It’s easy to feel overwhelmed by the myriad details of a real estate transaction. Between the lenders, escrow, appraisals, inspections, insurance, and disclosures — keeping it all straight is a monumental task. Add to that any number of complex legal issues that may arise, and suddenly things can get out of hand.
Because the potential for legal dispute can be high during these transactions, whether you’re an owner, buyer or seller it’s important to be aware of the key players and some of their most important duties and responsibilities.
For example, most people choose to hire a real estate broker to represent their interests and help them navigate this complicated process. California Civil Code establishes certain duties, rules, and standards for real estate brokers and agents and it is important to fully understand the rights afforded you by those codes. For more detailed information about a Real Estate broker’s specific duties to their clients, click here.
As the seller of any property, you also have certain responsibilities to the potential buyer. Among those is the duty to disclose and the delivery of a “Transfer Disclosure Statement”. This is a very important step in the process, in which the seller is obligated to tell the buyer of any known defects or facts that may impact the value of the property. For a more detailed outline of the seller’s disclosure duties click here.
Real estate transactions are not only complicated, but they are also often emotionally stressful as well. The experienced real estate attorneys at Herrig & Vogt can help you through any phase of the process and be your advocate if any dispute arises.