The information contained herein is provided for informational purposes only, and is not intended to serve as legal advice or a solicitation of any kind. Attorneys at Ensberg Law Group are licensed to practice law in the State of California.
Depending on the circumstances, Ensberg Law Group, from time to time, undertakes cases on a contingency basis. Clients are responsible for actual costs of suit.
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West Covina Real Estate Transaction Information Sheet
Real Estate Transactions can be highly stressful, even for those who have purchased numerous properties. When entering into a real estate transaction, it’s vital to retain the services of a real estate attorney who possesses extensive transactional experience. Due to the numerous forms, legal requirements and procedures which must be followed, having a seasoned transactional lawyer on your side from start to finish can significantly lessen the likelihood of becoming involved in future litigation.
Real Estate Purchase, Sales and Lease Contracts
Before signing any real estate purchase / sale contract, both sides must understand what the transactional process entails. Sellers in particular have a duty to buyers with which they are legally bound to comply. Those selling of any type of property – commercial, industrial or residential – are required to complete extensive forms divulging everything about it. This includes disclosing all negative information that a potential buyer would deem material to making important decisions. Failure to disclose defects, including issues with an existing structure such as electrical or plumbing problems, as well as noise issues, neighborhood litigation or troublesome neighbors, can rapidly lead to litigation. As a result, it’s vital that you have a professional on your side who can walk you through the transaction from start to finish and who will act as an advocate on your behalf.
If you are purchasing a residential property in an HOA community, you must enter into the transaction with a complete and in-depth understanding of the rules that the HOA has in place. Educating yourself with the assistance of an experienced real estate professional or a seasoned real estate lawyer from the onset of the real estate transaction can prevent unpleasant surprises once it’s too late.
In addition to purchase agreements, our lawyers also represent both landlords and tenants who are entering into a lease agreement. While not nearly as complex a transactional matter as the purchase of property, it is still important to have an in-depth understanding of your rights and responsibilities as both a landlord and a tenant. Landlords may lease out their property for any term they wish as long as the tenant agrees. If the lease agreement is for a set period of time such as a year, at the end of the year the landlord may allow the tenant to roll the lease over into another one year term, a month-to-month basis, or terminate the tenancy. Conversely, the tenant may also decide to extend the lease or vacate the property.
Real Estate Construction Contracts
As with all contracts, construction contracts must be highly detailed and the terms must be clearly set forth in order to help prevent future litigation. A well-drafted construction contract should include the following provisions:
A detailed explanation of all work to be done
A start date and a completion date
Cost broken down by materials and labor
Dimensions from architectural blueprints for each room
Dimensions from architectural blueprints for the building itself
Liquidated damages clause in case of breach by any party
Names of all companies employed for the job
Specific equipment that will be used for construction
The types of materials to be used
When and how payments are to be made
Prior to entering into a construction contract, it is important to obtain bids from different individuals for the project, from the architect to the general contractor.
A seasoned transactional attorney can help you draft bid requests, review the bids with you, negotiate terms, draft the contract, and review it with you so you have a comprehensive understanding of your rights and obligations under the contract.
Should the construction contract need to be modified at a later date to reflect changes that the parties have determined are necessary, a new document must be drafted and attached to the original contract. Modifications may only be made upon the agreement of all parties. If any disputes arise as a result of any party’s unwillingness to agree to a modification of terms, it may become necessary to enter into negotiations to prevent both a delay in construction and potential litigation.
Contact a Los Angeles County Real Estate Transaction Lawyer Today
For additional information regarding transactional matters, please contact the Ensberg Law Group by calling (626) 813-3744. We will meet with you to discuss your objectives, and provide a detailed explanation of how we can help you conclude your transaction as smoothly as possible. Conveniently located in West Covina, we are pleased to represent those who live and work throughout Los Angeles County.