Real estate contracts can be complicated and even harmful to both buyer and seller if all parties involved are not careful. It’s best to work with a professional real estate law firm with experienced attorneys who can assist you throughout any property-related issue.

Here are a few must-have conditions for real estate contracts to be successful.

Must Disclose Defects
Failure to disclose defects on a real estate contract is a serious offense and can result in even more lawsuits down the line. Hopefully, no one involved with the property sale is trying to take advantage of other parties, but it happens far too often in real estate deals; someone intentionally hides a problem to either make more money or spend less. Additionally, in California, real estate agents are required by law to disclose any information about a death that occurred on the property within three years before the original sale.

Financials
Probably the most important aspect of any real estate contract is the financial information. All real estate contracts should state whether or not an offer is contingent upon obtaining financing at specified interest rates. And all the details of the obtained mortgage must be laid out to avoid any confusion. One caveat regarding financial terms is that they have to be accurate representations of the buyer’s actual financial situation. For example, if the buyer can’t afford the monthly interest rate on the house if the rate is higher than 7%, they shouldn’t put 7.5% in their offer. Such a mistake means that the seller will keep an earnest money deposit if the buyer backs out.

Closing Date
Another real estate contract essential is the expected closing time. This will state exactly how much time both the buyer and seller have to prepare before the actual finalization of the sale. Typically, the most common time frames are between 30 and 60 days to close. Deepening on whether or not the seller needs to find a new place to live, any remaining lease contracts, or job relocation issues can all affect the closing date as well. Some buyers want to finish everything within two weeks, but that can be difficult, so it’s best to work alongside real estate attorneys to find a more realistic closing date and include it on the contract.

In California, home sales have been steadily dropping.

The California home market entered a strange phase at the end of the 2016 summer. The market was moving much slower than normal and some higher prices led to less affordable homes, causing people to hesitate from buying.

“Demand begins to soften heading into the fall since many buyers with families buy before school starts,” said Andrew LePage, a real estate analyst.

According to the Los Angeles Times, Southern California’s median home price fell to $460,000 in August, although the median price is still about 5.7% higher than last year at this time.

“It’s not unusual for the median to decline modestly between August and September, LePage added. “In part because demand begins to soften heading into the fall, since many buyers with families buy before school starts.”

Los Angeles Daily News reports that the market did have a slow summer despite job growth and a decrease in lower mortgage rates.

On a national scale, however, the U.S. Commerce Department stated that new home sales actually rose 3.1% across the country during the summer.

Although California saw a slower summer, for now that can just be chalked up as an outlier. On average it still takes about 40 days to close on a home in California and people will surely continue to sell through the fall and into the winter.

It’s important that anyone dealing with any type of real estate law contract in California should with a qualified real estate lawyer.

These lawyers are fully experienced in property law and can assist you throughout the entire home buying (or selling) process including filling out all real estate contracts.

According to the National Association of Realtors, wholly 77% of homebuyers get inspections done before finishing a real estate deal. It’s recommended to have the home inspected beforehand to avoid any unwanted surprises once you move in or even little later down the line. Experienced real estate lawyers on behalf of the seller will encourage them to have any and all repairs done well before the house is listed.

Dealing with real estate can be extremely stressful for both the property owner and the prospective buyer/renter. Real estate contracts should be thoroughly filled out, but if both parties are unsure about any aspects of real estate law, some serious problems could occur.

That’s why working with an experienced real estate attorney is essential when handling property deals. These attorneys are familiar with real estate law and can assist throughout the entire buying or selling process. It’s up to you to get in touch with an experienced attorney. If you wish to speak to a professional real estate law firm, contact the DiJulio Law Group today.

In California, the State of Frauds requires at least three types of real estate contracts to be in writing: any lease that’s over one year, any commission agreement between licensees and principals, and any documents of sale for the property.

Along with having proper documentation, there are a few other important aspects of real estate contracts that are necessary for all parties.

The Closing Date

The closing date must be present on the contract. Usually, it takes between 30 to 60 days to close. This information is essential for the deal because both parties could have other properties they plan on living in for a few months until the deal goes through. You might also have to get settled in at a new job if you’re moving to a new area, so it’s important to know exactly when you can move in and start getting things in order.

Inspection Clause

A home inspection clause allows the buyer to completely walk away from a deal if significant damage is evident. Unfortunately, there are real estate sellers who try and take advantage of buyers, so make sure you and your attorney schedule thorough inspections before, during, and after the buying process.

Financing

One of the most important aspects of any contract is simply the finance terms involved. All mortgage information should be outlined in the contract and it should state that the offer is contingent upon financial backing at a specified interest rate.

Real estate deals and contracts should be taken seriously because these are important documents that have a direct effect on your future. Call the DiJulio Law Group today if you want to learn more or speak with an experienced attorney.

California real estate law can be quite confusing. You may not anticipate ever having an issue, but you never know when a problem might arise. Problems with neighbors, problems with landlords, problems with banks, or problems with the law can all potentially lead to unwanted stress and living uncertainties.

Here are a few of the potential real estate issues that could arise in California.

Boundary Disputes
One of the most frustrating real estate problems is a having a boundary dispute with your neighbor. It could come up as soon as either you or your neighbor move in; in other cases, disputes arise when you least expect them. To avoid these unwanted boundary disputes, make sure that you have all real estate documents stored in a safe place so you can access them when necessary. It’s also recommended that you consult with a real estate attorney during any dispute as well.

Eviction Process
Being evicted can be one of the most stressful events in a person’s life. There is so much uncertainty about what’s to come and where you should go. It’s important to be 100% sure that your landlord is acting lawfully and that all eviction notices were given in the allotted amount of time. In California, if a tenant has lived in the property for more than one year, the landlord has to provide a notice to vacate at least 60 days prior to the eviction.

Foreclosure Process
Another scary time in a person’s life is during a foreclosure. This can be even more intimidating because banks are involved and the repercussions could last a lifetime. It’s important that you contact an experienced real estate attorney as soon as you think you might be in danger of being foreclosed. There are plenty of laws that protect your rights of fair notice and amount of time to come up with the money.

Don’t handle these stressful situations on your own, because they can go from bad to worse quickly. Consult with a real estate attorney who can help. If you need any assistance with real estate in California, contact the DiJulio Law Group today.