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- You are not required to have a real estate attorney or agent. While several states require those who purchase real estate property to work with a real estate attorney, in California this isn’t the case.
- California laws for selling a home require an escrow agent. In order to sell a home in CA, an escrow agent is needed. The property being sold, its title, and the funds involved are held in escrow until specific conditions are met.
- A transfer tax is imposed. The sale of a California property is taxable. The transaction triggers a county transfer tax and, in some instances, a city transfer tax.
- The seller must disclose information about the physical condition of the home. In California, the seller is obligated to disclose specific kinds of information about the home or property.
Mar 11, 2024 · The primary difference between secured and unsecured promissory notes is collateral. Secured: Use collateral, often the property itself, to ensure payment by the borrower. The lender takes possession if the borrower fails to meet the note terms. The lender may also accept different property, such as a vehicle, as collateral instead.
The California Homeowner Bill of Rights (HBOR) is a set of laws that provide protections to homeowners who are facing foreclosure. It became law on January 1, 2013, with many sections renewed and modified as of January 1, 2019 and August 31, 2020.
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What sets secured promissory notes apart from unsecured ones is the presence of collateral – a valuable asset pledged by the borrower to secure the loan. In this article, we explore the fundamentals of secured promissory notes in real estate law. We will cover their definition, purpose, components, the significance of collateral, legal ...
Collateral estoppel is a powerful tool. Courts determine whether collateral estoppel is fair and consistent with public policy on a case-by-case basis because of the dispositive effect of nonmutual collateral estoppel and the dangers it poses to a litigant.
In the realm of real estate financing in California, a secured promissory note is a legal document that establishes a loan agreement between the borrower (also known as the “maker” of the note) and the lender. Unlike an unsecured promissory note, a secured promissory note is backed by collateral, typically the property being financed.
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Do you need a disclosure to sell a home in California?
Dec 29, 2023 · As a broad rule, all sellers of residential real estate property containing one to four units in California must complete and provide written disclosures to the prospective buyers. There are a few exceptions, such as for multi-unit buildings and properties that are transferred by court order or from one co-owner to another.
