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Purchasing a home is usually a smooth process. If you work with a professional real estate agent, they assist you in finding the right house. The mortgage company helps you understand the terms of your mortgage and your monthly payments. The title company then works with you on closing. Every department is an important part of the process. It is great when it works this easily, however, that is not always the case. Real estate attorneys are often needed. There are actually many things that could go wrong in the home buying process, all of which require the representation of a real estate attorney.
Unknown damages to the house
Unknown damages can occur to the house. This is usually prevented with a final walk through of the property, prior to closing. But, what if there are new damages identified during the final walk through? You notice that there is a huge hole in the wall or that the flooring was torn up when the sellers moved their furniture out. If you notice these damages prior to closing, you can usually back out of the sale. But, if they do not notice them until after the closing, you may have a harder time getting compensated or voiding the sale process.
Building code violations that affect housing characteristics
Building code violations are actually quite a common occurrence. You purchase a house that is considered 3 bedroom and 3 bathroom. You pay a price that reflects these numbers. However, once you get into the house, you learn that the third bathroom was not installed correctly and actually has multiple building code violations. Your options may be limited, but working with a real estate attorney can help you mediate the process. Reducing the house of even one bathroom will immediately take off a significant amount of value from the house.
Unknown leases on the property
Leases are agreements to rent a property, for a specified amount of time. If you purchased a house and were unaware of the lease, you may still be required to honor it. If you were planning on moving into the property, this can affect your living arrangement and financial situation. Many property law cases involve lease problems. If the lease was legalized and in writing, there may be little that you can do about it. Usually, a real estate attorney will thoroughly evaluate the lease and its terms.
The Statute of Frauds in California requires these three types of contracts to be in writing, leases for more than a year, commission agreements between principals and real estate licensees, and contracts for the sale of real estate. Each of these documents should be available for the real estate attorney to research. If the lease does not hold up, you may have to start the eviction process, which can be confusing on its own.
Buying a foreclosed home
Buying a foreclosed home usually provides you with a great deal. However, there are many things that can go wrong with a foreclosure. In many cases, the foreclosure is bank owned, meaning you are directly dealing with the bank. It is also possible that the house has many building code violations, which could also be a cause for the previous owner losing the house. You might also consider the services of a real estate attorney if you are on the other end of a foreclosure.
Approximately 1 out of every 200 homes will be foreclosed upon. State laws provide strict regulations regarding proper notices and opportunities to pay before the property is sold in a foreclosure sale. If your home mortgage is at risk of foreclosure, you should consult an attorney as soon as possible. They may be able to provide you with additional payment options or housing assistance programs.
Purchasing a home is perhaps, the most expensive purchase that you will make in your life. In order to properly protect your investment, you may require a real estate attorney. On average, it takes about 40 days to close on a house in California. A lot can happen during those 40 days to your purchase. Be sure that you are prepared for everything.
