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People enter into contracts all the time for a multitude of reasons. Almost everyday, agreements and negotiations take place. For instance, if you intend to buy or sell a property, terms, and conditions should be put in black and white.
However, those contracts are breached from time to time. Sometimes a breach of contract terms might be small and we look past it. There are times a breach of contract will have devastating consequences. Before your contract comes to a tragic, end it is imperative that you seek an expert to help you out. The real estate contracts California acknowledges is bound by a complex law which should be completely taken into account.
Prior to entering into a contract that might have serious consequences, it is highly recommended that you see an attorney who is an expert in this field to review all aspects of the agreement. We have catered to clients that have signed waivers or entered into one-sided contracts and then have limited options afterward. To obtain utmost legal protection, get in touch with a real estate attorney at Arcstone Law when entering into these types of contract.
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The Real Estate Attorneys at Arcstone can thoroughly review a contract to:
- Listen to your goals and make sure they are implemented.
- Assess any claims you might have if you think there has been a breach of contract term
- Analyze if there are any possible legal concerns that may be important to review.
- Defend your case before a judge or negotiate with the other side.
To learn more about how the state of California acknowledges the validity of such written agreement and how our real estate attorneys from our law office can assist you, contact our team now.
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What Makes Your Real Estate Contract in the State of California Legally Binding?
Many have experienced this – they go through every phase of buying or selling a property only to discover that the contract is not legally binding. This typically happens when an individual has the false impression that hiring a real estate attorney is not waste of money. In fact, such misconception has gotten thousands of American entangled in legal problems every year.
So, if you are a legal resident in California, and you intend to finally make an investment by purchasing a new piece of property, it is imperative to understand what makes your contract valid and binding. In this article get to know the fundamental signs and factors to know to make sure that you are entering into an agreement that is acknowledged by the State.
One of the first and most basic information to know is that contracts in California must always be in black and white. Yes, the terms and conditions should be put into writing as the State itself does not recognize verbal agreement when it comes to agreeing to purchase or sell a property.
If you are transacting with legitimate realtors or agents in the State, know that they have access to a form or document referred to as the California Residential Purchase Agreement or RPA. This is a standard form which is designed to include all necessary requirements and details for such document contract to be considered legal in the said state. With the help of a competent attorney Los Angeles has, you can double check and discuss the following elements needed to make your contract authentic and compliant with the law.
It Must Have a Clear Legal Purpose
It is crucial to indicate the true purpose of the real estate contract and that is to exchange the title of a property. Evidently, this refers to the seller losing the ownership of the property in exchange for a sum of money and the buyer being the new and rightful owner after the transaction or exchange is made. To make the agreement legal, it has to be executed as a lawful act.
The Parties Must Have the Legal Capacity
An agreement is considered legally binding if the two parties involved are competent. This means anyone who signs a contract that is intoxicated, drugged, mentally incapacitated or minor is considered an incompetent party which technically nullifies the contract signed.
It Has an Offer Which Has Been Accepted
When the contract does not include an ‘offer’, it is automatically considered invalid. An offer is an important part of the agreement as well. This should be accepted legally by the buyer. Moreover, if the offer is rejected, then the seller can still counter it. Once the signature has been affixed, this is tantamount to the acceptance of the offer as well as all conditions tied to the purchase.
A Legal Contract Becomes Legally Binding When Two Parties Have Expressed Mutual Consent
Under no circumstances should there be any form of fraud, undue stress, of misinterpretation in any of the two parties who are involved and have entered into a contract? In order to ensure that validity of the contract, both parties must accurately, honestly, and willingly provided their consent to the terms and conditions.
It Has to Express ‘Consideration’ For Both Parties
A real estate contract is valid in the State of California if there is an exchange of something of value between two parties. For instance, the exchange of the title of a particular home for specified and agreed purchase price should be clearly be written in black and white. Under the law in California has, the term ‘consideration’ has to be anything of value.
All the aforementioned elements and the signatures of the parties should be reflected in the contract in order to guarantee validity. It is an absolute must to have any agreement or contract be reviewed by a real estate lawyer to see and review that all terms and conditions are lawful.
Other factors that must also be present are the clear finance terms, a contingency for home inspection, seller assist, closing date, terms on the existing furniture and fixture, and specific closing costs. Moreover, if you are purchasing a home via loans, this has to be stipulated as well. The best way to organize and incorporate all of these is through the services of an experienced real estate Los Angeles attorney.
Contracts are complex by nature – one small mistake or the omission of one minor information may lead to the breach and cause a bigger problem for both parties. There may be homeowners who have become more dependent on experienced realtors or agents. However, these professionals are not as knowledgeable as real estate attorneys when it comes to the repercussions and legal obligations should breach of contract takes place. Therefore, hiring the best lawyers could give you utmost protection from having the contract breached or nullified.
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Arcstone Law was established as a Foreclosure Defense Law Firm helping homeowners sue the banks after the mortgage meltdown of 2008. During that time the efforts of our lawyers were recognized and published by the State of California as precedence for other attorneys to rely on. Today our team of lawyers have grown, and our practice areas now include contract law, purchase/sales, quiet title litigation, partition actions, bankruptcy, eviction law, probate, divorce law (where Real Property is at issue) estate planning, business law and personal injury.
We focus everyday on providing high quality legal representation for our community and we dedicate ourselves to our clients and their cases. Whether you need legal assistance in Eviction Court, Probate Court, Federal Court, Bankruptcy Court or Appellate Court, there is no challenge that our experienced legal team is not ready to assist with. We have won thousands of cases and obtained millions of dollars in judgments and settlements for our clients. Call us today to schedule your consultation with a licensed attorney.