Just like the role of property law in business is important, it’s important to be informed about property law before you buy a home for your family. The role of property law in business does not play a more important role than real estate law in personal cases of foreclosure, and both must be taken seriously.
Foreclosure is, unfortunately, not an uncommon thing. One out of every two hundred homes that are bought will eventually be foreclosed upon and one in every ninety six homes was foreclosed in 2013, but fortunately state laws have strict regulations in regards to the proper notification of the family that lives there. Property law almost always states that the inhabitants of the home be given ample opportunities to pay off the debt before the home is foreclosed upon and sold in a foreclosure sale. Once a home is put on the market after being foreclosed, it typically sells in about forty days in the state of California. Rental laws are similarly strict. In California, at least, once a tenant has lived in a home or apartment for at least one calendar year, the landlord of the property is required to give them at least sixty days, about two months, notice to vacate the property before seeking legal recourse.
The role of property law in business is important and because of the role of property law in business, real estate agents must follow strict rules. For example, it is illegal if a real estate agent doesn’t disclose certain information to prospective home buyers. If has a death has occurred on the property within three years of it being sold, that information must be told to anyone who is looking at buying it. If not, a real estate attorney could potentially become involved in the matter. Though it is not a legal matter, many prospective homeowners choose to have an inspection of the property done before purchasing it as well.
Home ownership can often be a complex issue. It’s import that, as a tenant or a home owner, you know your rights. You are required to be given notice before any legal action is taken against you, and it’s important, in the state of California at least, that you be given ample time to pay off any debts before something drastic like home foreclosure is put on the table. If you are in danger of your home being foreclosed, it is important to contact a real estate lawyer as quickly as possible.