Real Estate Transaction Attorneys in Los Angeles
Precision Legal Services for All of Your Real Estate Matters
Real estate transactions can be challenging to manage without the guidance of skilled legal representation. Unfortunately, real estate disputes and other legal issues often complicate transactions, making it hard to move forward. Whether you are addressing problems with residential or commercial properties or are dealing with title issues, having a real estate transaction attorney on your side is always the most effective way to achieve your goals.
Real estate transactions are complex and best handled by legal professionals who understand how to achieve favorable client outcomes. Gomez Law, APC, is a Los Angeles County law firm passionately committed to helping clients with a wide array of real estate transaction services. Contact our law firm today to schedule a free case review, allowing us to assess your legal needs. A qualified legal team member will be happy to review your case and determine the options that best suit your needs.
What Are the Basic Components of Real Estate Transactions?
Real estate transactions happen where there is an agreement between a buyer and seller for the purchase and sale of real property. Such transactions are governed by both federal and state laws, as well as the terms agreed upon in the sales contract. While the primary parties to the transaction are typically the buyer and seller, there are usually at least real estate agents and mortgage lenders involved. Involving multiple third parties can increase the risk of disputes, as their competence or alignment with your best interests cannot always be guaranteed.
Typical components of real estate transactions include:
- Purchase and sale agreements: A legally binding contract that details the terms of the real estate transaction, such as the purchase price, closing dates, buyer and seller obligations, and any contingencies that may pertain to financing or inspections
- Seller disclosures: California law requires sellers to disclose all known material defects or other issues with the property that could affect the sale value to potential buyers
- Inspections: Potential buyers usually conduct inspections to assess the property’s condition to ensure that all foreseeable problems can be adequately addressed or worked out through negotiations
- Appraisals: An appraisal is a calculation of a property’s estimated value. Appraisals are an essential part of any real estate transaction, so that lenders can determine how much to loan buyers
- Financing: Most buyers must secure financing in the form of a mortgage through a lender to purchase a property
- Deeds: A deed is simply the transfer of ownership of property. A warranty deed that assures a buyer that the seller has the legal right to sell the property and that it is free of any undisclosed claims
- Escrow and closing: A neutral third-party escrow company handles all of the documentation and funds to ensure a smooth transition of ownership. At closing, all final documents are signed, and ownership is transferred to the new property owner
What is the Difference Between a Real Estate Agent and a Real Estate Lawyer?
Potential buyers are often uncertain of the differences between real estate agents and real estate lawyers. Real estate agents focus their skills on helping their clients navigate the issues involved with buying or selling their properties. Some of the most common services they provide include identifying suitable properties, negotiating on behalf of buyers, and handling all other aspects of the transaction process. However, real estate agents cannot provide legal advice or draft legal documents for clients.
Conversely, real estate lawyers are licensed to practice law with a focus on ensuring that transactions are legally sound. Real estate transaction attorneys focus their attention on providing legal services that include drafting and reviewing contracts, conducting title examinations, assisting with due diligence, and representing clients at closing. Purchasing a property has long-term financial implications, and property buyers and sellers should always have legal representation to protect their investment. Having a lawyer on your side is the most efficient way to help protect yourself against potential legal disputes or real estate litigation.
Gomez Law, APC, has qualified attorneys with comprehensive experience in real estate law. If you have questions about how we can assist you, contact our Los Angeles real estate attorneys today to learn more about our legal services.
Why Should I Have a Real Estate Transaction Attorney Review a Sales Contract?
Regardless of whether you are selling or buying a property, it is always best to have a real estate attorney review the sales contract. A knowledgeable lawyer will thoroughly review the contract terms to identify any open-ended language or clauses that could prove to be problematic and lead to property disputes.
Hiring an attorney is also invaluable if you are engaging in commercial real estate ventures, especially if transactions involve multiple parties or properties. It is far easier to pinpoint potential issues before contracts are signed than to resolve disputes after the transaction has been completed.
Another significant advantage of hiring a real estate attorney is that they can help you understand the complex legal terms included in contracts. By doing so, buyers and sellers have the necessary information to make informed decisions.
Your attorney will also ensure that all contract terms and benefits are in your best interest. In many instances, real estate transaction attorneys can help their clients negotiate favorable terms on key issues, such as price, repairs, and the closing date.
Real estate contracts often contain hidden clauses and exceptions that necessitate the need for a skilled attorney. Any mistakes that are left unchecked can lead to serious financial repercussions.
When Will I Need to Hire an Attorney to Represent Me During a Real Estate Transaction?
Whether you’re the buyer or seller, the complex, pricey, and somewhat risky nature of real estate transactions unfortunately makes it all too easy for disputes to arise. The most common types of disputes that arise include a seller wanting to back out of the sale due to a change of heart, the buyer wanting to back out of the sale due to being unable to secure a loan, or either party seeking to enforce what they claim is a term of the contract.
In the event you should ever find yourself in a disagreement with the other party to a real estate transaction, whether or not a written agreement has already been signed, don’t hesitate to contact a lawyer to learn about your rights and effectively protect them.
The most important way you can protect yourself, even before hiring counsel, however, is to document everything in writing. Every step of the transaction, every orally agreed-upon change to the written contract, and every communication with the other party should all be documented for your records and stored for safekeeping.
What Kind of Real Estate Transaction Disputes Does Gomez Law, APC, Handle?
While the following is not an exhaustive list, we handle many types of real estate transaction legal matters, including:
- For sale by owner transactions
- For purchase by homebuyer transactions
- Negotiations and contingency removals
- Preparation of closing documents
- Leasehold disputes
- Use occupancy agreements
- Eminent domain proceedings for landowners and businesses
If you or someone you know is unsure about how to proceed with a specific real estate transaction, please contact us for a consultation.
Spanish Speaking Staff & Attorneys Available
We are committed to serving all our clients to the best of our ability. For this reason, we have surrounded ourselves with both English and Spanish-speaking attorneys and staff members who are ready to assist clients with their legal needs.
Schedule a Free Consultation in Los Angeles Today!
Our team of real estate attorneys has handled and won cases throughout the state of California. If you are buying or selling real estate, you must hire a real estate attorney to guide you through the complicated legal process. Real estate agents and brokers are not allowed to provide you with any sort of legal advice, even if your interests are at stake. With that in mind, our real estate law firm works diligently to provide our clients with insightful information, enabling them to make informed decisions based on accurate information.
If you need experienced and knowledgeable real estate attorneys, please contact us today to schedule a complimentary 30-minute consultation. We are located in Los Angeles, California, but proudly serve clients throughout the surrounding areas of Culver City, Venice, Ontario, and Glendale, California.