5 Things You Most Likely Didn't Know About Real Estate ...

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5 Things You Most Likely Didn't Know About Real Estate Governing Laws.

Applicable in the State of California

· Real Estate Law

California is a great place to live and work. The mild year around climate and glorious scenic vistas at nearly every turn make living here a true joy. People have been heading out west to seek their fortune for centuries. Those who want to be involved in real estate in California today should be aware of the kind of laws that may apply if they wish to buy or sell real property. While different parts of the state have different real estate laws, there are a few statues that apply to any real estate transaction in the entire state. Knowing what to expect can help make it easier to make decisions about any potential real estate purchase.

1. All Contracts Needs to be in Writing 

If you're going to buy or sell a piece of property, you need a written contract. You need to have all details agreements in writing. This is why you should make sure that when buying or selling real property, you have a real estate lawyer who can provide you with a valid contract. Keep copies of this real estate contract on hand. This way, in the event something goes wrong, you the evidence you need to back up your claims.

2. You are Entitled to Know About a Property's Defects 

Buying a property means that you are buying the property's defects as well as pluses. The two family home you love may be situated in a part of town that you believe is an up and coming area where property values will go up quickly. At the same time, the property may have lingering problems. There may be issues with foundation, lead in the pipes and problems with occasional flooding. Under California state law, the buyer is entitled to know about these laws before they buy it. You're entitled to know about the property's material defects. You're also entitled to know if there was a death in the space if that death happened in the last three years.

3. The Government Can Claim Any Abandoned Property 

A property can be considered lost under certain circumstances such as the failure to pay property taxes. If the owners have simply left without leaving any evidence of their new location, this can also be considered abandoned property. This is known as unclaimed property. Property that has been abandoned can be claimed by the state after three years. If you own property in California but it has some issues such as property taxes owed, you need to make sure the state knows that it has not been abandoned. Otherwise, it's considered government property not your property.

4. Be Aware of Laws Governing Rental Security Deposits 

Renters should know about the laws that govern any required security deposit. The landlord cannot ask for more than two months of a security for an unfurnished rental. They can't demand more than three months for a rental that is furnished. Unless certain conditions are met, security deposits must be fully returned. If there's damage to the property beyond what is expected normally, unpaid rent, or cleaning fees, only then can the landlord take any money from the deposit. The same applies to any pet related damage or fees. Tenants have the right to get their money back. If you want to become a landlord, you should be aware of these laws and make sure that the tenant's security deposit is handled property or you could be facing legal issues.

5. Evictions are Not Easy 

In addition to laws governing the handling of a security deposit, California also has laws that govern evictions. Tenants in California have certain rights that may not apply in other states. If you want to evict a tenant from any property you own, you will need to head to court. You'll also need to give the tenant advance notice of your intentions. If the tenant is engaged in major violations such as long term nonpayment of rent, the landlord does not need to give the tenant time to remedy the situation first. You also cannot go into the property even if you own it and personally evict the tenant. Under state law, you will need to get the sheriff to do the eviction for you. You will also need to let the tenant know about any property they have left behind and give them time to get it back. You can charge them storage fees. If they have not claimed the property by a certain time frame, the landlord is allowed to dispose of the material left behind.

Knowing about specific laws that govern real estate law in California is crucial. If there are any questions about certain situations, it's a good idea to contact a real estate lawyer for further help.