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Basic Facts to Know About Property Law

property lawProperty law and real estate contracts can be confusing at the best of times, but luckily, real estate attorneys and even Realtors can help you understand how things work. Read on for just a few basic facts that you should know about property law!

  • In 2013, one in 96 homes reported one or more foreclosures.
  • California property laws require a real estate agent to disclose information regarding property, including any death within the last three years.
  • Property for which the legal owner cannot be found is automatically listed as unclaimed according to title 10 of the California civil procedures code. After three years of unclaimed status, the deed is transferred to the California government.
  • Any California resident who has lived on a property for over a year must be give a 60 day eviction notice by their landlord.
  • If an eviction case goes to court, it will be heard and decided by a judge within 20 days after the tenant or landlord files to set a trial.
  • The Statute of Frauds dictates that three types of contracts must be in writing. This includes leases for more than a year, commission agreements between principals and real estate licensees, and contracts for the sale of real estate.
  • In the state of California, it takes about 40 days to close on a house.
  • According to Zillow.com, the median price for a California home was $393,000 in January 2015.
  • About 77% of those buying a home have an inspection done before buying. Officials say to avoid issues, have your own inspection done before putting the house on the market.
  • Your purchase contract will dictate how long the process will take, so read it carefully. It will specify a closing date or a number of days until close. Though it varies, the average contract takes four to 10 weeks.
    • One in every 200 homes is eventually foreclosed upon. There are strict regulations, notices, and opportunities to pay put in place by every state before the home is sold at a foreclosure sale. Consult a real estate law firm if you are in danger of foreclosure.

    What do you think about these facts? Were they helpful to you? We would love to hear your thoughts and comments!