Los Feliz Real Estate Glossary: every term in plain English

A federal tax rule that lets investors defer gain by trading investment or business real estate for other like-kind real estate. The new property must be identified within 45 days and bought within 180 days.

Owning & investing·You’ll hear it: When you sell

Source: Internal Revenue Code §1031

A loan with a rate fixed for a set number of years, then adjusted on a schedule. A 7/6 ARM, for example, is fixed for 7 years, then adjusts every 6 months.

Financing·You’ll hear it: Getting ready

Source: Fannie Mae and Freddie Mac SOFR ARM products (for example 7/6)

A second home on the same lot, such as a backyard cottage or garage conversion. California law makes them easier to permit.

Owning & investing·You’ll hear it: Once you own

Source: California Government Code §66314 and following

The recorded document that clears a deceased trustee off title so the successor trustee can act.

Probate & trust·You’ll hear it: When you sell

The California form that explains who your agent works for. You sign it early, before you sign an offer or listing.

Buying·You’ll hear it: House hunting

Source: California Civil Code §2079.14

California requires agents to do a reasonably competent visual inspection of the accessible areas of a 1 to 4 unit home and disclose what they see. The AVID is the form agents use to write it up.

Escrow & closing·You’ll hear it: In escrow

Source: California Civil Code §2079; C.A.R. Form AVID

Paying a loan down over time with regular payments of principal and interest.

Financing·You’ll hear it: Once you own

A licensed appraiser's opinion of the home's value, ordered by the lender. Historic and hillside Los Feliz homes can be harder to compare.

Financing·You’ll hear it: In escrow

Lets the buyer cancel, or renegotiate, if the appraisal comes in below the price.

Escrow & closing·You’ll hear it: In escrow

The difference between the price and a lower appraisal. The buyer covers it in cash, negotiates, or uses the appraisal contingency.

Financing·You’ll hear it: In escrow

The rise in a home's value over time.

Owning & investing·You’ll hear it: Once you own

The yearly cost of the loan including certain fees, so loans can be compared on equal terms.

Financing·You’ll hear it: Getting ready

A sale where the seller makes no repairs. In California the seller must still disclose known problems, and the buyer can still inspect.

Buying·You’ll hear it: Making an offer

The value the County Assessor uses for property tax. Because of Prop 13 it is often far below market value for long-time owners.

Taxes & legal·You’ll hear it: Once you own

Source: California Constitution, Article XIII A

An offer accepted in second position. It moves up only if the first buyer's deal falls apart.

Buying·You’ll hear it: Making an offer

California requires periodic inspections of balconies and other elevated wood structures in many multi-unit buildings and condos.

Owning & investing·You’ll hear it: Once you own

Source: California Health and Safety Code §17973; Civil Code §5551

City of Los Angeles rules that limit how big a house can be on a hillside lot, based on lot size, slope and zone.

Owning & investing·You’ll hear it: Once you own

Source: Los Angeles Municipal Code §12.21 C.10

A short-term loan that lets you buy your next home before your current one sells.

Financing·You’ll hear it: Getting ready

The Los Angeles Fire Department's yearly requirement to clear brush around homes in fire hazard areas. LAFD inspects and can charge owners who do not comply.

Owning & investing·You’ll hear it: Once you own

Source: LAFD Brush Clearance program

The written agreement between a buyer and their agent that sets out the agent's duties and how the agent is paid. California requires it in writing no later than when you sign an offer, and each agreement lasts no more than 3 months. Under national practice since 2024, agents also sign one before touring homes with you.

Buying·You’ll hear it: House hunting

Source: California Civil Code §1670.50 (AB 2992, effective Jan 1, 2025); NAR settlement practice changes, Aug 2024

The licensed agent who represents the buyer, negotiates for them and guides the purchase through closing.

Buying·You’ll hear it: House hunting

When homes for sale outnumber buyers, buyers have more room to negotiate.

Buying·You’ll hear it: House hunting

California may require escrow to withhold part of the sale price for state income tax unless the seller qualifies for an exemption, such as selling a main home.

Taxes & legal·You’ll hear it: At closing

Source: California FTB Form 593

A rental property's yearly net income divided by its price. Used to compare investments.

Owning & investing·You’ll hear it: House hunting

Federal tax law lets you exclude up to $250,000 of gain ($500,000 for married couples filing jointly) when you sell a main home you owned and lived in for 2 of the last 5 years.

