California Real Estate Law for Home Buyers
When buying a home, it is important to know your rights. California real estate law is complicated and can be confusing to navigate. A California real estate attorney can help you understand everything you need to know about buying, owning, selling, or renting a home. In this post, we are covering the basics of California real estate law.
Read on to find out.
Home Buyers’ Guide to California Real Estate Law
With plenty of houses on the market and low-interest rates, it is a great time to buy a home. Knowing the basics about California real estate law will help you make an informed purchase. Even better, it could help you avoid frustrating litigation down the line. Here are a few important laws you should know about as a California home buyer.
Sellers are required by law to inform buyers of major problems with the property, such as structural damage.
In California, this also includes any deaths on the property, natural or otherwise. It even includes the requirement to disclose information that could affect the quality of life like the neighbor’s loud dogs.
A purchase agreement is a legally binding contract that spells out the terms of the home purchase for both the buyer and seller. Information covered includes price, down payment, property disclosures, and more. In California, all contracts related to real estate must be in writing. This includes purchase agreements as well as leases, broker and commission agreements, etc.
A homeowner holds title to their property showing their ownership interest in the property. Property owners in California are required to have title insurance. Title insurance covers the homeowner against any attacks on ownership. This could include mistakes in public records that could be problematic to your investment.
Since a property is typically the most valuable thing an individual owns, it is very important to protect that investment, as it could potentially destroy your finances, should something go wrong.
If You Plan to Rent…
Renting out your property can be a great way to make extra money, but you should know that there are limitations to important rental terms related to security deposits and evictions. Security deposits are limited to two months’ rent for an unfurnished unit and three months’ rent for a furnished place.
For evictions, it is important to comply with proper notice (i.e., pay rent, terminate tenancy etc.) to the tenant that may be spelled out in the lease agreement and is stated in California law. If the tenant does not voluntarily move out after proper notice is given, the landlord may file an unlawful detainer lawsuit to evict the tenant. It may take months to get the tenants legally removed from the property.
Now You Know!
These are just a few of the important laws you need to know about as a California home buyer.
Are you looking buy a home? Do you need help to fully understand California real estate law?
To be fully informed, you need quality attorneys to guide you through the ins and outs of the home buying process. The experienced attorneys at Lisa Wills Law can help you every step of the way. Contact us or call (925) 463-9000 to help protect your interests today.