AZ<\/p>\n
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aig<\/p>\n
Laguna Woods Village\u2019<\/p>\n
AUGUST 21, 2024, SUMMER REAL ESTATE FORUM<\/p>\n
ANSWERS TO REALTOR QUESTIONS<\/p>\n
FINANCIAL REQUIREMENTS<\/p>\n
United Mutual\u2019s financial requirements allow income and assets to be calculated collectively when<\/p>\n
more than one prospective applicant wishes to acquire an ownership interest. Can Third Mutual<\/p>\n
have the same requirement?<\/p>\n
Staff will bring the matter to the appropriate committee for consideration.<\/p>\n
Third Mutual\u2019s new financial requirements are too high for lower-priced condos. Please consider<\/p>\n
the large range of prices for condos and lower requirements for lower-priced properties.<\/p>\n
Third Mutual\u2019s financial requirements were recently adjusted to align with the rate of inflation and<\/p>\n
will become effective January 1, 2025. It is recommended that realtors who are members of Third<\/p>\n
Mutual attend board meetings to voice their concerns.<\/p>\n
GATE ACCESS<\/p>\n
What happens if | try to enter a gate that doesn\u2019t have my open house listed?<\/p>\n
To list an open house at the gates, realtors must post their open house on the MLS by Thursday<\/p>\n
afternoons. On Friday mornings, all MLS listings are sent to the Security Services Department, which<\/p>\n
sends a list of all open houses to the respective gate closest to the unit. If realtors are unsure which<\/p>\n
gate they or their prospective clients need to enter, please contact the watch commander at 949-580-<\/p>\n
1400.<\/p>\n
If 1 sign a guest in via dwellingLIVE, does the registration QR code emailed to me or my guest expire<\/p>\n
once the pass is printed?<\/p>\n
Yes, once the code is shown at the gate and the pass is printed, the code becomes invalid.<\/p>\n
How can | enter Gate 12 to show the golf course, Clubhouse 2 and 19 Restaurant & Lounge with<\/p>\n
prospective clients? | have been turned away when | show my driver\u2019s license and business card<\/p>\n
and\/or my business pass.<\/p>\n
Realtors should be allowed entry if they hold a vendor\/business pass. Please call the watch<\/p>\n
commander’s office at 949-597-4257 for assistance.<\/p>\n
Can realtors who do not reside in the community call in guests\/prospective buyers through gates?<\/p>\n
Only member\/owners can call visitors through the gates.<\/p>\n
What is the proper procedure for allowing realtors through a gate?<\/p>\n
Realtors can obtain gate entrance upon presentation of a business pass or a valid driver’s license and<\/p>\n
a real estate business card to the gate ambassador.
\nIs there a way for sellers to access the community and use GRF facilities after they have turned in<\/p>\n
their ID card to avoid the $125 charge?<\/p>\n
If a seller does not have an RFID vehicle decal, they may request a temporary gate access pass from<\/p>\n
Resident Services in the Community Center at 24351 El Toro Road. If they wish to use the facilities,<\/p>\n
they or the listing agent must contact the Community Services manager, who will inform the<\/p>\n
appropriate staff member to allow access.<\/p>\n
GENERAL\/OTHER<\/p>\n
How does one fix or control radiant heat issues?<\/p>\n
Email or call Resident Services (residentservices@vmesinc.org; 949-597-4600) to create a service ticket<\/p>\n
Is there a list of SB 326 balconies that have already been inspected?<\/p>\n
A project report will be available by the end of January 2025. However, find a list of all balconies that<\/p>\n
were scheduled for inspection at lagunawoodsvillage.com\/residents\/maintenance.<\/p>\n
How does one get reimbursed for clean-up after rain damage?<\/p>\n
The bill should be submitted to Resident Services, who will transfer the matter to the correct<\/p>\n
department. The request will be forwarded to the appropriate committee and then to the board for<\/p>\n
final action.<\/p>\n
What are the assessment fees for 2025?<\/p>\n
The final budgets are typically adopted by the respective boards in September, but the final<\/p>\n
assessments won\u2019t be available to the public until the business plans are published toward the end of<\/p>\n
the year.<\/p>\n
Will the mutuals ever consider repiping all of the units?<\/p>\n
Epoxy lining projects are budgeted for copper pipe water lines in buildings that experience a high<\/p>\n
frequency of leaks. Repiping in units occurs only when leaks are an isolated event. Members may<\/p>\n
repipe their units, but once that happens, the pipes become an alteration and the member incurs all<\/p>\n
liability.<\/p>\n