Taxes & legal·You’ll hear it: When you sell

Source: Internal Revenue Code §121

Rent collected minus all expenses and the mortgage payment.

Owning & investing·You’ll hear it: Once you own

An offer with no loan. It removes the loan and often the appraisal contingency, which many sellers value.

Buying·You’ll hear it: Making an offer

The Covenants, Conditions and Restrictions that set an HOA's rules. Buyers review them during escrow.

Owning & investing·You’ll hear it: In escrow

City approval needed for many exterior changes to a contributing building in an HPOZ or to a designated monument.

Owning & investing·You’ll hear it: Once you own

Source: Los Angeles Municipal Code §12.20.3 (HPOZ); Los Angeles Administrative Code, Cultural Heritage Ordinance

The city document showing a building's approved use. Comparing it to the home as it stands helps spot unpermitted additions.

Escrow & closing·You’ll hear it: In escrow

The City's base transfer tax of $2.25 per $500 (0.45% of the price), paid on sales in the City, including Los Feliz.

Taxes & legal·You’ll hear it: At closing

Source: City of LA Office of Finance, Real Property Transfer Tax FAQ

The day the deed records with the county and ownership changes hands.

Escrow & closing·You’ll hear it: At closing

Fees paid at closing beyond the price: escrow, title, lender and recording charges, prorated taxes and more. Your Loan Estimate and escrow's estimate show yours.

Escrow & closing·You’ll hear it: At closing

The final loan terms and costs. You must receive it at least 3 business days before you sign.

Financing·You’ll hear it: At closing

Source: CFPB TILA-RESPA Integrated Disclosure rule

An MLS status for a home that will list shortly. Rules limit showings while it is in this status.

Selling·You’ll hear it: When you sell

A California way for spouses to hold title that passes the home to the survivor without probate and can carry tax advantages.

Taxes & legal·You’ll hear it: In escrow

Source: California Civil Code §682.1

Recent sales of similar nearby homes, used to judge what a home is worth. In Los Feliz, comps from the same hillside or flat area matter more than distance alone.

Buying·You’ll hear it: Making an offer

An agent's study of recent comparable sales and current listings to recommend a list price.

Selling·You’ll hear it: When you sell

A lender's form asking the HOA about finances, insurance and lawsuits before approving a condo loan.

Owning & investing·You’ll hear it: In escrow

A loan that meets Fannie Mae or Freddie Mac rules and is within their size limit. Los Angeles County is a high-cost area, so its 2026 one-unit limit is $1,249,125.

Financing·You’ll hear it: Getting ready

Source: FHFA 2026 conforming loan limit values (high-cost ceiling $1,249,125; LA County at the ceiling), checked 2026-10-01

A condition that must be met, or removed, before the buyer is committed. The common ones are loan, appraisal and investigation.

Buying·You’ll hear it: Making an offer

The signed form (C.A.R. Form CR) by which a buyer gives up a contingency. After removing them, the buyer's deposit is generally at risk.

Escrow & closing·You’ll hear it: In escrow

Source: C.A.R. Form CR

A building inside an HPOZ that adds to its historic character. Exterior changes get closer review than for non-contributing buildings.

Owning & investing·You’ll hear it: Once you own

Source: LA City Planning HPOZ Preservation Plans

What you paid for a home plus qualifying improvements. Gain on a sale is measured from it.

Taxes & legal·You’ll hear it: When you sell

The seller's (or buyer's) reply that changes some terms of an offer. In California it is written on a Seller Counter Offer or Buyer Counter Offer form.

Buying·You’ll hear it: Making an offer

A probate hearing where a judge approves the sale. Other buyers may bid at the hearing.

Probate & trust·You’ll hear it: When you sell

Source: California Probate Code §10308

How many days a home has been listed. A long DOM can mean room to negotiate; a short one usually means strong demand.

Buying·You’ll hear it: House hunting

Your monthly debt payments divided by your gross monthly income. Lenders use it to judge how much you can borrow.

Financing·You’ll hear it: Getting ready

A request to the County Assessor to lower your assessed value temporarily if the market value falls below it.

Taxes & legal·You’ll hear it: Once you own

Source: California Revenue and Taxation Code §51

The document California uses to secure a home loan. A neutral trustee holds the power to sell if the loan goes unpaid.

