Issues Concerning Real Estate Transactions: Tentative Parcel Maps and Tentative Subdivision Maps
By: Tilden Moschetti
Many buyers face various real estate issues, in one form or another. One annoying thing is a real estate property owner who, with only an assumption that the parcel of land (for sale by the owner) can be subdivided, tries to sell it in the residential real estate market based on the price per lot. A reliable Calabasas real estate attorney can tell you how this is not as simple as it seems.
Any residential or commercial real estate transaction must be pursuant to real property law. To protect the best interests of both parties, it is best for home buyers and sellers to avail themselves of legal services from a good real property lawyer. Before any negotiation, get in touch with reliable law offices specializing in these areas of law to avoid any legal issues.
A real estate professional for every need
Many real estate professionals would be involved when negotiating, buying, or selling property. Looking for real estate agents who are familiar with the housing market is often the first step. Licensed real estate brokers and agents, in particular, play a crucial role in the purchase of real estate. Whether you are buying and selling a home or a parcel of land, real estate brokerage will be necessary. A licensed real estate agent or real estate broker will have access to properties that are in the multiple listing service.
A real estate purchase would also require the inspection of a qualified home inspector, and an appraiser is needed for the appraisal contingency in the real estate sales contract. A borrower would also need to negotiate with lenders for a mortgage loan since making a real estate investment is often difficult without a mortgage lender.
On top of all of these, legal advice from experienced Calabasas real estate attorneys is very important. They can help explain the provisions of a real estate contract and other statutes that must be taken into account before proceeding with buying or selling real estate. They can also answer questions involving real estate, such as the process and paperwork needed when subdividing a lot.
Zoning and subdividing land
Keep in mind that an 8-acre parcel may not always be subdivided into four, even if zoning is 2 acres. The size of a subdivided lot is influenced by the presence of any Open Space, and on the size of the slope as calculated by a qualified engineer. Commissioning a traffic study and filing an environmental report is also required by state law, and subdividing a parcel into two lots can take around two to four years.
In California, for a parcel of land to be divided into four parcels or less, a Tentative Parcel Map (TPM) is required.
The minimum size per parcel is set by zoning and DEH requirements, and a fifth parcel containing a remaining part that cannot be sold is often allowed.
A TPM is usually obtained after processing an application with the county’s Planning Department. Such must be submitted by a Licensed Land Surveyor or a Registered Civil Engineer. As in above, a TPM is applicable if four parcels or less are involved. Five or more parcels would require a Tentative Subdivision Map (TSM) instead.
The need for a reliable Calabasas real estate attorney
Homebuyers and sellers must exercise diligence since local real estate law in California can be quite complicated. Both for a home purchase and sale of subdivided land, competent real estate lawyers can answer your questions on escrow, transfer tax, closings, or real estate title insurance. Remember that almost all real estate litigation could have been avoided if legal issues were addressed early on.
For inquiries related to real estate information or for other real estate needs, contact our law firm. Call our Calabasas real estate attorney at Moschetti Law Group and consult with a trusted real estate lawyer for legal representation and advice.
At Moschetti Law Group, our practice serves the needs of Founders by providing real estate law and real estate syndication attorney services to Founders. Whether you are the Founder of a real estate empire or building a business and need assistance with purchase and sales, real estate transactions, or real estate litigation, we serve Los Angeles County, eastern Ventura County, and North Orange County from our office in Calabasas. We also have a primary focus on helping Real Estate Syndication Founders throughout the United States with forming their syndication, understanding crowdfunding, private placement memorandums, and operating agreements.