Real Estate Contract Attorney in Los Angeles, California
Contracts are the backbone of any business or financial transaction, and these agreements must be followed to ensure both parties hold up their end of the bargain. If this doesn’t happen, it can create countless problems, including the chance of legal action against the party who breached the contract. One area where this can be particularly complicated is with real estate contracts.
No matter whether you’re buying or selling, working as a real estate agent, or if you’re a property manager looking for help, you should always work with an experienced real estate contract attorney to protect your best interests. At the Builders Law Group, Inc., we’re able to provide professional, cost-effective, and personable legal representation for real estate transactions or real estate contract negotiations. For help in and around Los Angeles, California, and throughout Riverside, Orange, Ventura, San Bernardino, and San Diego counties, contact us today to set up a consultation.
What You Should Know About Real Estate Contracts
Any real estate deal will need to be governed by a contract, but the exact type will depend on the nature of your transaction. That being said, it’s always in your best interest to work with an attorney to ensure all California property laws are followed and that any potential issues are caught and addressed before they become a bigger problem.
Real estate contracts should serve both the buyer and seller equally, which is why both parties should have their own legal counsel to review the terms before signing. Also, you’ll want to ensure that certain provisions are always included, such as:
Whether the seller will pay all or a portion of your closing costs.
A home inspection contingency.
The financing terms (ie. whether the property will be purchased with a conventional mortgage, government-backed loan, or paid for in cash.)
The expected closing date.
What fixtures or appliances are included in the home price.
Any contingencies you may need, such as selling your current home before the sale of the new home will go through.
Examples of Real Estate Law Contracts
Purchase and sale agreement: This is the most common type of real estate contract that’s used and it’s essential for both the buyer and seller to have a clear understanding of their obligations under it. A contract should include the terms of the sale, a physical description of the property, the address of the property, the closing date, and the names and signatures of both the buyer and seller.
Lease agreement: Another common real estate contract is one that sets out the terms for a property owner or manager and a renter. These are just as important as a purchase agreement and should be handled by a professional. This agreement must outline the amount of rent, when and how it will be paid, the penalties for not paying on time, the terms under which a tenant can be evicted, or under which they can give notice to break the lease, what utilities are included in the monthly rent (the responsibility of the renter), how much the security deposit is, and the conditions for having it returned after a renter vacates the property. By using a comprehensive and well-written lease agreement, you can avoid costly legal disputes between renters and landlords.
Power of Attorney: These are used less often, but still can be a crucial element of many real estate transactions. Specifically, if one party is not physically present when the sale is happening. They can assign someone to have power of attorney in their stead and be able to sign any legal documents on their behalf.
Exchange agreements: Finally, in some cases, you may wish to pursue an exchange (the most common is called a 1031 exchange), and this type of contact can help reduce or defer any capital gains tax obligations when a property is sold.
The Importance of Contracts in Real Estate
When someone buys or sells real estate, this is likely one of the most expensive financial transactions they’ve ever made. This can be a stressful and complicated experience, but it’s not one in which you need to be taking unnecessary risks. A contract is one of the most important tools you have during this time to ensure that your money will not be wasted and that you're getting exactly what you expect. Contracts will protect both the buyer and seller from entering into a deal that’s not in their best interests, giving you peace of mind and a clear understanding of what to expect.
The Role of a Real Estate Contracts Attorney
Your attorney performs a key function in your real estate transaction and ensures any and all contracts you sign have been thoroughly evaluated first. Furthermore, most contracts will require back-and-forth negotiations, and any modifications should be researched and added in by a professional. Your contract is the single most important document that can safeguard your investment, while also giving you an avenue of redress should something go wrong and your lawyer will be with you every step of the way.
Real Estate Contract Attorney Serving Los Angeles, California
If you’d like legal assistance negotiating, evaluating, or drafting a real estate contract in the Los Angeles, California region, contact our team of professionals at Builders Law Group, Inc, for dependable legal guidance.