Financing·You’ll hear it: At closing

The cleared area around a home that slows wildfire. When selling in a high or very high fire zone, California requires the seller to give the buyer proof of defensible space compliance, or both sign a written agreement that the buyer will get it.

Escrow & closing·You’ll hear it: In escrow

Source: California Civil Code §1102.19 (effective July 1, 2021)

A tax on the sale price paid when a deed records. Los Angeles County charges $1.10 per $1,000; the City of Los Angeles adds its own tax on top.

Taxes & legal·You’ll hear it: At closing

Source: LA County Registrar-Recorder: $0.55 per $500

The part of the price you pay in cash; the loan covers the rest.

Financing·You’ll hear it: Getting ready

One agent or brokerage representing both the buyer and the seller in the same sale. California allows it only with both parties' written consent.

Buying·You’ll hear it: Making an offer

Source: California Civil Code §2079.21

Buildings with 2, 3 or 4 units. They can be bought with a home loan if the buyer lives in one unit.

Owning & investing·You’ll hear it: House hunting

Source: Fannie Mae: owner-occupied 1-4 unit properties

The good-faith deposit a buyer puts into escrow after the offer is accepted. It is credited toward the purchase at closing.

Buying·You’ll hear it: Making an offer

An area along an active fault mapped by the state under the Alquist-Priolo Act. Sellers must disclose it, and new building near the fault has rules.

Escrow & closing·You’ll hear it: In escrow

Source: Alquist-Priolo Earthquake Fault Zoning Act

A right for someone else to use part of your property, such as a utility line or a shared driveway.

Taxes & legal·You’ll hear it: In escrow

A structure, such as a fence or wall, that extends onto a neighbor's property. Worth checking on older hillside lots.

Taxes & legal·You’ll hear it: In escrow

Your home's value minus what you owe on it.

Owning & investing·You’ll hear it: Once you own

A term that raises your offer automatically by a set step, up to a cap, if another offer comes in higher. Many California sellers prefer a clean number instead.

Buying·You’ll hear it: Making an offer

The neutral third party that holds the money and documents and follows both sides' written instructions until closing. In Southern California an independent escrow company usually handles it.

Escrow & closing·You’ll hear it: In escrow

The written directions both parties sign telling escrow exactly what must happen before it can close.

Escrow & closing·You’ll hear it: In escrow

The person at the escrow company who manages your file, collects signatures and funds, and closes the sale.

Escrow & closing·You’ll hear it: In escrow

A sale of the belongings inside a home before it is sold, often arranged by the family or the trustee.

Probate & trust·You’ll hear it: When you sell

California's insurer of last resort, offering basic fire coverage when private insurers decline a home.

Owning & investing·You’ll hear it: In escrow

Source: California FAIR Plan Association

A government-insured loan that allows a down payment as low as 3.5% for qualified buyers.

Financing·You’ll hear it: Getting ready

Source: HUD FHA single-family program (3.5% minimum down payment with qualifying credit)

The buyer's last visit, just before closing, to confirm the home's condition and any agreed repairs.

Escrow & closing·You’ll hear it: At closing

Federal rule requiring tax withholding when the seller is a foreign person.

Taxes & legal·You’ll hear it: At closing

Source: Foreign Investment in Real Property Tax Act

A loan whose rate stays the same for the whole term, often 15 or 30 years.

Financing·You’ll hear it: Getting ready

Source: Standard Fannie Mae and Freddie Mac fixed-rate terms

The process a lender uses to take and sell a home after missed payments. In California most are done without a court, through a trustee's sale.

Selling·You’ll hear it: Once you own

A structural engineer's review of the foundation and retaining walls. Common on Los Feliz hillside homes.

Escrow & closing·You’ll hear it: In escrow

A geologist's study of soil and slope stability, often requested for hillside lots before buying or building.

Escrow & closing·You’ll hear it: In escrow

A signed letter from a family member stating that money for your down payment is a gift, not a loan. Lenders require it.

Financing·You’ll hear it: In escrow

A city permit to move soil on a lot. Hillside projects often need one, along with geology and soils reports.

Owning & investing·You’ll hear it: Once you own

The deed most often used to transfer a California home. The seller promises they have not already transferred it, and that it carries no liens or claims they created that were not disclosed.

