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Requirements for New & Renewed Rental Agreements under AB 1482

For many rental housing providers, July 1, 2020, is an important date as there will be additional notice requirements in new and renewed rental agreements under California’s Tenant Protection Act (AB 1482).

The below information was shared by our colleagues at the Law Offices of Todd Rothbard and outlines the requirements in more detail. We thought our readers would find this information useful.

July 1, 2020 marks an important deadline for a few requirements of the 2020 Tenant Protection Act:

  1. Owners of single-family homes are required, beginning on July 1, 2020, to include the exemption language in each new lease and lease renewal.  If they do not, then their property is NOT exempt.  The required exemption language is included in the attached addendum

  2. Owners of units that are subject to the law, beginning on July 1, 2020, must include a statement that the tenancy is subject to the law in each lease and lease renewal.  The required language is included in the attached addendum.  For leases entered into prior to July 1, 2020, the exemption must be giving to each tenant that is subject to the law, either as an addendum (which they sign) or as a notice (which they are not required to sign), on or before August 1, 2020

  3. In order for an owner to have the right to terminate a tenancy so they or their family can move into a unit, a clause indicating the right to do so must be in each lease and lease renewal beginning on July 1, 2020.

Owners may use the attached addendum to comply or may include the required language in your lease directly.

Paul Getty

Paul Getty is a licensed real estate broker in the state of California and Texas and has been directly involved in commercial transactions totaling over $3 billion on assets throughout the United States. His experience spans all major asset classes including retail, office, multifamily, and student, and senior housing. Paul’s transaction experience includes buy and sell side representation, sourcing and structuring of debt and equity, workouts, and asset and property management. He has worked closely with nationally prominent real estate brokerage and investment organizations including Marcus Millichap, CB Richard Ellis, JP Morgan, and Morgan Stanley among others on the firm’s numerous transactions. Paul also maintains a broad network of active buyers and sellers of commercial real estate including lenders, institutions, family office managers, and high net worth individuals. Prior to founding First Guardian Group/FGG1031, Paul was a founder and CEO of Venture Navigation, a boutique investment banking firm specializing in structuring equity investments made by institutions and high net worth individuals. He possesses over 35 years of comprehensive worldwide business management experience in environments ranging from early phase start-ups to multi-billion-dollar corporations. His track record includes participation in IPOs and successful M&A activity that has resulted in investor returns of over $700M. Paul holds an MBA in Finance from the University of Michigan, graduating with honors, and a Bachelor’s Degree in Chemistry from Wayne State University. Paul Getty holds Series 22, 62, and 63 securities licenses and is a registered financial representative with LightPath Capital Inc, member FINRA /SIPC. Paul is a noted speaker, author, and actively lectures on investments, sales, and management related topics. He is author of The 12 Magic Slides, Regulation A+: How the JOBS Act Creates Opportunities for Entrepreneurs and Investors, and Tax Deferral Strategies Utilizing the Delaware Statutory Trust (DST), available on Amazon and other retail outlets.

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