Selling Residential Property in California

The home-selling process in California can be complex and overwhelming. There are numerous steps, each requiring adherence to legal requirements. Failure to comply can lead to unnecessary delays and frustrations. For those trying to sell their home or other residential property, time is often a critical factor, making it essential to avoid setbacks.

At Bay Legal, PC, our real estate lawyer in California understands the challenges homeowners face when selling property. We focus on your interests and utilize our resources strategically. Contact us today at 650-374-7900 to schedule a consultation.

Selling Residential Real Estate in CA

Once you decide to sell your home, there are steps you can take to ensure the process runs smoothly. Below are some of the most important ones.

Hire a Real Estate Lawyer

One of your first decisions is whether to seek assistance from a real estate lawyer. Real estate transactions involve numerous legal requirements and potential issues. A lawyer can help prevent problems proactively or address them promptly to minimize negative outcomes. They ensure all legal matters are handled appropriately and efficiently.

Hire a Real Estate Agent

A real estate agent assists with tasks such as listing and showing your home. Agents typically collect a pre-agreed percentage of the sale price at closing rather than requiring upfront payment.

Have an Inspection Conducted

Even if you live in your home, there may be hidden issues that need addressing before listing it for sale. A licensed inspector can identify these problems, allowing you to make repairs and avoid complications during the selling process.

Know the Value of Your Home

Before listing, it’s crucial to understand your home’s value. A real estate lawyer or agent can conduct a comparative market analysis of nearby homes to estimate its value. Hiring a licensed appraiser is also recommended for a more precise evaluation.

Review and Accept an Offer

You may receive multiple offers for your home. While the highest offer might seem appealing, it may come with demands or conditions. A lawyer can help you assess which offer aligns best with your interests.

Attend the Closing

Closing is when ownership of the property is legally transferred. You’ll sign the deed, review deductions, and receive the sale proceeds. An attorney’s presence is invaluable during this process and may be legally required in some states, including California.

Documents Needed to Sell a Home

Selling a home requires gathering various documents to facilitate a smooth transaction. Your lawyer can advise you on what’s needed and where to obtain them. Essential documents include:

• Loan Payoff Amount: Payoff statements from your lender for any mortgages on the property.
• HOA Documentation: If applicable, HOA-related documents must be provided at closing.
• Proof of Repairs: Proof of completed repairs, including paid invoices, is necessary for any contingencies tied to the sale.

Additional documents may be required depending on your circumstances.

Remedies in CA When Buyers Breach Real Estate Sales Contracts

Real estate contracts sometimes fall through for reasons such as:

• Buyer’s inability to secure financing
• Change of mind by the buyer
• Structural problems revealed during inspection
• Appraisal values below the purchase price

Your options as a seller depend on the reason for the breach and the contract terms. Common remedies include:

Earnest Money

Buyers typically deposit “earnest money” when making an offer. If they back out, you may be entitled to retain this deposit and relist the property.

Specific Performance

You can sue for specific performance, compelling the buyer to complete the purchase as per the contract terms.

Breach of Contract

You may pursue a breach of contract claim if the buyer fails to fulfill their obligations. Examples include:

• Failing to act in good faith
• Insufficient funds for deposits
• Failure to tender the purchase balance
• Defaulting on obligations such as providing bank documents or warranties

Consulting with an experienced real estate attorney can help you determine the best course of action.

Contact a Residential Real Estate Attorney in California Today

Selling your home can be rewarding once completed, but the process itself can be challenging. Ensure everything is handled properly by working with a real estate lawyer. Contact Bay Legal, PC by filling out our online form or calling us at 650-374-7900 to learn more about our real estate services.