Taxes & legal·You’ll hear it: At closing

Source: California Civil Code §1113

A California court petition asking a judge to confirm that a property belongs in a trust even though title was never transferred to it.

Probate & trust·You’ll hear it: When you sell

Source: Estate of Heggstad (1993) 16 Cal.App.4th 943

A line of credit secured by your home's equity that you can draw on as needed.

Financing·You’ll hear it: Once you own

City-mapped areas where hillside building rules apply, including street access, fire safety and grading limits. The Los Feliz hills, including The Oaks, are hillside neighborhoods covered by these rules.

Owning & investing·You’ll hear it: House hunting

Source: Los Angeles Municipal Code §12.03 (Hillside Area, per the Hillside Area Map); LA City Planning, Hillside Development Standards, The Oaks Los Feliz

A building individually designated by the City of Los Angeles for its history or architecture. Los Feliz has several, including Frank Lloyd Wright's Ennis House.

Owning & investing·You’ll hear it: House hunting

Source: LA Office of Historic Resources

The association that runs a condo or townhome community, maintains shared areas and enforces the rules.

Owning & investing·You’ll hear it: House hunting

Monthly fees owners pay the HOA for upkeep, insurance and reserves.

Owning & investing·You’ll hear it: Once you own

A professional look at the home's structure, roof, plumbing, electrical and systems during the investigation period.

Escrow & closing·You’ll hear it: In escrow

A service contract that covers repair of certain home systems and appliances for a year. Often paid by the seller as a courtesy.

Escrow & closing·You’ll hear it: At closing

Insurance on the home and your belongings, required by lenders. In parts of the Los Feliz hills, coverage options and price depend heavily on wildfire risk.

Owning & investing·You’ll hear it: In escrow

A $7,000 reduction in assessed value for a home that is your main residence. You file once with the County Assessor.

Taxes & legal·You’ll hear it: Once you own

Source: California Revenue and Taxation Code §218

A program through which firefighters, law enforcement, EMS, military, healthcare workers and teachers can save when they buy or sell with an affiliate agent like Rooster Homes.

Buying·You’ll hear it: Getting ready

A City of Los Angeles historic district where exterior changes need design review. There is no HPOZ inside Los Feliz; the closest is the Hollywood Grove HPOZ, just west of Western Avenue on the north side of Franklin Avenue.

Owning & investing·You’ll hear it: House hunting

Source: LA City Planning, Local Historic Districts; Hollywood Grove HPOZ Preservation Plan (adopted 2011); Los Feliz Neighborhood Council boundaries

Authority that lets a personal representative manage an estate with less court supervision. With full authority, a home can be sold without a court confirmation hearing, after heirs receive a Notice of Proposed Action.

Probate & trust·You’ll hear it: When you sell

Source: California Probate Code §10400 and following, §10503

The cost of borrowing, shown as a yearly percentage of the loan.

Financing·You’ll hear it: Getting ready

The number of homes for sale at a given time.

Buying·You’ll hear it: House hunting

The buyer's period to inspect the home and review reports and disclosures, and to cancel if something is unacceptable.

Escrow & closing·You’ll hear it: In escrow

Source: C.A.R. Form RPA

A small unit of up to 500 square feet created inside an existing home.

Owning & investing·You’ll hear it: Once you own

Source: California Government Code §66333

A loan above the conforming limit. Many Los Feliz homes are priced where a jumbo loan is needed, and lenders often ask for more cash reserves.

Financing·You’ll hear it: Getting ready

City of Los Angeles rules limiting the reasons a landlord can end most tenancies not covered by the RSO.

Leasing·You’ll hear it: Renting

Source: Los Angeles Housing Department, JCO

A federal disclosure required when selling or leasing homes built before 1978.

Escrow & closing·You’ll hear it: In escrow

Source: Residential Lead-Based Paint Hazard Reduction Act (Title X)

A contract giving a tenant the right to live in a home for a set period at a set rent.

Leasing·You’ll hear it: Renting

Marketing a home for rent through an agent, including pricing, showings, screening applicants and preparing the lease.

Leasing·You’ll hear it: Renting

The court document giving an administrator authority over an estate when there is no will or no executor.

Probate & trust·You’ll hear it: When you sell

Source: California Probate Code §8400

The court document giving an executor authority to act for the estate, including selling a home.

