Real estate law has gone through multiple significant changes over the years, due in no small part to changing economic outlooks and new property law cases being brought to the forefront. California, for one, is a state with many unique particulars when it comes to the field of real estate law and needs to be treated as a separate entity if you’re looking to buy or sell a home. If you are struggling with signing a lease agreement or are concerned about foreclosure in the state of California, read below to learn more about your options.
History Of Real Estate
The act of owning, buying, distributing and selling property is not a new one. Real estate has been used as a legal means of organizing and applying land for centuries, originating now as houses, condominiums and apartments. Multiple Asian countries have havelis and chawls, while the United Kingdom shares more than a few similarities with its Western cousin. A villa was originally an upper-class living establishment used in ancient Roman societies, now having been transformed into a high-quality and much sought after living estate for people around the world. Real estate law includes, but is not limited to, issues of foreclosure, market projections, lease agreements and contracting.
Foreclosure
Real estate law requires you be up-to-date on changes as not to have any nasty surprises waiting for you. It takes about 40 days on average to close on a house in California, compared to 60 or 70 days in other states. A study conducted in 2013 saw one in every 96 homes reporting at least one, if not several, foreclosure filing. Future predictions estimate one out of every 200 homes being foreclosed upon, with state laws providing strict regulations concerning proper notification and payment opportunities before the property is sold. If you fear your mortgage is at risk of a sudden foreclosure, real estate law can provide you with attorneys to help you with a proper solution.
Housing Market
The average sales price for homes in California, from the middle-priced examples in ranked lists, saw $390,000 in January of 2015. Studies conducted by the National Association Of Realtors found over 77% of home buyers having an inspection done before completing a home purchase. Inspections are necessary to pinpoint potential issues, such as objects in need of repair or areas in need of cleaning, to avoid unexpected surprises both for you and your potential customers when the house goes up to market. Property determination involves occupation of a space and the legal action necessary to take should an eviction or foreclosure occur.
Property
The title 10 of California civil procedures will determine a property abandoned (or unclaimed if the legal owner cannot be found) after three years, in which it will be transferred to the California government. The Statute Of Frauds in the state of California requires at least three types of contracts to be in writing — leases longer than a year, commission agreements between licensees and principals and real estate contracts. If you sign a purchase contract, how long action will be taken depends on the unique application that was filed. Between four to 10 weeks is typical in California before a closing, though this can vary in other states.
Real Estate Attorney
If you are fearing a conviction or need to discuss your current options concerning foreclosure or selling, an attorney can assist you with navigating real estate law. If your eviction has already escalating to a court setting, a judge will then hear your case and decide within 20 days or less where to proceed (depending on the filed request by landlord for a trial). If a California tenant has lived on the premises for more than one year, the landlord is required by law to provide at least 60 days’ notice in light of an eviction. There’s no need to be in the dark when your home is up in the air, so contact your local real estate attorneys to discuss your options further and reach a satisfactory conclusion.