Real Estate Purchase and Sales Attorney Serving Los Angeles, California
A home is almost always the biggest financial investment someone can make. The real estate market in Southern California is still rising, price-wise, but due to higher interest rates, sales have slowed a bit. Nonetheless, home values are at record highs, and eager homebuyers abound.
Considering all this, it’s a bit surprising that homebuyers put so much trust into their agent and the system itself, which has largely been engineered by the California Association of Realtors (CAR). Essentially, it’s a trade union for agents and brokers. Most of the agreements and paperwork you will be asked to sign, other than the actual mortgage itself, have been generated by CAR. Do you think these documents favor you as the buyer or seller? Or do you think they favor the agent representing you?
That’s just one solid reason you should consult with an attorney when you’re pursuing the biggest financial transaction of your life. You want to make sure that your interests are represented, and that your rights as a buyer or seller are honored.
An experienced real estate attorney can review everything you will be asked to sign, and can also help you with important matters of a title search and property inspection. The added cost of an attorney’s counsel can avoid huge expenses—and potential losses—down the road. The same holds true if you’re selling a home.
If you’re looking to buy or sell a home in or around Los Angeles, contact us at Builders Law Group, Inc. We have 15-plus years of experience in real estate and the construction industry, and we’re proud to help you move forward. We serve buyers and sellers throughout Los Angeles County, and also throughout the counties of Ventura, San Bernardino, Riverside, Orange, San Diego, and the rest of Southern California.
Why Hire an Attorney in Your Purchase or Sale of a Home?
Remember that the agent representing you is going to aim for the highest commission possible, even if they seem to have all of your best interests at heart. They often strive to get you, as a buyer, to make the highest bid you can—or to get you, as a seller, to accept only a bid that the agent deems acceptable. In fact, you may feel forced by your real estate agent into making quick decisions or signing off on agreements that you don’t understand.
Most agents, of course, are scrupulous and have solid integrity, but some do not. Let’s face it: the system has been set up to favor the broker or agent you’re dealing with. That’s why it’s vital to reach out to legal counsel. When you hire a real estate attorney, you’re protecting your safety and your security during a transaction.
What Aspects of the Process Can an Attorney Help With?
A stacked system is one reason you should consider consulting with an experienced real estate attorney every step of the way. Other reasons are important, too.
For example, agents and brokers aren’t necessarily on the hunt for defects in a home you’re purchasing. They may even recommend a home inspector they work with because they know that that person will gloss over any findings. The agent/broker also will spend little or no time researching any boundary issues such as easements.
Your agent will also no doubt recommend a title search company to look for liens or other issues on the title to the property that you’re buying. An attorney can do the search or review what the company “discovers,” just to be certain.
When dealing with buyers and sellers, the majority of agents rely on a 10-page document produced by CAR known as the California Residential Purchase Agreement and Joint Escrow Instructions's Inspection Advisory. This contract requires your signature but is not set in stone and can be customized as needed. It is advisable to seek legal counsel before signing any documents.
For buyers especially, the form contains clauses for mediation and arbitration that you will be asked to initial. Initialing them, in this case, means you have ceded any legal recourse other than mediation or arbitration if something arises after the purchase. In other words, you cannot file a lawsuit but must submit to CAR-favored arbitration.
Purchase and Sales Attorney Serving Los Angeles, California
For a purchase as large as a home, where prices can range well into the six figures and beyond in Southern California, you want to make sure you are fully protected and you have the right to redress any wrongs if they are discovered after your purchase. As a seller, you likewise want to make sure you are protected during the sale and long afterward. Contact us with all your questions and concerns about a real estate transaction you are considering. The Builders Law Group, Inc. can guide you and provide you with peace of mind as you make this significant transaction.