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East Coast West Coast, Left Coast Right Coast
East Coast West Coast, Left Coast Right Coast Not all real estate markets or the way we transact business the same.
Oftentimes we meet up with Buyers who have not transacted in California and have questions and concerns about the absence of a real estate attorney.
On the West Coast, Real Estate Attorneys bring value when something in the contract is vague and could be interpreted in different ways. While we don’t use attorneys to draft or negotiate our contracts (which East Coast agents do), from time to time we bring on an attorney if there is a dispute regarding interpretation of the clause.
1. When are attorneys hired?
In California we will use a real estate attorney when an agent or clients is being sued or want to sue for a real estate-related matter. Or when arbitration and mediation fails.
Buyers and Sellers absolutely should consult an attorney in a variety of circumstances. For example, in a landlord-tenant disupte, we advise calling a “Qualified California Real Estate Attorney.”
Depending on where you are transacting, attorneys are used more or less. For instance, on the East Coast, attorneys draft all real estate contracts, on the West Coast, agents draft their own real estate contracts.
Landlord-tenant disputes require an experienced real estate attorney; further, attorney’s have niches on each side. We will also consult a qualified California Real Estate attorney for non-disclosure disputes.
If you are on the West Coast (where I practice real estate), and have a client purchasing a new or used home, the agent will draft the contract. If there is a legal question, however, we will consult an attorney, otherwise there isn’t a need for a real estate attorney.
2. In the case of a lawsuit:
If you are suing or being sued, you absolutely should bring in a real estate attorney. I had a situation in which I did not want the client to close because the extensive remodel had not yet been completed. Our clients insisted we close and that they would handle the finish work with the sellers directly.
Our client ended up paying another contractor to finish the work, and then sued the seller to reimburse the cost of that work. The seller refused, and countersued and then brought us into the suit, the buyer’s agents. We all hired our own real estate attorney to maneuver us through the process.
In the same way, if you are being sued, use an attorney, if you are buying a home, use a Realtor. Each are experts in their fields.
3. What are the risks of participating in any of these scenarios without a real estate attorney?
The risks of not using an attorney–in the situations where you really ought to–could be very costly, financially and mentally, while extremely time consuming and exhausting! We definitely rely on the counsel of professionals – they advise you. Home purchases are emotional and the price is high, so you need the right attorney to guide you.
4. Who are good candidates for hiring a real estate attorney and why/when? We have trusted attorneys for specific areas; such as landlord-tenant disputes, real estate disputes, boundary disputes. and disclosure disputes.
5. What do real estate attorneys typically charge (either as a flat fee or by the hour)? Attorneys charge hourly but sometimes it can be a flat fee. A closing could be a flat fee, like in New York.
6. How can a reader best find and choose a real estate attorney? Use your agent as your guide! They love helping you!
We provide referrals all day long. Don’t go it alone.
It is imperative to hire an expert in the field you are seeking advice or counsel. The cost to not use an expert can be insurmountable not to mention draining. We are busy enough doing what we do as Realtors, parents, business people, and the like, we cannot be an expert in every field.
Common Questions Asked By Home Buyers
Potential home buyers often have numerous questions as they navigate the process of purchasing a property. Here are some common questions asked by potential home buyers:
- Affordability: Buyers often want to know how much they can afford and what their mortgage options are. They may ask about loan pre-approval, down payment requirements, and estimated monthly payments.
- Neighborhood and Location: Buyers frequently inquire about the quality of the neighborhood, nearby amenities (schools, parks, shopping centers), safety, proximity to workplaces, and transportation options.
- Property Features: Buyers want to understand the specific features and condition of the property. They may ask about the number of bedrooms and bathrooms, square footage, age of the home, recent renovations or upgrades, and potential maintenance issues.
- Pricing and Negotiation: Buyers often ask about the listing price, recent comparable sales, and strategies for making competitive offers. They may seek advice on negotiation tactics and factors that can influence the final purchase price.
- Financing and Mortgage Options: Buyers may have questions about different types of mortgages, interest rates, and the mortgage application process. They may inquire about the best lenders or seek recommendations for mortgage brokers.
