46

Buying a Home: Before, During, and After

real estate lawProperty transactions, whether you’re the buyer or the seller, are always complicated. There are so many factors to consider, so many things that could go wrong, and so much shared information. These tips can help the average person during their property purchase:

Before the Sale
Before anything, you should consult a real estate law firm. They will put you in contact with an experienced real estate lawyer who is knowledgeable about real estate and personal property law. These lawyers can assist you throughout the entire transaction process.

The next step: get a home inspection. According to the National Association of Realtors, wholly 77% of homebuyers have an inspection done before the purchase is complete. The inspection is done early so nothing new and surprising comes up after the deal closes.

This is when you should begin planning the moving process as well. You don’t know when you’re going to need to move, but you do know it’s coming soon. Planning a few months in advance can ensure you’re not scrambling during the week before the move. Figure out where you’re going to store all your items in the days leading up to the purchase and exactly how you’re going to move everything.

During the Sale
Once you have entered the purchasing contract, you should specify the exact details with the other party and real estate lawyers. The closing date — which usually lasts between four and 10 weeks after the contract — should be outlined in these contract negotiations. Be sure to adjust any packing, storing, and moving plans once you figure out exactly when everything is going to take place. These dates can often be tentative as issues often arise, but it’s good to at least have an approximate timeframe.

After the Purchase
Once the sale is final and you are officially a new homeowner, there are still a few things you should keep in mind. It’s important to do one last inspection to ensure that there are no hidden issues that were kept from you during the initial inspection and negotiation. You should also stay in touch with your real estate agent and let them know how things are progressing in the new home. The entire home buying takes about 40 days to close, on average, so you have to act quickly during these weeks.

Although it’s a stressful time, once it’s all over, the only thing you’ll have to do is relax in your new home.

49

California Real Estate Law: Everything You Need to Know

foreclosureReal estate problems are overwhelming and complicated for all parties involved. There are legalities regarding so many specific details that it’s almost impossible to know everything. Although consulting with professionals is recommended, it also helps to be knowledgeable on some real estate issues.

Here are a few important things that all California residents should know:

  • Closing Time — Every situation is different, but on average, it takes approximately 40 days to close on a house. Working out the exact details should be done so there are no surprises, but 40 days should work as a rough estimate for most housing deals.
  •  

  • Property Law — Under title 10 of the California Civil Procedures Code, a property that is abandoned or lost shall be classified as “unclaimed property.” An unclaimed status can last for three years. Afterwards, the property escheats to the California government if it has yet to be claimed.
  •  

  • Foreclosure Process — Approximately one out of every 200 homes will be foreclosed upon. California law requires proper notice and enough time to pay before a home is sold in a foreclosure sale.
  •  

  • Eviction Process — Landlords must provide at least 60 days’ notice to a tenant in the event of an eviction. The tenant must have a sufficient amount of time to vacate the premises. This rule only applies to tenants who have lived on the property for more than one year.
  •  

  • Disclosure — According to California law, real estate agents are required to disclose any information regarding a death occurring on the property within three years before a sale.
  •  

  • Required Documents — The Statute of Frauds in California requires three types of documents to be in writing at the time of the sale:
      • Commission agreements between parties.
      • Leases over one year.
      • Real estate licensees and contracts.

       
      This information is important to know and can assist you with issues regarding a property. However, it’s important to consult with experienced and professional real estate attorneys before, during, and after any property transaction. Whether it’s a foreclosure, eviction, home sale, or apartment rental, professional real estate agents can help.

      Contact DiJulio Law Group today for assistance