New to Real Estate · Member since 2020 · 52 posts · 8 votes
Hello Everyone. When using SB9 to split a single family zoned lot into two lots there is an occupancy requirement of 3 years from the time of the approval of the urban lot split. I understand an affidavit stating "I intend to occupy..." must be signed in order to obtain approval. My question is- what if life circumstances change and I need to sell the owner occupied portion within that 3 year window? Can I do that?
Additionally, what if I sell the extra lot to an owner occupant and rent out my units. Is that acceptable?
Any responses from California SB 9 savvy people will be greatly appreciated.
Investor · San Francisco, CA · Member since 2015 · 75 posts · 25 votes
2y
Hi Chris - My company specializes in helping homeowners navigate state housing regulations.
If your life circumstances change and you move out before 3 yrs is up, you will not be penalized. The operative word is that you "intend" to live in the property for 3 additional years. It's written that way to prevent institutional scale landlords from taking advantage.
Investor · San Francisco, CA · Member since 2015 · 75 posts · 25 votes
2y
Hi Chris - My company specializes in helping homeowners navigate state housing regulations.
If your life circumstances change and you move out before 3 yrs is up, you will not be penalized. The operative word is that you "intend" to live in the property for 3 additional years. It's written that way to prevent institutional scale landlords from taking advantage.
New to Real Estate · Member since 2020 · 52 posts · 8 votes
2y
Daniel, thanks very much for the knowledge. I wish things like this were a little more black and white, but then again what fun would that be. Appreciate you taking the time.