Usery Laws On Private Real Estate
Okay All,
What are the usery laws for personal real estate transactions in an owner carry situation (in California)? Some places I've read it's maximum 10% on any personal transaction, other places I've read it as not a 10% maximum for real estate, because it's considered credit, not a loan.
Thanks!
Stella,
Get on line to the real estate Commissioners office in Sacramento and look it up. I would not want to give you a wrong steer. I think they are really concerned about points and costs. It used to be 10% but there has been recent legislation so please dial direct and when you find it quote the bill that so created it. Everybody here will thank you.
Cheers. Lucius
Check Google, under "usury CA" and you'll get a lot of valuable info.
"www.ag.ca.gov.consumers/general/usury" has good article by CA AG office, and that's where I'd advise you to start learning about what is/isn't usury in CA.
John Merchant
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