.


TIPS FOR THE PROBATE PROCESS

WHAT IS A PROBATE?
Probate is a legal court process for the transfer of assets such a house, cars, stocks, bonds, boats, etc. from the deceased person's name to his or her estate so they can be sold or distributed to their heirs. The court appoints a person to be in charge of the estate, as the personal representative. The personal representative is known as the Executor or Administrator and will be given Full Authority or Limited Authority. ...

If you are facing the unfortunate window of foreclosure and can no longer afford to make payments on your home, or investment property, you are not alone and may have options. 

Immediately contact your loan servicer or bank in which you are making your mortgage payments to. Briefly explain your situation and ask about your available options.

Here are some options that may be presented to you:
Repayment Plan, Loan Modification, Refinance, Short Sale, Standard Sale.

REPAYMENT PLAN
A repayment plan lets you spread out your past due amount over several months being added to your current mortgage to bring it current.
LOAN MODIFICATION
A loan modification is a change to the original terms of your mortgage loan and does not pay off your current mortgage. For example, the modification may include extending your loan term, modifying your interest rate, or changing your loan from adjustable to a fixed rate term.  

REFINANCE
Refinancing ; ...