Real Estate Litigation in California
Real estate transactions and litigation are governed by both federal and state laws. The best way to develop a successful and cost-effective real estate transaction is to understand the environment and conditions facing all parties involved. Attorneys in Walnut Creek provide guidance and advice in real estate transactions for the people of California in the following ways:
- Setting up bank trusts
- Reviewing titles and deeds
- Negotiating financing and mortgages
- Researching zoning and land-use requirements
- Settling existing liens
California real estate transactions are generally governed by the same rules. However, there are many areas where disagreements can escalate into lawsuits that can only be resolved in court. The causes of real estate litigation in California include boundary disputes, property liens, failure to pay, fraud, contract disputes, etc.
An experienced attorney at one of the well-known law firms in Pleasanton can make you understand different steps involved in real estate transaction and provide excellent legal consultation in real estate disputes encompasses broker-buyer disputes, commercial leases, and contract disputes.
Citygroup Settlement Gets Approved – With Conditions
Federal judge Ellen Segal Huvelle has said she will accept, with a few conditions, a $75 million settlement between Citigroup and the Securities and Exchange Commission.
The subprime mortgage settlement arose from the bank’s failure to adequately disclose its exposure to subprime mortgage debt in 2007. In that year, Citigroup advised investors that it held $13 billion in subprime investments when it actually held more than $50 billion.
Judge Huvelle listed two conditions needed in order to gain her approval of the Citigroup settlement. First, she wants the S.E.C. to certify that Citigroup’s new disclosure procedures, put in place to prevent a similar failure in the future, are adequate. Huvelle stated that she wants the procedures embedded in the settlement document to ensure they will remain in place for an adequate period of time.
Judge Huvelle also stated that the Citigroup settlement should be reworded to ensure the $75 million would be used to compensate shareholders who suffered losses due to Citigroup’s inadequate disclosure. She gave the lawyers two weeks to return to court with the reworked settlement proposal.
While she agreed to accept the Citigroup settlement, Judge Huvelle added she saw nothing in the settlement that addressed the flawed systems that led to the initial misstatements, and didn’t feel any of the penalties would act as an adequate deterrent in the future.
For more information about recent settlements, check out our section of settlements in the news.
Florida Real Estate FAQs
What does a real estate purchase or sale entail?
Generally, the procedure follows these steps:
- Due Diligence
- Contract
- Mortgage
- Title Search
- Closing
How long does the above transaction take?
The time line for the above is generally about 90 days from contract to closing.
What is due diligence?
This is the "pre-contract" investigation into the purchase. For houses, an inspection is strongly advised to assess the physical integrity of the building. After the due diligence is done, it is time to sign the contracts, which will be prepared by the seller's attorney and sent to the buyer's attorney.
What happens at the contract signing?
Typically, the buyer will meet with their attorney and review the contract. Each contract is unique. The buyer will sign the contract and deposit 10 percent of the purchase price which is held in escrow by the seller's attorney until closing. The contracts will be sent to the seller's attorney for counter-signature by the sellers and returned to the buyer's attorney.
Do I need a mortgage broker?
Buyers are strongly urged to utilize the services of a licensed mortgage broker. It often takes between 45 and 60 days to obtain the mortgage commitment.
What is a title search?
Most attorneys wait for the mortgage commitment to arrive before ordering the title search. The search will disclose
What takes place during a closing?
When all of the above has been accomplished &/or obtained, and all "pre-closing" documents have been filed (e.g. UCC1 form to be pre-filed in co-op deals) and the bank has "cleared" the file to close, a closing can be scheduled. This involves bringing all the various parties and attorneys together which can present scheduling dilemmas and takes at least a week to accomplish.
What items is a seller responsible for providing?
Of course, the procedures for sales are the same as purchases, above. However, the parties' responsibilities differ. The seller(s) of a house, co-op or condo must provide the attorney with the documents and information needed to prepare the contract of sale. This may include:
- The deed (for houses and condos)
- Existing mortgage or loan information
- Tax info
- Purchase price
- Timing peculiarities
How does foreclosure happen?
When a homeowner fails to make mortgage payments, a foreclosure may take place. This means that the homeowner loses all rights to their property. The bank or mortgage company then sells the property to recover their investment.
Duane C. Romanello - Jacksonsville Foreclosure Lawyer
1919 Blanding Blvd., Suite 8
Jacksonville, FL 32218
904-384-1441
Your Texas Real Estate Closing
What charges you can expect
If you are in the process of purchasing a new home or business, it is an exciting time in your life. You finally saved up enough money for a down payment on the property of your dreams, and the seller has agreed to the purchase. So everything is settled, right? Not exactly, as those who are unfamiliar with buying property may be surprised to learn that Texas real estate closings have additional fees associated with them, fees called closing costs.
If you are engaged in Texas real estate closings, your lender is required--under the Real Estate Settlement Procedures Act, or RESPA--to fully disclose all fees associated with purchasing your property. However, some of these fees still come as a surprise to the inexperienced buyer, and can include the following:
- Loan origination fees
- Mortgage interest
- Escrow items
- Transfer of title and deed charges
- Recording fees
- Public record of sale
How much will a real estate closing in Dallas cost me?
It is hard to say exactly how much real estate closings in Dallas will cost. They are often negotiable, and can even be paid for by the seller and worked into the purchase agreement. It is not uncommon for a closing to amount to thousands of dollars on a piece of property. A good way to estimate closing costs is to assume that they will be approximately three to six percent of the purchase price, depending upon the circumstances under which the property was acquired.
Before you do close on any type of property, be sure to have an attorney look over the forms, documents, and contracts that you plan to sign. Real estate law is complex, and the statutes can be altered at any time. You must make sure that you are getting the best deal possible, and that no one is attempting to shortchange you in the process. Hiring an experienced attorney to oversee your transactions is the best way to limit your closing costs, and to make sure that they are legally sound.
Information in this post gathered in association with an Atlanta bankruptcy attorney
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