Probate & trust·You’ll hear it: When you sell

Source: California Probate Code §8400

A legal claim against the property for a debt. Liens are paid off through escrow before closing.

Taxes & legal·You’ll hear it: In escrow

A clause, initialed by both sides, that limits what a seller can keep if a buyer backs out without a contract reason. For a 1 to 4 unit home the buyer plans to live in, California treats up to 3% of the price as reasonable; more is generally not allowed unless shown to be reasonable.

Buying·You’ll hear it: Making an offer

Source: California Civil Code §1675

The price the seller advertises. It is a starting point for offers, not the final price.

Buying·You’ll hear it: House hunting

The final price divided by the list price. A ratio above one means homes are selling over asking.

Buying·You’ll hear it: House hunting

The licensed agent who represents the seller: pricing, marketing, showings and negotiating offers.

Selling·You’ll hear it: When you sell

The contract between a seller and their brokerage setting the listing period, price and how the brokerage is paid.

Selling·You’ll hear it: When you sell

A trust that holds assets during your life and passes them at death without probate.

Probate & trust·You’ll hear it: Once you own

Lets the buyer cancel and keep the deposit if the loan is not approved by the deadline.

Escrow & closing·You’ll hear it: In escrow

The standard form a lender must send within 3 business days of your application, showing the rate, payment and closing costs.

Financing·You’ll hear it: In escrow

Source: CFPB TILA-RESPA Integrated Disclosure rule

The loan amount divided by the home's value. Lower LTV usually means better terms.

Financing·You’ll hear it: Getting ready

The most likely price a home would bring in an open, competitive sale.

Selling·You’ll hear it: When you sell

An interactive 3D walk-through of a home buyers can explore online. Rooster Homes shoots its own.

Selling·You’ll hear it: When you sell

An extra City of Los Angeles transfer tax on high-priced sales, charged on the full price. For sales closing after June 30, 2026: 4% when the price is over $5,400,000 and 5.5% at $10,900,000 or more, on top of the base tax. The thresholds adjust every July.

Taxes & legal·You’ll hear it: When you sell

Source: City of LA Office of Finance, Measure ULA FAQ, checked 2026-10-01

The statement in every California purchase contract telling buyers where to search the state database of registered sex offenders.

Escrow & closing·You’ll hear it: Making an offer

Source: California Civil Code §2079.10a

A special tax some California neighborhoods pay to fund roads, schools or services. It must be disclosed, and it is most common in newer master-planned communities.

Taxes & legal·You’ll hear it: In escrow

Source: Mello-Roos Community Facilities Act of 1982

Post-war architecture with open plans, glass walls and flat or low roofs. Los Feliz also has earlier modern landmarks, such as Richard Neutra's Lovell Health House from 1929.

Buying·You’ll hear it: House hunting

Source: Richard Neutra, Lovell Health House (1929), 4616 Dundee Drive

A contract between the owner of a qualifying historic home, such as a designated monument or a contributing home in an HPOZ, and the City that can lower property taxes in exchange for preserving it. Los Angeles accepts applications once a year; dates are posted by City Planning.

Taxes & legal·You’ll hear it: Once you own

Source: California Government Code §50280; LA City Planning Office of Historic Resources, Mills Act program, checked 2026-10-01

The shared database agents use to market homes for sale. Los Angeles agents commonly use The MLS and CRMLS.

Selling·You’ll hear it: When you sell

How long current listings would take to sell at the current pace. A low number favors sellers.

Buying·You’ll hear it: House hunting

A loan to buy real estate, secured by the home itself.

Financing·You’ll hear it: Getting ready

A walk-through, with photos, of the home's condition when a tenant moves in, used to settle the deposit at move-out.

Leasing·You’ll hear it: Renting

A counter offer a California seller sends to several buyers at once. It only binds the seller after the seller signs it again.

Buying·You’ll hear it: Making an offer

Source: C.A.R. Seller Multiple Counter Offer (SMCO)

When more than one buyer submits an offer on the same home. Terms such as fewer contingencies or a faster close can matter as much as price.

Buying·You’ll hear it: Making an offer

A report telling the buyer whether the property is in a flood zone, fire hazard zone, earthquake fault zone or seismic hazard zone. Many Los Feliz hillside homes fall in at least one.

Escrow & closing·You’ll hear it: In escrow

Source: California Civil Code §1103

What the seller receives after paying off loans, commissions, transfer taxes and closing costs.