The real estate signage rules and regulations state that open house signs may be present on<\/p>\n
Saturday and Sunday from 10 a.m. to 5 p.m. Sometimes that is not enough time to place signs and<\/p>\n
prepare for the open house. Is it possible to change the time to 9 a.m. to 5 p.m.?<\/p>\n
Staff will bring the matter to the appropriate committee for consideration.<\/p>\n
If a chargeable service is required prior to sale (i.e., a water heater), how can this be handled when<\/p>\n
the owner has passed away?<\/p>\n
In Third Mutual, the selling member\/successor trustee is required to replace the water heater if it is<\/p>\n
over 10 years old. The listing agent should check the age of the water heater\/any item that would<\/p>\n
require repair and instruct the member\/successor trustee to submit a chargeable service request to<\/p>\n
Resident Services before ordering the first resale inspection. A member may choose to replace a<\/p>\n
water heater on their own and at their expense if timing is an issue. In this case, a water heater<\/p>\n
replacement form must be completed through Manor Alterations. United Mutual has an active water<\/p>\n
heater replacement program overseen by Village Management Services.<\/p>\n
2
\nLEASING<\/p>\n
1. The 30% lease requirement was only for Fannie Mae\u2019s requirement; Fannie Mae no longer backs up<\/p>\n
loans for Third Mutual. Why is this restriction still required?<\/p>\n
Civil Code \u00a74741 states that \u201cA common interest development shall not adopt or enforce a provision<\/p>\n
in a governing document or amendment to a governing document that restricts the rental or lease of<\/p>\n
separate interests within a common interest to less than 25% of the separate interests. Nothing in this<\/p>\n
subdivision prohibits a common interest development from adopting or enforcing a provision<\/p>\n
authorizing a higher percentage of separate interests to be rented or leased.\u201d<\/p>\n
How can children who want to purchase units for parents establish residency for them without<\/p>\n
affecting the leasing cap? How can it change from lease to occupancy\/owner occupancy?<\/p>\n
Per United Mutual\u2019 s financial requirements, income and assets can be calculated collectively when<\/p>\n
more than one prospective applicant wishes to acquire an ownership interest; the applicants must be<\/p>\n
age qualified (at least 55 years of age).<\/p>\n
For Third Mutual, staff will bring the matter to the appropriate committee for consideration.<\/p>\n
At this time, the guarantor program is available to assist their parents in the event the applicant is<\/p>\n
unable to satisfy the financial requirements set forth in the mutual\u2019 s governing documents.<\/p>\n
Guarantors in United Mutual and Third Mutual must be of legal age to execute a contract.<\/p>\n
TERMITE INSPECTION<\/p>\n
Do the mutuals have termite fumigation programs?<\/p>\n
California laws require the mutuals to fumigate entire buildings shown to have dry-wood termites,<\/p>\n
limiting further mutual property damage and avoiding costly structural repairs. Fumigation is<\/p>\n
performed when evidence is found.<\/p>\n
Can a seller hire a third-party termite inspector?<\/p>\n
The seller or the listing agent may use any licensed Branch 3 termite company at their own expense;<\/p>\n
however, an outside company will not know what parts of a building are original and, therefore, the<\/p>\n
corporation\u2019s responsibility, and which ones are alterations and the member’s responsibility.<\/p>\n
Newport Exterminating, the exterminator on contract, identifies who is responsible in each report.<\/p>\n
Staff reviews each report for accuracy and opens work orders for any items that are the corporation\u2019s<\/p>\n
responsibility. If an outside inspection company is chosen, please email the report to Dennis Moore<\/p>\n
(dennis.moore@vmsinc.org) who will open any necessary work orders. The escrow company usually<\/p>\n
is responsible for giving the report to the buyer and securing a signature to verify they have read and<\/p>\n
understand the report.<\/p>\n
How frequent are termite inspections\/localized treatments performed?<\/p>\n
They are performed as needed and driven from service calls.<\/p>","protected":false},"author":2,"featured_media":0,"template":"","document_category":[1712],"document_type":[53],"class_list":["post-50643","document","type-document","status-publish","hentry","document_category-realtor-forum-qa","document_type-other"],"acf":{"document":48492,"resolutions":null,"legacy_id":"9974","pdf_extracted_text":""},"yoast_head":"\n