- Home Inspection: Buyers commonly want to know about the importance of a home inspection and what it entails. They may ask about potential issues that could be discovered during the inspection and how to handle them.
- Property History and Disclosures: Buyers often inquire about the history of the property, including past ownership, renovations, or any known issues. They may also want to understand the seller’s disclosure obligations and what information they should expect to receive.
- Closing Process and Timelines: Buyers may ask about the overall timeline for closing on a property, including the steps involved and any potential delays or contingencies that could arise.
- Homeowners Association (HOA): If the property is part of an HOA, buyers may inquire about HOA fees, rules and regulations, and any special assessments or upcoming projects.
- Future Potential: Buyers may have questions about the potential for property value appreciation, the resale value, and any planned developments or infrastructure projects in the area.
These are just a few examples of the common questions that potential home buyers often ask. Each buyer’s situation and priorities may vary, so it’s important to address their specific concerns and provide relevant information to assist them in their decision-making process.
We are ready to assist you with your personal real estate goals.
Top 5 Steps to A Successful Home Buying Experience
Knowledge is power. Experience is key. Relationships drive success. Follow these 5 steps to lessen the length of time it takes to prevail in the home buying arena.
- Identify the right Realtor. Ask a family member, trusted friend or colleague for a referral, speak to other professionals and do your due diligence. And not everything you see online from ranking websites are accurate. Take Yelp for instance. Not all, but some of those Realtors listed as specialists in an area may have never even sold a home there. It’s a pay for play site. Take the time to speak with the agent you’re considering using. You’ll learn first hand if they’re the best for you or not.
- Now that you’ve established who you’ll be working with, allow your Realtor to make an introduction to lenders they’ve had success with. It’s important that a buyer works with a reputable lender who your agent has worked with or at least confident the lender can get the deal done. How does your lender do this? Speak to the lender, ask questions and ask to speak to an agent they’ve closed deals with in the past. The listing agent will want that reassurance as well.
- Begin your search early in order to gain insight and gather information. Oftentimes buyers will begin their search online and preview homes on their own. That’s a better option for the future but when you’re just getting started it’s helpful for your Realtor to preview a few homes together with you so they can best understand your likes and dislikes. It’s difficult to verbalize when you’re not yet familiar with the homes available in your desired market. Allow your Realtor to educate, guide and set expectations so you’re not disappointed at the onset.
4. Open Houses — After you know what you can afford and you’ve learned more about the various neighborhoods and their amenities from your Realtor attending weekend open houses and mid-week open houses otherwise known as Broker Tour or Broker Caravan. In the past the agent tour days were for agents only but now buyers are welcome to attend. A buyer can attend with their Realtor or alone. Many real estate markets move so quickly and homes sell with multiple offers over the asking price. It’s a good idea to see a home as quickly as you can so as not to miss an opportunity. Each market is different so you’ll want to speak with a local Realtor so as not to miss out.
5. Best foot forward. Again, each area’s standards vary so we will highlight the East Bay —Piedmont, Oakland, Berkeley and surrounding communities. You may have heard about Seller Love Letters. In the past each offer presented by a buyer’s agent to a seller and his/her agent was accompanied by a note about themselves and their family — might that be children or their pet(s). It would detail what they did for work, where they were moving from and even shared their favorite hobbies or if newlyweds —where they met and married. It outlined why they love the home and how they would continue to take good care of it. These love letters are not required and are not a guarantee of winning the home, but we have stories where our clients prevailed due in part to their love letter. Of course, in any offer you’ll want to put your best foot forward and that includes a clean offer. When we write a clean offer that usually equates to a 21-30 day close of escrow, while waiving any and all contingencies —loan, appraisal and the home inspection. Again, in our market the seller will (99% of the time) provide a complete home, termite and sewer lateral inspection report and oftentimes a roof and chimney report and if warranted, foundation and/or drainage reports.
Preparation and knowledge is key in order to win a home in multiple offers, this is why it’s crucial to work with a local Realtor who is experienced, knowledgeable, connected and well-liked. Not only do you, the buyer, need to be poised and ready by doing all of the above aforementioned, but your agent should be connected with the agents in the community and have cultivated strong relationships so they are responsive should you or your agent have any questions. Time is always of the essence.
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