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Anaheim Legal Issues Blog

Considering important aspects of real estate transactions

Getting ready to buy a home can be an exciting time in anyone's life. Individuals may scrape and save and shop in hopes of finding the right home for themselves and their future families. Of course, real estate transactions are complicated endeavors, and many first-time homebuyers in California may want to consider aspects that they may not have before.

One of the major aspects to thoroughly consider is the financial factors. Though parties may save up enough money for a downpayment, that may not be enough to really get the ball rolling on buying a home. There are a number of other expenses to consider as well, like homeowner's insurance, home inspections, closing costs and other possibly unexpected costs. While saving for a downpayment is a good place to start, it may also be wise to go beyond that amount.

Construction litigation may result when projects are mismanaged

Many people in California need to hire contractors in order to complete construction projects, whether for personal or business reasons. In particular, business-related construction projects can be costly endeavors, and those hiring the contractors want to make sure that budgets are kept and agreements are followed. Of course, not every agreement goes as planned, and in some cases, construction litigation may be necessary to resolve issues.

It was recently reported that the Sacramento Kings have filed a lawsuit against the general contractor they are using to construct a downtown hotel. Apparently, the hotel opened in October of last year, but the project itself has not been completed as some of the condo units on the upper floors have not been finished. The Kings believe that mismanagement of the project has resulted in blown budget estimates, which were originally totaled at $148 million and have now reached estimates of $194 to $198 million.

Common title issues to be aware of before a purchase

An important step of any real estate transaction is securing title insurance. The process requires attention to detail, from a title commitment to when you purchase a policy. Title insurance is detrimental to protect your investment, but can occur beforehand. Title issues can derail a sale or purchase. There are common title issues to be aware of before you sign.

GE sells a business (again) in hopes of addressing debts

Buying and selling is a major part of the operations of most companies. In some cases, however, the selling may go beyond products or services, and owners may find that they need to sell a business entirely. This type of action could affect large or small companies, and the reasons for doing so can vary.

California residents may be interested in General Electric's latest move that involves selling one of its smaller businesses. The company sold its distributed power business to a private equity firm for $3.25 billion. This smaller business encompasses multiple brands and manufacturing plants in the United States and two other countries. The brands associated with the distributed power business had been purchased in 2003 and 2011 under GE's former CEO.

Building information modeling may help in construction litigation

When California contractors and other individuals in the construction industry work to carry out a job, they want their clients to feel confident about their ability to successfully complete projects. Unfortunately, not every client is totally satisfied with the end results, and they may try to claim that contractors or other parties did not correctly build a structure. As a result, construction litigation could ensue.

If contractors do find themselves in this type of situation, they may wonder how they can defend themselves against such claims. If they use building information modeling, or BIM, as part of their project, they may be able to use the various models showing versions of the project as part of their defense evidence. BIM often uses 3D rendering of projects throughout the course of completion, if the model has been maintained and updated.

Asking questions is an important part of real estate transactions

As with any type of situation, when a person is buying a home, it is important to have the right information. Real estate transactions are complicated endeavors, but many people think they can navigate these waters on their own. However, if individuals do not have the right facts or all of the facts, they could easily get taken advantage of.

When California residents are looking to purchase a home, they may want to help themselves get important information by asking questions. If individuals find homes they would like to make offers on, they may need to know how much the seller paid for the property, how much the seller still owes and the length of time the home has been on the market. All of this information could help during price negotiations.

Broker could prove invaluable during commercial real estate deals

Brokers can provide much assistance during California real estate transactions. Having the ability to match the right person to the right space is often the reason that many individuals enjoy their jobs dealing with commercial real estate. Of course, some parties may wonder whether they really need a real estate broker when trying to conduct this type of deal.

When a person is looking for a commercial space to lease, it can be difficult to find exactly what one is looking for. Additionally, even if he or she has an idea in mind, the options in the area may be limited. Fortunately, a procuring agent can work with the available options and hopefully come to a suitable match. It may seem like anyone could do that, but in reality, a broker often goes to much greater lengths to procure the right space.

How can a lawyer help with my real estate purchase?

Purchasing real estate can be more complicated than you think. There are many moving parts you have to consider and it can be overwhelming. You may not want to do it alone.

A question submitted to The Washington Post regarding mortgages and litigation outlines the importance of careful consideration when purchasing real estate. The writer was sucked into a bad financial deal after realizing there was a rider attached to their mortgage packet that had gone unnoticed.

Real estate disputes are complex issues to address

When dealing with real estate, there is always room for something to go wrong. Even when individuals utilize contracts when working on transactions, real estate disputes can still arise. In many cases, these situations can become complex as parties work to determine who breached the contract, what can be done to rectify the situation and what courses of action may be most appropriate.

California readers may be interested in such a dispute currently underway in another state. Reports indicated that a real estate developer is working on a project that involved having to purchase a home from a long-time resident of the area. A contract was put in place that allowed the developer to purchase the man's home for $700,000. However, the homeowner later claimed that he did not have the knowledge or ability to complete a fair transaction and backed out of the contract.

Commercial leases: navigating rent increases

There is no doubt that commercial property around Anaheim is hot and likely to become hotter. This is good news for property owners, but difficult for renters. When the lease comes up for renewal, it can be a time of great stress for both.

Given that property values are expected to keep rising, lease terms have to be written with even greater care than ever before. Mediation and arbitration procedures that are well defined are a good component for a lease that is in the best interests of both parties.

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