Jul 3, 2010

Owner-Builder Law Eases Requirements

EFFECTIVE JULY 1, 2010, the Owner-Builder law is revised as follows:

(1) Allowing an exemption for the sale or lease of a property by an owner builder prior to the expiration of the one-year prohibition period in the event of hardship;
(2) Defining when a construction or improvement is completed (ie. 12 months from when the permit is "closed");
(3) Exempting improvements pursuant to an approved building permit where the estimated valuation as reflected in the building permit is less than $10,000;
(4) Establishing fines for the failure of an owner-builder to comply with the requirements set forth in the disclosure statement provided to the owner-builder by the county. Effective July 1, 2010.

The revised law also seems to indicate that a person can only be an Owner-Builder once every 2 years.

You can read the full measure here.