|California real estate law involves rights for the ownership and possession of the land and buildings that are attached to the land. It is very essential for the homeowners as well as the buyers and investors to have some idea about the prevailing real estate laws in California. In broadest sense, real estate law usually refers to the law of all the real properties distinguishing it from the laws of personal properties. Real estate is one among the oldest areas of laws and it utilize many old concepts and terms. However, with the change in the society, many new rights and responsibilities have been evolved to better suit the present life style.
California Real Estate Disclosure Law
As per the real estate law in CA, the seller of a real estate property is required to disclose the known problems and hazards of the property to the buyer before signing the standard purchase agreements. Originally the seller should provide a real estate transfer disclosure statement to the buyer. In this particular statement, all the structural defects and problems relating to heating, electrical, mechanical and plumbing systems should be mentioned. Moreover, the seller must include information on problems that he or she is totally aware of.
California Real Estate Foreclosure Law
It is unlikely for a homebuyer in CA to think about losing his home on foreclosure due to inability on his part to make timely repayment of the home loan. However, the fact is that a large number of homeowners face home foreclosure and understanding the foreclosure laws may probably help them to prevent it in advance. In California, it usually take months for the lenders to start the process of foreclosure. After the initiation of the foreclosure process, the redemption period comes where the homeowners can still avoid foreclosure of their home and redeem the property after paying a certain prices including the taxes and assessments.
Real Estate Lawyers in California