Home buying or selling can be quite complicated. It covers areas of law where legal representation may be necessary.
By instinct, a home buyer or seller will likely first contact a real estate agent (or maybe even a real estate broker). Brokers and agents, however, are not the only people you need for real estate matters. While real estate brokerage is important, it is just one of the many factors that one should look into.
Tenants renting for years might be familiar with landlord-tenant law but are unaware of what a lender or creditor will ask from a would-be mortgage loan borrower. Similarly, those wanting to buy or sell the property after the probate of wills are complete might have little to no real estate experience. They will likely have legal questions and clarifications on basic real estate information before they can proceed.
A homeowner selling real estate will likely display features of the home being sold. All real estate sellers focus on what will entice buyers looking for real property. What some may not be aware of, however, are required disclosures that must be made before completing real estate transactions.
Most property owners hesitate to mention problems with the home in question because they think it will lessen their chance of being able to sell real estate. While this may be true when grave problems are involved, statutes governing any real estate transaction are there for a reason. They are meant to protect the best interest of both buyers and sellers. Failure to follow state laws on disclosures could delay or even cancel the home purchase. Exercising diligence is necessary since you would not want to deal with a legal matter that could have otherwise been avoided.
Real estate sales and negotiation must not be done unless home buyers are informed of factors that had an impact on the selling price. Repairs done by the property owner are part of these.
According to relevant real property law, sellers must notify home buyers of any updates or repairs that have been done to the property since it was purchased. Other people selling a home assume that when they negotiate, there is no need to disclose past repairs for issues that have been resolved. All updates or repairs, however, must be disclosed. The would-be new homeowners could potentially experience the same problems, which could lead to legal issues.
A real estate investment could have had issues related to foundations, plumbing, sewage, roofing, and electric wirings. The current homeowner must disclose all these, and may even provide details of the company that took care of the repair, just in case they reoccur. An experienced Calabasas real estate attorney can help explain this further.
Inspections and the real estate industry
Before drafting a possible real estate contract, most home sellers get the real estate services of a qualified home inspector. Such real estate professionals can spot these issues early on, giving the seller time to address issues and inform potential homebuyers about related updates or repairs. Even with dual agencies, real estate agents and real estate brokers usually do not cover these things. Legal services and services of other real estate professionals may be necessary.
Additionally, working on necessary repairs before putting the home on the real estate market allows a seller to put up a higher selling price. Get legal help from a trusted Calabasas real estate attorney to know what must be done.
Local real estate law requires sellers to disclose potential health hazards, including problems that may lead to water damage or molds. Note that water problems, such as flooded basements or leaky roofs may lead to hazardous mildew and molds. Seek legal advice from Calabasas real estate attorneys to know more about CA real estate law.
Both the buyer and seller of a real estate property built before 1978 would benefit from knowing if there was lead paint used for the walls and ceilings. If yes, the one selling property should communicate to potential homebuyers if the lead was peeled and removed by a specialist or was simply painted over.
Any other problem that could lead to health concerns should be disclosed and expressly mentioned before finalizing the real estate transaction. While your real estate salesperson might overlook it, this is generally part of state law and must not be taken seriously.
Negotiating for any real estate business law (be it residential real estate or the often trickier commercial real estate) can be quite confusing. Contact a real estate firm and seek legal help from a real estate lawyer before proceeding.
For real estate questions on zoning, land use, easement, or eminent domain, or for closings paperwork that involves escrow, appraisal, and title insurance, call our law firm. Contact our Calabasas real estate attorney at Moschetti Law for your real estate needs.