Negotiating and buying or selling property, especially in California, can be quite expensive. Legal questions related to home selling and purchase of real estate should be answered by experts since legal matters must be taken seriously. Whether you are planning to sell your home or are home buying for the first time, get in touch with trusted Calabasas real estate attorneys that know all about real property law.
Buying and selling a home is not easy. Equally so is buying a lot, especially big parcels. With all the paperwork involved, it is important to exercise diligence and seek legal advice from a trusted real property lawyer.
Real Estate Transactions
Whether you are planning to sell a property or are an aspiring first-time homeowner looking into a vacant lot, there are several things that you must take into account. No home buyer and seller would want to be at a disadvantage.
If you are buying or selling property, licensed real estate agents and brokers will help you get started. A real estate agent or broker can give you access to homes in the local multiple listing service. Buying or selling real estate would also involve a home inspector and required inspections, an escrow agent and escrow account, and the closing process and closing costs. You have to be familiar with these before proceeding.
Buying a Big Parcel of Land
In a conversation concerning real estate, many buyers would be interested to know if the property for sale by the owner is splittable. In such real estate transactions and negotiations, several factors must be considered to avoid any legal issues.
Areas of law involving real estate purchase and sale must be taken seriously. One of the statutes governing a lot or home purchase is those related to zoning.
Take for instance a 9-acre parcel of land in a specific area where zoning is 3 acres. While you can, in theory, split it into three lots, this is usually not the case. Even if the parcel has a gross size of 9 acres, a real estate property owner must take into account any slope or Open Space on the lot. Remember that the size of a subdivided lot depends on the size of the slope (an engineer is the real estate professional specializing in these calculations).
Seeking Legal Assistance
Assuming that the lot is splittable, it can take some time. In San Diego County, a simple split of one parcel into two would cost about $50,000 and two to four years. Several real estate professionals will be involved for you to finish the splitting of the parcel. If you feel that real estate brokerage is already tedious, take note that splitting a lot is likewise complicated. Filing an environmental report and commissioning a traffic study are just some of the many things that you have to work on. This is why legal services from a Calabasas real estate attorney is crucial.
Real estate buyers and sellers should also be familiar with terms in the real estate sales contract, such as an appraisal contingency, title insurance company.
Contingencies allow home buyers to gather reports and investigate to ensure that the would-be new home will comply with relevant state law creditor who you apply and negotiate with for a mortgage loan
Other Things to Consider
From the perspective of the purchase price, a real estate investment must make financial sense to both the lender and the borrower. They are, however, not the only two parties in a negotiation involving real estate. Remember that for both commercial real estate and residential real estate, real property laws are in place to protect the best interests of both parties (home buyers and sellers).
Additionally, a real estate broker will often market properties at market values, but remember that there are no restrictions on how much the real estate seller could ask. If the selling price is close to the local real estate market value, then you are getting a good deal. A reliable Calabasas real estate lawyer can explain all these in greater detail.
For legal representation and to avoid possible real estate litigation, consult with our hands-on real estate lawyers. Call our Calabasas real estate attorney at Moschetti Law Group for a consultation.
At Moschetti Law Group, we are dedicated to helping you and your family protect your wealth, assets, and legacy. We help you build a comprehensive plan so you can have peace of mind whether it is with an estate plan, asset protection, probate, or real estate transaction. We serve Los Angeles County, eastern Ventura County, and North Orange County from our office in Calabasas