California Real Estate Law: Everything You Need to Know
Real 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