When discussing your upcoming real estate transaction, it’s important to connect with a local Sonoma County real estate attorney to ensure the right buying and selling strategies are selected. The laws regarding the Sonoma County real estate industry can be complex and working with an attorney is the best way to clear up any confusion. In this post, we’ll provide guidance on the laws buyers and sellers should know when entering a real estate transaction.
- There are no “standard contracts”
The idea of the standard contract that some real estate buyers and sellers believe to be accurate is simply not true. There’s no standard. A real estate contract can include all kinds of provisions and can be customized to some degree by the buyer and seller. It’s part of the reason it’s so important to work with a qualified Sonoma County real estate attorney when reviewing contracts.
- Sellers pay the transfer tax
The custom in Sonoma County is for the seller to pay the tax on the land transfer title. Once the property title has been passed to the new owner, the seller will be held responsible for the payment, which must be made promptly. The value of the tax on the property is dependant on the property’s location and sale price.
- Title insurance is required before purchase
Another law in Sonoma County states that title insurance is required for the home before the purchase can be completed. And so, if you’re going through the process of finalizing a purchase, make sure you have title insurance for property already lined up.
- Factors impacting the desirability of the property must be stated in writing
Elements of the property that could potentially impact its value and the number who people who wish to purchase the home must be stated in writing prior to purchase. The documentation with these factors must be signed by both the buyer and the seller indicating that the information is understood and agreed upon by both parties.
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