Any California resident 55 years or over selling their principal residence and purchasing another needs to be well aware of California propositions 60/90/110. These propositions can save them a lot in future property taxes.

1. What are Propositions 60, 90 and 110?

Propositions 60, 90, and 110 are constitutional amendments approved by the voters of California. They provide for the transfer of a property’s base year value from an existing residence to a replacement residence, under certain conditions, for qualified persons over the age of 55 or persons of any age who are severely and permanently disabled.

2. What are the conditions that need to be met in order to qualify for the exclusion?

a. Both properties must be located in the same county, unless the county in which the replacement residence is located has an ordinance that allows intercounty base year value transfers.

b. As of the date of transfer of the original property, the transferor (seller) or a spouse residing with the transferor must be at least 55 years of age, or be severely or permanently disabled.

c. At the time of sale, the original property must have been eligible for the Homeowners’ Exemption, or entitled to the Disabled Veterans’ Exemption.

d. Generally, the replacement dwelling must be of equal or lesser value than the original property.

e. The replacement dwelling must have been acquired or newly constructed within two years of (before or after) the sale of the original property.

f. The owner must file an application within three years following the purchase date or new construction completion date of the replacement property.

g. The original property must be subject to reappraisal at its current fair market value. Therefore, transfers of the original property that are excluded from reappraisal (e.g., most transfers between parents and children) will not qualify.

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On the upside, a pre-listing inspection that give buyers a better idea of where they stand and what, if any, additional work is needed, can also help sellers fend off demands for unrealistic price reductions to cover repairs. With their own report, sellers can choose to spend a few hundred dollars fixing a problem that might mushroom into a claim for more than $1,000 off the price and in the process spark further prickly negotiations.
Most buyers want to turn the key and move in. They don't want repairs and they don't want surprises. If they know they have to do some of the work, they can at least prepare for that.
Many sellers might be surprised that their home is in pretty good shape. Making a few repairs before listing the property can sure take a load off their mind. When homeowners know the condition of their property, they can avoid a lot of problems and price accordingly. Most inspection costs range between $300 and $600, depending on the size and the age of the property.
A seller's inspection gives them the opportunity to say to the buyer: We found these problems. But we want to make sure that we sold the house in the best condition possible. We fixed these things and here are the receipts and now you don't have to deal with this. Buyers though must remember that any existing home has some issues. They always have and they always will. So buyers have to be realistic on what they expect sellers to repair.

Many buyers are now saying that a inspection report commissioned in advanced plays a large part in their decision to buy and can help speed the sale. As housing sales continue to bog down, property owners are turning to new strategies. One tactic increasingly bringing buyers and sellers closer together is a property inspection obtained by the seller before the home is even listed. A Seller's inspection report is not in lieu of one obtained by the buyer, but it can signal openness and good faith while at the same time unearth an unpleasant surprises. In some cases, a seller's inspection means repairs, such as leaks or faulty electrical wiring, and will likely be completed in advance on the buyers behalf. Not so long a go, when sellers were being bombarded with multiple offers, they didn’t have to worry that much about the shape of the home.
Now the seller has to go the extra mile. Some sellers are worried that their inspection is going to open up a can of worms. Well, the buyer is going to do their own inspection and sooner or later those worms will appear. If the seller knows about them in advance, they can at least start dealing with them and most cases get them fixed. The inspection  process is maybe the most important step in any real estate transaction. Most buyers are going to walk away from a sale if the inspection turns up numerous repairs. The seller for minimal costs can handle many of those repairs in advance. If it is a major repair, sellers should know that they can't avoid it. Buyer's can either agree the responsibility for a major repair will be assumed by the buyer at a reduction in price or the seller takes care of it. Most buyers though will not agree to completing major repairs after the sale. Most lenders will also insist that the repairs be completed before the close of escrow.