Issues That a Real Estate Seller Or Buyer of Two-to-Four Unit Residences Deal With
By: Tilden Moschetti
Buying and selling a home are not simple tasks. Calabasas real estate attorneys get a lot of questions both about the general process and about specific properties.
The real estate market is unique, in several aspects, when compared to the usual local market. Selling or buying a home involves a lot of money. As such, all real estate transactions and negotiations must be taken seriously. They can lead to various challenges that would require diligence and legal representation.
Real estate brokerage is crucial if you want to sell or buy a home. Before you buy or sell your property, you need reliable real estate professionals. Among these is one of the best Calabasas real estate attorneys and experienced real estate brokers and agents.
To be specific, a real estate broker or real estate agent will have access to any real property that is in the local multiple listing service. This is where real estate buyers and sellers generally begin realizing their goals and mapping out their plans.
Similar to the case of single-family homes, real estate property owners of homes with two to four residences are dealing with Residential Real Estate matters. There are, however, several differences between these two. Below are just some of the considerations one must take into account when buying or selling a house with two to four residences.
When an aspiring homeowner tries to get a mortgage loan, financing terms with lenders are often better (when compared to Commercial Real Estate, where a home buyer would often need to negotiate or take certain steps before getting more acceptable loan terms). However, such a lender would often require a down payment and interest rate that is higher than mortgages for a single-family home.
If you are planning to buy or sell a home with two to four residences, noise disturbance may also be an issue in such properties. Such is often because of proximity. Keep in mind that this would likely affect the home selling process.
A real estate property owner will have to deal with issues that come with two to four residences, such as maintenance and repairs that would be more frequent than single-family homes. Remember that while shrubs and big lawns significantly improve curb appeal, they also significantly increase costs. Landscaping a big area can greatly affect operating expenses.
If you are planning to buy or sell your home with two to four residences, take into account the necessary inspections. Accessibility requirements should be among the things that a home inspector would look into. Looking into local real estate law and checking for illegal units is also crucial. There could be four units when only three are permitted. Here, our Calabasas real estate attorney can give legal advice.
Buying or selling real estate with two to four residences can be complicated in itself. The process is even more so if there are different amenities involved. Aside from increasing the list price, pools also increase water, maintenance, and insurance expenses. The California Swimming Pool Safety Act of 2007 and other legal considerations must also be taken into account, such as the need for an anti-drowning feature. Similarly, repair and replacement of laundry room could be expensive.
There are a lot of things that home buyers and sellers must take into account. In a real estate transaction involving two to four residences, parking areas should be part of the inspection. They must meet basic health and safety standards. It should also be made clear who can park where and who can keep stuff in the storage if any. Trash containers should likewise be sufficient for the need.
If you are looking for a home for sale by the owner or are selling your home, seek assistance from a real estate professional who can help you meet your goals. For questions related to escrow, earnest money, real estate sales contract, or other real estate needs, give us a call. Contact a reliable Calabasas real estate attorney at Moschetti Law Group to get legal 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.