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SB-9 California - What if I sell?
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.
Thank you in advance.
-Chris
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Hey Chris,
I am currently working towards putting a couple deals like this together up north. Message me if you'd like to talk more about it!
-Stefan
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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.
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If I sell the extra lot to an owner occupant I believe that's acceptable.
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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.