Selling·You’ll hear it: At closing

The notice a representative with independent authority sends to heirs before a sale. Heirs can object within the notice period.

Probate & trust·You’ll hear it: When you sell

Source: California Probate Code §10580 and following

A California notice a seller can send when a deadline passes, giving the buyer time to act before the seller may cancel.

Escrow & closing·You’ll hear it: In escrow

Source: C.A.R. Form NBP

A deadline the listing agent sets for all offers to arrive, so the seller can review them side by side.

Buying·You’ll hear it: Making an offer

Scheduled hours when a listed home is open to the public. Rooster Homes sends sellers a real update after every one.

Selling·You’ll hear it: When you sell

Delivering the signed contract and the buyer's deposit to escrow, usually within days of acceptance.

Escrow & closing·You’ll hear it: In escrow

A higher bid made at a court confirmation hearing. To be accepted, the first overbid must beat the accepted price by at least 10% of the first $10,000 of that price plus 5% of the rest.

Probate & trust·You’ll hear it: When you sell

Source: California Probate Code §10311

The person the court appoints to handle an estate: an executor named in a will, or an administrator if there is none.

Probate & trust·You’ll hear it: When you sell

A home marketed privately instead of on the MLS. MLS rules require a listing to be entered within one business day of public marketing, with some seller options to delay.

Selling·You’ll hear it: When you sell

Source: NAR Clear Cooperation Policy; Multiple Listing Options for Sellers, March 2025

Fees paid up front to lower your interest rate. One point equals 1% of the loan amount.

Financing·You’ll hear it: In escrow

Source: CFPB, What are discount points

The day the buyer gets the keys. It is often the closing day, but a rent-back can move it later.

Escrow & closing·You’ll hear it: At closing

A lender's written conditional commitment after reviewing your income, assets and credit. Sellers in Los Feliz expect one with every offer.

Financing·You’ll hear it: Getting ready

A seller's own inspection before listing, so problems can be fixed or disclosed up front instead of surprising a buyer in escrow.

Selling·You’ll hear it: When you sell

A lender's quick estimate of what you might borrow, based on numbers you report. It is a starting point, not a commitment.

Financing·You’ll hear it: Getting ready

The title company's early report showing who owns the home, liens, easements and other matters that will need to be cleared or accepted.

Escrow & closing·You’ll hear it: In escrow

Price divided by living area. Useful for comparison, but in Los Feliz lot, view and architecture can matter just as much.

Buying·You’ll hear it: House hunting

Lowering the list price when showings and feedback show the market sees less value than the price.

Selling·You’ll hear it: When you sell

How a list price is set to attract the right buyers, whether at the expected value, slightly below to draw multiple offers, or with room to negotiate.

Selling·You’ll hear it: When you sell

The amount you borrowed, not counting interest.

Financing·You’ll hear it: Once you own

Insurance a lender requires on many conventional loans with less than 20% down. By federal law it ends automatically when the loan reaches 78% of the original value, if payments are current.

Financing·You’ll hear it: Once you own

Source: Homeowners Protection Act of 1998

The court process that settles a person's estate when assets are not in a trust. In Los Angeles County it is handled by the Superior Court.

Probate & trust·You’ll hear it: When you sell

A state-appointed appraiser who values estate property for the court.

Probate & trust·You’ll hear it: When you sell

Source: California Probate Code §400 and following

Your written promise to repay the loan. The deed of trust secures it.

Financing·You’ll hear it: At closing

A bank or brokerage statement showing you have the cash for the down payment and closing costs, or the full price on a cash offer.

Buying·You’ll hear it: Making an offer

Ongoing management of a rental home: rent collection, repairs and tenant communication.

Leasing·You’ll hear it: Renting

Los Angeles County property taxes are paid in two installments, due November 1 and February 1, and late after December 10 and April 10.

Taxes & legal·You’ll hear it: Once you own

Source: Los Angeles County Treasurer and Tax Collector

California's 1978 rule that sets the general property tax at 1% of assessed value, plus voter-approved local taxes. Assessed value starts at the purchase price and can rise no more than 2% a year.

Taxes & legal·You’ll hear it: Once you own

Source: California Constitution, Article XIII A

California's 2021 rule that lets homeowners 55 and older, severely disabled, or wildfire and disaster victims carry their tax base to a new home. Children keep a parent's tax base only if they move into the family home, within a value limit.

