Looking to buy a beach home in California or hoping to sell your house? You might want to familiarize yourself with the state’s regulations. Whether you’re searching for the best cities to start an Airbnb or the ideal place to buy a rental property, there are certain California real estate laws to be aware of—both as a homeowner and a buyer.
1. According to California’s real estate laws, selling a home requires using an escrow agent in order to facilitate the sale. After the buyer deposits the escrow funds, the seller deposits the deed, and the escrow company holds these items for safekeeping. When all conditions of the escrow are satisfied, the escrow agents transfer the funds to the seller and the deed to the buyer.
2. Buyers have the right to sue for fraudulent misrepresentation if the seller concealed a known defect. Upon filing a lawsuit, the lawyer interviews relevant parties to establish whether the buyer was unaware of the known defect or the seller truly hid the information from them.
3. Upon selling a home in California, a title company conducts a title search to write a Preliminary Title Report (PTR). Based on the PTR, the title insurance company provides title insurance to the buyer.
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