In buying a new home, it’s important you consider the subject of real estate law. Regulations and statutes can impact the purchase process and may help you save money along the way. To help guide you on the steps in the homebuying process, Johnston | Thomas Law is highlighting what you should know about real estate law before buying a Sonoma County home.
The Use of Contingency Waivers
Contingency waivers are a tool that allows the buyer to waive the right to buy the home in the event the seller doesn’t meet specific obligations or financial issues arise before purchase. They are designed to help protect the home seller and the buyer from entering into a complicated deal that must be addressed at a later date.
It’s important that those who are paying for the property in cash report their payment to the government. Any payment of more than $10,000 must be reported to the authorities to ensure that the money was obtained legally. The report should include information on the buyer, the seller and the real estate agents and lawyers involved in the process.
Home Inspection Clauses
Buyers are legally allowed to hire home inspectors to review the property and conduct an inspection during a set period. Inspectors qualified to complete the inspection work include roofers, pest control teams, and construction professionals. It’s important to work with the seller to determine the best time for the inspector to visit the property.
A Contract Must Be Signed by Both Parties
The final sales contract transferring ownership of the property must be agreed upon and signed by both parties. Under Sonoma County real estate law, sales contracts break down all the information included in the transaction, such as the names of those involved, the price and the closing date. The document can then be kept within the financial institution for safekeeping with both the buyer and the seller keeping private copies.
Trust Johnston | Thomas Attorneys at Law
Our team at Johnston | Thomas Law is here to guide you in following Sonoma County real estate law to the letter within your property transactions. To learn more about this complex legal field, or ask a question to an expert, call us today.