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Buying or Selling a Home
Buying or Selling a House
July 4, 2008
When buying a house, there are a number of key legal issues that must be considered. Some of the issues a buyer should determine are:
  • Whether the purchase is contingent on matters such as the buyer obtaining acceptable financing and/or selling a home that the buyer currently owns;
  • What items are included in the sale of the home, such as fixtures;
  • What inspections are required and who pays for them;
  • Who pays for the title exam, title abstract, and title insurance;
  • Whether utilities have been installed and paid for;
  • Whether there are any easements or restrictions on the use of the property;
  • Whether a surveyor should be used and who pays for the surveyor's services;
  • If a loan from the seller is involved, who will pay the closing costs on the loan;
  • Who are the parties that must sign the purchase contract;
  • Whether a broker is involved and who pays the broker's fee;
  • What are the remedies if the buyer or seller defaults;
  • Who pays taxes; and
  • Who pays any special assessments.
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Types of Deeds
July 16, 2008
Property deeds are legal instruments used to transfer title of real estate from one person to another. A deed has the names of the seller and buyer and a legal description of the property. There are certain words used in a deed that signify the transfer of property, such as transfer, grant, convey, and assign. All these words indicate that a seller is transferring title to the buyer.

There are the common types of deeds: general warranty deed, special warranty deed, and quitclaim deed. Other jurisdictions may have other types of deeds, such as a grant deed, tax deed, deed-in-lieu of foreclosure, and trust deed.

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Disclosures Required from Sellers
July 15, 2008
When selling a house, there are requirements upon the seller to disclose various defects of a home or encumbrances upon the property. If a seller fails to provide these disclosures, he may be held liable for the defects, and the sale could be rescinded. The degree of disclosure a seller must provide to a buyer of real estate depends upon the jurisdiction in which the property is located.

While some states require a state-mandated disclosure form be used, others do not. It is recommended that at a minimum the disclosures be made in writing and that the buyer signs and acknowledges the disclosures.

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Diamond, Burt & Akhkashian, LLP
Los Angeles Full Service Law Firm

1055 Wilshire Boulevard Suite 1996
Los Angeles, California 90017
Practice Areas: Criminal Law, Family Law, Real Estate, Consumer Debt and Bankruptcy, Personal Injury, Business Litigation, Commercial Real Estate, Divorce, Driving While Intoxicated, Child Support, Child Custody, Domestic Violence, Alimony, Immigration
www.dba-law.com/
Real Estate Investor
Redondo Beach CA Real Estate Attorneys

721 South Pacific Coast Hwy
Redondo Beach, California 90277
Practice Areas: Real Estate
www.realestateclubla.com/
John C. Torjesen & Associates, PC

11601 Wilshire Blvd., Suite 2000
Los Angeles, California 90025
Practice Areas: Real Estate
www.real-estate-fraud-attorneys-los-angeles.com/
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