Taxes & legal·You’ll hear it: Once you own

Source: California Constitution, Article XIII A §2.1 and §2.2

Splitting ongoing costs, such as property taxes and HOA dues, between buyer and seller by the closing date.

Escrow & closing·You’ll hear it: At closing

A deed that transfers whatever interest the signer has, with no promises about title. Often used between family members.

Taxes & legal·You’ll hear it: Once you own

A lender's promise to hold your interest rate for a set period while your loan is processed.

Financing·You’ll hear it: In escrow

Filing the deed and loan documents with the Los Angeles County Registrar-Recorder so the transfer becomes public record.

Escrow & closing·You’ll hear it: At closing

County charges for recording documents at closing. A 2026 state law, AB 2224, raises the base fees starting January 1, 2027.

Escrow & closing·You’ll hear it: At closing

Source: California AB 2224 (2026), effective Jan 1, 2027

Replacing your loan with a new one, often for a lower rate or to take cash out.

Financing·You’ll hear it: Once you own

Payments a landlord may owe a tenant when ending a tenancy for a no-fault reason, under LA rules.

Leasing·You’ll hear it: Renting

Source: Los Angeles Housing Department

City of Los Angeles rent control. It generally covers rental units, including apartments, condos and townhomes, on properties with two or more units whose first certificate of occupancy was issued on or before October 1, 1978. It limits yearly increases and requires registration.

Leasing·You’ll hear it: Renting

Source: Los Angeles Housing Department, RSO overview

An agreement letting the seller stay in the home for a short time after closing, usually paying the buyer rent.

Escrow & closing·You’ll hear it: At closing

The form a prospective tenant fills out, with income, rental history and permission to check credit and background.

Leasing·You’ll hear it: Renting

A home owned by a lender after a foreclosure sale did not find a buyer.

Buying·You’ll hear it: House hunting

A City of Los Angeles report of a home's permitted use, zoning and certain permit records. The seller must get it from LADBS and give it to the buyer before closing.

Escrow & closing·You’ll hear it: In escrow

Source: Los Angeles Municipal Code §96.300

The buyer's written request, after inspections, for repairs or a credit. The seller can agree, counter or decline.

Escrow & closing·You’ll hear it: In escrow

Source: C.A.R. Form RR

An HOA's report on whether it is saving enough for future repairs like roofs and elevators. California HOAs must update it regularly.

Owning & investing·You’ll hear it: In escrow

Source: California Civil Code §5550

The California Association of REALTORS contract most Los Angeles home sales are written on. It sets the price, deposit, contingencies and timelines.

Buying·You’ll hear it: Making an offer

Source: C.A.R. Form RPA

A wall that holds back soil on a slope. On Los Feliz hillside lots, their condition is worth inspecting before you buy.

Owning & investing·You’ll hear it: In escrow

A California law allowing some single-family lots to be split or to hold two homes. It does not apply in historic districts such as HPOZs or on many very high fire hazard lots.

Owning & investing·You’ll hear it: Once you own

Source: California Government Code §65852.21, §66411.7

Money a tenant pays to cover damage or unpaid rent. Most California landlords may collect no more than one month's rent.

Leasing·You’ll hear it: Renting

Source: California Civil Code §1950.5 (one-month limit since AB 12, July 1, 2024; current text as amended effective Jan 1, 2026), checked 2026-10-01

A state-mapped area at risk of landslides or liquefaction in an earthquake. It appears on the NHD and can affect building plans on hillside lots.

Escrow & closing·You’ll hear it: In escrow

Source: Seismic Hazards Mapping Act

Money the seller gives the buyer at closing, often in place of repairs or toward closing costs. Lenders limit how much is allowed.

Escrow & closing·You’ll hear it: In escrow

A C.A.R. form with more detailed questions for the seller about the home's history, used alongside the TDS.

Escrow & closing·You’ll hear it: In escrow

Source: C.A.R. Form SPQ

When buyers outnumber homes for sale, prices rise and homes sell quickly.

Buying·You’ll hear it: House hunting

A camera inspection of the pipe from the house to the city sewer. Older Los Feliz homes often have clay or cast iron lines worth checking.

Escrow & closing·You’ll hear it: In escrow

A sale where the lender agrees to accept less than what is owed on the loan.

