Myth: A real estate owned (a.k.a. REO) property has to install a carbon monoxide detector.
False: Although California Association of Realtors recommends that a bank owned seller installs a carbon monoxide detector, the law states that “no compliance certification is required nor is installation a precondition of sale or transfer. However, the law requires that all existing single-family homes have them installed on or before July 1, 2011 and all other existing dwelling units on or before Jan. 1, 2013.” So if a buyer purchases a bank owned, make sure they install a carbon monoxide detector right after close of escrow. To learn more about carbon monoxide detectors: click here to view my previous carbon monoxide blog.