Most experienced real estate investors and developers will know the common terminology used in legal discussions, but for the regular homeowner or business owner, this jargon can quickly become overwhelming.

With that in mind, it’s often helpful to outline what some of the most common terms mean in personal property law cases and business property law cases. Some terms are pretty straightforward and generally apply to multiple sectors within the industry of property law; others are a bit more complicated and apply to niche sections of real estate legal cases.

• Eviction: An eviction is another legal process that can apply to residential or commercial properties where the land is leased out to a tenant. Landlords can evict a resident if that resident fails to make rent payments or abide by the terms of the lease agreement. In California, landlords must provide 60 days notice to residents (if the resident in question has lived on the property for over a year). If the eviction escalates to a courtroom proceeding, a judge must make a decision on the case within 20 days of it being filed.

 

• Foreclosure: You’ve probably heard this term before and, if nothing else, you know it usually means bad news. On average, one in every 200 homes are foreclosed upon (although in 2013, one out of every 96 homes in the U.S. were foreclosed due to the Recession). When a property owner fails to make his/her mortgage payments, the mortgage lender files for a foreclosure in order to seize the property.

 

• Forbearance: This is a temporary hold on a foreclosure process which allows the property owner more time to make mortgage payments and avoid having the property taken away.

 

• Homeowners association (HOA): This is a group created by community members which regulates private and public property within a certain region. HOAs are required to provide meeting information to all members, as well as financial statements explaining how its HOA member fees are used. These groups typically operate within gated communities or condos; they can pass rules about owning pets, permitting/prohibiting front lawn decorations, and negotiating problems between neighbors.

 

• Mortgage: If you don’t know what a mortgage is and you’ve never had to deal with one, consider yourself lucky! There are several different types of mortgages and they all aim to provide easier financing of a residential or commercial property purchase.

 

• Unclaimed property: This is defined by Title 10 in the California Civil Procedures Code as any property which is vacant or any property for which no legal owner can be found. According to the California State Controller’s Office, residential properties are just one type of “unclaimed property” — everything from safe deposit boxes to trust funds can be considered “unclaimed.”

 

• Zoning laws: These differ depending on geographical location and can restrict the height, land coverage, or use of any building constructed in the specified region.

Of course, it’s impossible to narrow down all the important terms of property law into one article — but we don’t want to leave you hanging! What other real estate terms would you like defined? Or any of the above terms which you’d like explained more? Be sure to let us know!

Property 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!