As Sonoma County experiences a real estate boom, many investors are scrambling to buy properties in the county. With a surge in demand for real estate, local housing experts and authorities are going the extra mile to enforce Bay Area real estate laws. When conducting real estate transactions in Sonoma County, you need to be very careful as even a small oversight can be disastrous. Whether you are buying or selling a property in Sonoma County, here are some real estate laws to keep in mind.
A “Standard” Sonoma County Real Estate Contract Does Not Exist
When it comes to real estate contracts, there is no such thing as a one-size-fits-all solution. All real estate contracts in Sonoma County are different. Every contract has different sets of requirements and clauses. Before conducting a real estate transaction, it is recommended that you get the contract reviewed by an experienced real estate attorney in Santa Rosa or any other city in Sonoma County.
Anything That Impacts the Habitability of a Property Must Be Disclosed in Writing
Defects that impact the habitability and value of a property must be disclosed in writing before both parties sign the sale contract. California real estate law makes it mandatory for both parties to sign the disclosure.
Property Sales Must Be Facilitated by an Escrow Agent
Payment in a real estate transaction must be facilitated by an independent escrow agent. The buyer has the right to choose the agent as the federal Real Estate Settlement Procedures Act prohibits the seller from requiring the use of a particular escrow agent as a condition of sale. Under normal circumstances, the buyer in a real estate transaction is liable to pay escrow costs; however, if the seller wants to use their preferred agent, they must bear all escrow expenses.
Getting a Title Insurance
A title insurance protects the holder from loss due to liens. A property buyer should hire the title company for writing a preliminary title report that can be used to purchase title insurance.
Of course, these are not the only laws to remember when conducting a real estate transaction in Sonoma County. When buying or selling property, consider hiring a knowledgeable real estate attorney in Sonoma County who can help you navigate the legal process. Our team at Johnston Thomas Law comprises of seasoned professionals. Our ability to come up with custom legal solutions to complex legal issues sets us apart. To talk to one of our legal experts, call us at 707-545-6542.