Real Estate Law 101: 3 Essential Facts You Need to Know
Want to learn more about real estate law? Start your journey into real estate law by learning these essential basic facts.
Buying and selling your home involves huge sums of money.
If you don’t do things by the book, you could end up losing a small fortune, or maybe even your home itself.
California real estate law is highly complex. If you want to ensure that you have all your bases covered, then you need to acquire the services of a real estate attorney.
In the meantime, read on as we take a look at some important facts you should know about California real estate law.
In California, sellers must complete a Transfer Disclosure Statement.
This form asks certain questions about defects in the home that must be answered truthfully. However, sellers must also disclose any material facts that might affect a buyer’s decision, even if they are not included in the TDS.
What exactly do you need to disclose, however? If someone has died on your property in the last year is that a material fact? Well yes, it is. But if it happened more than three years ago, you wouldn’t need to disclose.
As you can see, disclosure can be a bit of a minefield. It’s always advisable to seek the services of a real estate attorney to ensure you don’t fall foul of the law.
2. Price Gouging Real Estate Law
California is often subject to wildfires, floods, earthquakes, and other natural disasters. There are laws in place intended to stop businesses from increasing their prices at these times and profiting from the misfortune of others.
Assembly Bill No. 1919 tackles the problem of price gouging of rent. It means that it is illegal to increase rental prices by more than 10% during a state of emergency. You may be punishable by a fine of up to $10,000 or a year in prison if you violate this law.
3. 3-Day Notice
Landlords can issue delinquent tenants a 3-day notice to pay rent or quit. This form is a notification that a client is in violation of their lease and that they have 3 days to pay outstanding rent or move out.
Before 2018 this 3-day period referred to 3 consecutive days. Assembly Bill No. 2343 modified this notice period to exclude judicial holidays, including Saturday and Sunday. What this means in practice is that it is no longer possible for landlords to issue a 3-day notice to pay rent or quit on a Friday in the hope of leaving their tenants without enough time to pay up.
This process must be carried out correctly by landlords as if it is done incorrectly, the eviction case may be thrown out. We would always advise using a real estate attorney in any eviction proceedings.
Call the Law Offices of McFarlin LLP Today
Real estate law can often be extremely complicated and mistakes could easily lead to expensive fines or even a prison sentence.
Having an experienced real estate attorney by your side will help prevent these mistakes and give you the peace of mind that your real estate issues are being handled correctly.
For a free case evaluation call McFarlin LLP at 888.728.0044 today!