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Real Estate Law Firms Can Help Guarantee the Safety of Your Home

real estate lawReal estate transactions can be complex and delicate considering they can consume up to half of a person’s finances. These major investments are sometimes handled without the assistance of legal advisers which puts even more risk on the shoulders of the buyer. According to the real estate tracking firm Zillow.com, the average priced home in California is valued at a whopping $393,000; that’s a large amount of money for one individual who’s unfamiliar with real estate law to handle.

With these large sums of money, comes tension between parties who want to be fairly compensated for any number of unique situations between landlords, tenants, and the average property owner. Some renters or sellers are willing to lie about the conditions or past of a home as well as any dangerous aspects it might include, to avoid paying for repairs as well as being to able to charge more from renters or buyers.

Over the years, people have to come to realize how some common practices in home construction have actually turned out to be harmful to residents. Asbestos is one of the most dangerous, with lead paint following close behind. The majority of houses built in California before 1978 contain potentially dangerous lead paint. If a real estate agent fails to disclose information of harmful substances to buyers, the state has the power to criminally or civilly prosecute them.

One of the most common real estate law cases comes in the form of disagreements between renters and tenants considering they must have an ongoing business relationship. Between paying rent consistently, lease violations, and property damage, much can go wrong in these situations.

When problems escalate high enough, some landlords will choose to take the property law route and attempt to evict their renters. Whether the renters are not paying rent or have been destructive or problematic with neighbors, legal action can be taken to permanently remove them from the property.

However, if the renter chooses to battle the eviction, property law cases can be taken to court. After the landlord or tenant files a request for a trial, a judge will hear and make a decision on the matter within 20 days.

These numerous legal situations renters, landlords, and homeowners can find themselves in are very serious matters with a lot of money and well-being on the line. Skilled and experienced real estate law firms can help ensure that you receive the best outcome.

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New York Officials Hope New Foreclosure Buyback Program Will Help Struggling Families

real estate contractToday, one out of every 200 homes is foreclosed upon. Despite that being much better than the one in 96 foreclosures in 2013, that’s still a significantly high number and is an issue across the country.

According to New York Daily News, Council members in Queens recently unveiled a City Restoration Program called theForeclosure Buyback Program. Although it’s the first program of its kind, other cities across the nation are paying attention to see if a program like that could work in their communities.

The new initiative will enable nonprofit organizations to purchase real estate contracts containing distressed mortgages throughout New York City.

These “zombie homes,” where residents leave after receiving a notice of foreclosure, are scattered throughout New York City. Over 40 of these vacant properties are going to be involved with the program and will be sold to nonprofits through the Federal Housing Association (FHA).

Once the nonprofits are in possession of the real estate contracts, they will work with struggling families to restructure their mortgages and assist them in any way to regain their lost homes.

“Communities are redlined,” said Councilman I. Daneek Miller. “You can’t go through a traditional bank to get a traditional mortgage, and then we become very vulnerable and susceptible to predatory lenders.”

Many council members believe that these vacant foreclosed homes have a negative effect on the entire community, hurt the overall quality of life, and look bad to outsiders. Even worse, zombie homes are just dangerous.

“Crime is happening in these homes,” said Councilman Donovan Richards, “There are drug dealers in these homes.”

Working with families to get back on top of their mortgages will be a difficult task for these nonprofits, but there is plenty of optimism surrounding the program.

“With programs like these,” Miller added, “you’re going to see a major change in housing.”

If you’re in the market for a new home, it’s important that you consult with an experienced and professional real estate lawyer. Don’t panic once you’ve entered into the purchasing part of the real estate contract, but make sure the contract specifies a closing date. The average wait time is between four and ten weeks to close.

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Here Are 4 Essential Items You Should Have On Your Real Estate Contract

real estate contractProperty law can be confusing for the average person. Compared to everything else, buying or selling a home is certainly one of the most complicated transactions you’ll ever undertake. As long as you do a little research beforehand, know who to talk to, and have a secure real estate contract, however, the process should go much smoother than you anticipated.

There are a few important conditions that should be included in just about every real estate contract.

Closing Date

Once you’ve entered into a purchasing contract, your closing date or a number of days until closing should be specified. In California, the average time is about 40 days to close, and the national average is within four to ten weeks.

It’s important to note that just because a closing date might seem too far away, that doesn’t mean you should panic. In fact, you should do just the opposite. Buying or selling a house can be very stressful because of everything else that you have to worry about on top of the purchasing contract. With a closing date a month or two down the road, it’ll give you and your family plenty of time to plan for the next step in your move.

Inspection Contingency

According to the National Association of Realtors, 77% of homebuyers have an inspection done before completing the home purchase. This avoids any unwanted surprises once you and your family move in and it’s too late to back out. With a home inspection done before the purchase, you’ll be able to walk away from the deal if any significant damage is apparent that was otherwise hidden.

Finance Terms

It’s important to have every necessary piece of financial information on the contract to avoid any confusion and prevent any issues. For instance, you’re most likely going to need to obtain a mortgage. You should have that information on the contract to let all parties involved know that your offer could change depending on interest rates for your financing.

Appliance Terms

When it comes to appliances, verbal agreements are most often used, but a lot of problems can result from these types of handshake deals. Specify everything in the contract that you want or do not want to be in the deal. Just because the seller mentioned to you that they’d throw in the stove, oven, dishwasher and washing machine, that doesn’t mean they actually will when it’s time to sell.

If you need assistance from a professional real estate law firm, contact DiJulio Law Group today to learn more about real estate contracts.

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