Buying and selling a home is not easy. Whether you are buying or selling property, always keep in mind that all real estate transactions must be under relevant real estate law. Here, real estate lawyers can help make things clearer.
Home buying or negotiating within any real estate transaction or must be taken seriously. Without a real property lawyer helping you, they can be quite confusing. Additionally, exercising diligence is crucial especially because the purchase of real estate is costly. Both buyers and sellers do not want to be at a disadvantage.
When buying a home, timing is crucial. Tenants who are ‘tired’ of renting, for instance, must think through their decision very carefully. There are a lot of other factors that one must consider before finalizing a real estate purchase. For beneficiaries of wills (or other estate planning documents) who are expecting significant amounts of money, a negotiation concerning real estate would likely go smoothly. However, with a low credit score, one might need first to negotiate with a creditor or lender and take certain measures to get a better offer.
Aside from monthly payments, you must also take into account escrow, transfer tax, closing costs, and even possible homeowners’ association fees. A licensed real estate agent will have access to homes in the local multiple listing service. Clarify if your sales agent shall be paid by you, the one selling property, or both the buyer and seller (dual agency).
Most real estate buyers are quite confused with contingencies that are put in place when an offer is prepared. A contingency is a provision in a real estate sales contract. Such will allow you to cancel the real estate contract (within a period) if certain events take place. Real estate attorneys in Calabasas can explain this and other real estate law basics in more detail.
Appraisal contingencies are a common example. If a home buyer requires a mortgage loan from a lender and the real estate property does not appraise at the price stated in the contract, the supposed buyer/borrower need not push through with the purchase and sale.
The contingencies period commences after accepting the offer. It is during this period where home buyers investigate and gather reports to make sure that their would-be new home complies with all state law required for real estate transactions.
A general home inspector conducts a ‘general’ inspection of the property. Specialists, meanwhile, often look into more specific matters such as septic tanks, foundations, and living roofs. Since a new home is a real estate investment, one must take into account the age of the real estate property, repairs that are likely necessary for the next years, and upgrades that added value to it.
Aside from a physical inspection, a would-be real estate property owner might also need to research the following:
– restrictions on landscaping and curb appeal, such as required fences or uniform color schemes
– restrictions on noise
– requirements on recycling and waste management
– requirements on water conservation
Before proceeding, seek the legal services of an estate professional. Reaching out to law offices covering these areas of law will help you avoid any legal issues on your home purchase paperwork.
A good Calabasas real estate attorney can give legal advice and tell you which inspections are strongly recommended and which ones are required. The area where one is selling real estate could be under a special permit zone. Take for instance land development in Malibu. Getting Fire Department and Coastal Commission approvals and permits take time. Hiring expeditors who can deal with the process can quite cost a lot, particularly in certain areas.
For legal questions related to real property law and taxation or for other real estate needs, contact our law firm. We can assist you as you conduct contingency research before you sign final papers involving real estate. Real estate litigation can be very costly once the real estate property is legally yours.
Call us at Moschetti Law Group and consult with a trusted real estate lawyer for legal representation and advice.