Selling·You’ll hear it: When you sell

Comments from buyers and their agents after a tour. It guides pricing and preparation decisions.

Selling·You’ll hear it: When you sell

California requires working smoke and carbon monoxide detectors when a home is sold, and the seller certifies compliance.

Escrow & closing·You’ll hear it: In escrow

Source: California Health and Safety Code §13113.8, §17926

A City of Los Angeles requirement to strengthen certain older wood-frame apartment buildings with weak ground floors, such as tuck-under parking.

Owning & investing·You’ll hear it: Once you own

Source: Los Angeles Ordinance 183893

The style of white stucco walls, red tile roofs and arched windows seen across Los Feliz, much of it from the neighborhood's early development.

Buying·You’ll hear it: House hunting

An extra charge to HOA owners for a large repair the reserves do not cover.

Owning & investing·You’ll hear it: Once you own

A California court process to confirm that property passes to a surviving spouse without full probate.

Probate & trust·You’ll hear it: When you sell

Source: California Probate Code §13650

Furnishing and styling a home so buyers can picture living there, in person and in photos.

Selling·You’ll hear it: When you sell

When someone inherits a home, its tax basis generally resets to the value at the date of death, which can reduce capital gains tax on a later sale. Ask a tax advisor about your situation.

Probate & trust·You’ll hear it: When you sell

Source: Internal Revenue Code §1014

The person who takes over a trust after the person who created it dies or cannot serve, and who can sell a trust-owned home.

Probate & trust·You’ll hear it: When you sell

A one-time bill sent after you buy, covering the difference between the old assessed value and your purchase price for the rest of the tax year.

Taxes & legal·You’ll hear it: Once you own

Source: California Revenue and Taxation Code §75

A licensed surveyor's map of the property's exact boundaries.

Taxes & legal·You’ll hear it: In escrow

California's statewide cap on yearly rent increases, 5% plus inflation and no more than 10%, with just-cause rules. Some single-family homes are exempt with proper notice.

Leasing·You’ll hear it: Renting

Source: California Civil Code §1947.12

An inspection for termites, dry rot and fungus. It lists Section 1 items (active damage) and Section 2 items (conditions likely to cause it).

Escrow & closing·You’ll hear it: In escrow

Source: California Business and Professions Code §8516

Legal ownership of a property.

Taxes & legal·You’ll hear it: In escrow

A one-time policy protecting the owner (and the lender) against covered defects in title discovered after closing.

Escrow & closing·You’ll hear it: At closing

The California form where a seller describes the home's condition and known defects. Some estate and trust sales are exempt from the form, though known problems still have to be disclosed.

Escrow & closing·You’ll hear it: In escrow

Source: California Civil Code §1102 and §1102.2

Selling a home owned by a trust. It usually avoids court, but the trustee still owes duties to the beneficiaries.

Probate & trust·You’ll hear it: When you sell

The lender's review of your finances and the property before final loan approval.

Financing·You’ll hear it: In escrow

Additions or remodels done without city permits. They can affect value, insurance and resale, and should be disclosed.

Escrow & closing·You’ll hear it: In escrow

A loan backed by the Department of Veterans Affairs for eligible veterans and service members, often with no down payment.

Financing·You’ll hear it: Getting ready

Source: U.S. Department of Veterans Affairs home loan program

A mapped area with the highest wildfire risk. In the City of Los Angeles it covers most hillside areas, including parts of the Los Feliz hills near Griffith Park, which affects disclosures, brush clearance and insurance.

Escrow & closing·You’ll hear it: House hunting

Source: City of LA GeoHub, Very High Fire Hazard Severity Zones map; LAFD Fire Zone map; CAL FIRE maps updated 2025

How you hold title, such as joint tenants, community property with right of survivorship, or in a trust. It affects taxes and what happens at death; ask an attorney or CPA.

Taxes & legal·You’ll hear it: In escrow

California requires water heaters to be strapped for earthquakes, and the seller certifies it at sale.

Escrow & closing·You’ll hear it: In escrow

Source: California Health and Safety Code §19211

Criminals posing as escrow or an agent by email to steal closing funds. Always confirm wiring instructions by phone with a number you already know.

Escrow & closing·You’ll hear it: In escrow

City rules for how land can be used and how much can be built on it.

Taxes & legal·You’ll hear it: House hunting