Real estate law differs depending on the state in which you live. Therefore, it’s important to research the real estate law of your state when you choose to move.
For instance, if a death has occurred on a property in the past three years it’s required under California state law that the real estate agent inform potential property buyers. However, in New York and New Jersey, the real estate agent is not required to inform potential buyers of any death in the home.
Researching your state’s real estate laws doesn’t mean you need to be a professional in the subject. However, before purchasing property in California, it’s important to have as much information about our peculiar laws as possible. Here are five important things you should know about California real estate law before moving to the Golden State:
- Abandoned property belongs to the state government
After a series of three years, any property that is lost or abandoned becomes the property of the California state government. You can reclaim the property as your own if it’s been less than three years, but only if you officially reclaim it in the court of law.
- Contracts must be in writing
Contracts that aren’t in writing are considered invalid under state law. These contracts include commission agreements, licenses, and leases. Have a California real estate lawyer write these contracts for you to avoid any costly mistakes.
- Landlords must give tenants notices of eviction months in advance
If a tenant has lived in a California apartment for over a year, a landlord is required to give a 60 day notification of eviction before the tenant is forced to leave the property.
- Security deposits for rentals must be returned to tenants
Security deposits in the state of California are not allowed to exceed the amount of two months rent. This security deposit is then required to be returned to the tenant at the end of the lease unless the tenant failed to pay rent for a given month.
- Real estate agents are required to disclose property defects
In addition to any death that may have occurred on the property in the last three years, the real estate agent must also disclose any defects of the property to potential buyers. This keeps potential buyers from being surprised by any problems that may come with the house.
Laws on the eviction process, buying a foreclosed home, and zoning restriction differ from state to state. It’s important to understand your new state’s real estate law to be prepared when you decide to look for a new house. For more information on California real estate law, contact the real estate law firm of DiJulio Law Group today.