Real Estate

 

Murrieta Real Estate Transactions Lawyer

 

Real estate transactions are governed by various federal statutes, state statutes and common laws that address a wide variety of legal issues related to acquiring, financing, developing, managing, constructing, leasing, and selling commercial and residential real property. Buying and selling real estate is generally more complicated than buying or selling other expensive goods, such as cars or boats. With real estate, many different people can have an interest in the same property, tax consequences are more complicated, and possession is not necessarily indicative of ownership. An experienced real estate attorney can help you sort through all of the difficult decisions and negotiations involved in real estate transactions.

 

Real estate related disputes including foreclosure, breach of a sales agreement, breach of a promissory note secured by a deed of trust, and any other litigation and/or law suits pertaining to Real Estate, requires transactions are governed by various federal statutes, state statutes and common laws that address a wide variety of legal issues related to acquiring, financing, developing, managing, constructing, leasing, and selling commercial and residential real property. Buying and selling real estate is generally more complicated than buying or selling other expensive goods, such as cars or boats. With real estate, many different people can have an interest in the same property, tax consequences are more complicated, and possession is not necessarily indicative of ownership. An experienced real estate attorney can help you sort through all of the difficult decisions and negotiations involved in real estate transactions.

 

Contact us at (951) 506-0831 for a telephone consultation.

 

Frequently Asked Questions About Real Estate Law

 

Q: What is real estate?

 

A: Real estate (also called real property) refers to land and things attached to land. For most consumers, real estate consists of their home and the lot surrounding it. Commercial real estate may include factories, equipment, and other facilities. In addition to buildings and equipment, resources existing on (or under) the land, including minerals and gas, are part of real estate. Some of these components of real estate can be sold separately.

 

Q: What are deeds for?

 

A:Deeds indicate, and are generally required to transfer, ownership of real estate. A deed contains the names of the old and new owners and a legal description of the property and is signed by the person transferring the property. The different kinds of deeds, such as the warranty deed, quit claim deed and grant deed, transfer different interests in property. For example, a seller conveying property by a general warranty deed assures good and marketable title to the buyer and will defend the tile to the property from all persons. In contrast, a seller conveying property by a quit claim deed conveys only what title the seller may have to the property, with no warranty as to ownership or defects in the title.
General Information Concerning Real Estate

The following real estate legal information is general in nature. It is not intended to address your particular concerns regarding any real property or real estate litigation matter:

 

An Overview

 

Real estate law includes both federal and state issues, with the state-level rules varying widely from jurisdiction to jurisdiction. These state and federal laws encompass everything from ownership of land and buildings to related issues such as financing, leasing, construction, taxes, and environmental laws. A competent and experienced real estate Law Firm and/or attorney can protect a party’s interests in both routine and complex transactions and disputes.
Real Estate Contracts And Transfers

 

The agreement to sell between a real estate buyer and seller is governed by the general principles of contract law. The statute of frauds requires that real property contracts be in writing. Title to real estate must be marketable to be free from liability, which means that it must be free and clear of all encumbrances, liens, clouds, litigation risks, or other title defects. To ensure marketable title, the buyer typically employs an attorney or a title insurance company to perform a title search. In a title search, the searcher examines the public records in the county in which a property is located to map a chain of title by examining all the recorded deeds concerning the property. The title searcher will also determine if there are any encumbrances on the property, such as mortgages, unpaid real estate taxes, liens for municipal improvements, unpaid federal taxes, government claims, legal judgments, foreclosures, condemnations, covenants, and easements. A title insurance company will insure the buyer against losses caused by the title’s invalidity.

 

To pass title, the seller must execute and deliver a deed with a proper description of the land. Many states require that the deed be officially recorded to establish ownership of the property and to provide notice of its transfer to subsequent purchasers.

 

Contact us at (951) 506-0831 for your telephone consultation.

 

Our Team

 

Individuals, couples, businesses, trusts and/or any other organization involved in any type of real property transaction and/or dispute should always work with a Law firm and/or an Attorney with experience and knowledge of the court system where the Real Estate law matter will be and/or transacted and/or has been filed. The Law Offices of Michael D. Iverson, APLC has the experience and knowledge of each court system pertaining to matters located in Temecula Valley, Temecula, Murrieta, Wildomar, Lake Elsinore, Sun City, Menifee, Hemet, Corona, Perris, Moreno Valley, Riverside and all other areas of Riverside County, San Diego County, San Bernardino County, Orange County and most of Los Angeles County. At The Law Offices of Michael D. Iverson, APLC, our reputable Riverside, Temecula, Murrieta, Riverside County, San Diego County, San Bernardino County and Orange County Law Firm lawyers have handled a vast array of Real Estate Transactions and Real Estate related disputes involving the following:

 

  • California land and real property acquisitions

  • brokerage commissions

  • California construction contracts

  • California foreclosure law

  • leases and other landlord / tenant matters governed by California real property law

  • commercial residential leases

  • property management

  • adverse possession

  • boundary disputes

  • easements / rights of way

  • homeowners’ association legal issues governed by California real estate law

  • commercial real estate

  • environmental remediation

  • zoning issues

  • mortgages

  • title insurance

  • partition of real property

  • quiet title

  • eminent domain

The following real estate legal information is general in nature. It is not intended to address your particular concerns regarding any real property or real estate litigation matter.

Brokers

Aseller may employ a real estate broker to solicit potential buyers for his or her property. The seller and the broker sign a listing agreement, obliging the broker to work to find a buyer and the seller to pay the broker’s commission if a sale results. A buyer may employ a real estate broker to locate suitable property. Real estate brokers are generally subject to rigorous licensing standards established by each state. As an agent, a real estate broker or salesperson has duties and obligations to the person who hired him or her. If an agreement to purchase the property is made, that agreement is strictly between the seller and buyer, and the broker is not a party to that agreement and generally makes no promises about the property.

Mortgages

The most common method of financing a real estate transaction is through a loan secured by a mortgage on the property. In California, that mortgage is called a Deed of Trust. A mortgage involves the transfer of an interest in land as security for an obligation. A borrower typically repays a mortgage in installments that include both interest and principal payments. If the borrower doesn’t make payments, foreclosure can result, with the lender declaring that the entire mortgage debt is due immediately. Failure to pay the mortgage debt once foreclosure occurs results in the sale of the property to satisfy any remaining mortgage debt.

The actual foreclosure process depends on state law, the terms of the mortgage, and whether other liens exist on the property. Many states allow late payments to avoid foreclosure, and many lenders attempt to work out a payment plan to avoid a foreclosure. If a lender is threatening foreclosure, a borrower should immediately contact a competent and experienced real estate attorney to protect the borrower’s interests and pursue all available resolutions.

Conclusion

Real estate transactions and disputes involve many laws, which vary greatly from state to state. If you are buying or selling real estate or are involved in a dispute regarding real estate, it is in your best interest to get in touch with an experienced real estate attorney to ensure that your rights are protected.

Contact us at (951) 506-0831 for your telephone consultation.

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Wednesday9:00AM - 5:00PM
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