Real Estate Law
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Our Palm Springs Litigation Attorneys are some of the leading experts on laws that govern the sale, purchase and ownership of real estate in California.
California real estate law is complex. There are extensive laws that govern sales, purchase, and ownership of property through an extensive body of state and federal regulations. Purchasing or investing in a property comes with its fair share of legalities, and the rules that apply can vary significantly depending on how a property is classified.
Palm Springs Litigation Attorney is one of the top leading experts in the region, they built its reputation on helping clients navigate complex systems and issues exactly like this. Founded by Mitchel Reed Sussman and Harvey Stern, the firm brings decades of combined experience and expertise in real estate law and related fields to the table. That depth of knowledge allows the firm to advise on every stage of a transaction, providing clients with the best legal advice and information regarding the legal options that they have.
There are many clients who approach the Palm Springs Litigation Attorney’s office for information regarding the laws surrounding various kinds of realty. This is due to the fact that numerous clients are unaware of how the legalities surrounding a property significantly affect the overall viability of investing in or selling a piece of real estate.
The firm’s attorneys take the time to explain each client’s legal options clearly, facilitating numerous realty deals by ensuring clients are well aware of all the legalities regarding certain properties. One of the primary reasons for using the services of a law firm, such as the Palm Springs Litigation Attorney, is due to the complexity of laws surrounding realty sale and purchase.
For the lay person and the real estate professional, useful information on the subject of real estate law can be found at:
California Department of Real Estate
This page is the homepage of the California Department of Real Estate
Dre.ca.gov
California Association of Realtors
This is the home page of the California Association of Realtors
Car.org
California Real Estate: Find Homes in California
This is the official site for the National Association of Realtors.
Realtor.com
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Can I Walk Away From My Home Mortgage?
View this informational video by real estate attorney and broker Mitchell Reed Sussman, who discusses anti-deficiencey statutes and their effect on a homeowner's ability to "walk away" from their home mortgage.
Walking away from a mortgage is something that depends on the personal choice of the borrower, there are a lot of people who choose to walk away from the homes that they mortgaged, this is due to the fact that the value of real estate fell drastically in the last few years.
There are however certain states that make it the obligation of the borrower to repay the amount to the lender regardless of the circumstances. However there are also states that protect the borrower who have borrowed an amount that was in tune with the value of the house or the real estate at that time, however now the real estate is worth a lot less than the value of the loan.
This is a tricky subject and the last thing that a debtor wants to find out is that they are liable to be sued for making such a decision. This is the reason why it is considered to be a very wise decision to check with a good lawyer before making any such kind of resolution. There are a lot of pros and cons to this action for the borrower, and in certain cases it would not be a wise decision for the borrower even if they can do it.
This is due to the fact that in certain cases the long term repercussions of such actions can have an impact on the credit rating of the person, and hamper future financial dealings that they have with the banks.
Mitchell Reed Sussman & Associates advises a lot of clients regarding the best options that are available to their clients to secure them. And there are a lot number of options apart from what people assume. There are more to it than just walking away from the home, or repaying the high amounts that are required of the borrower.
According to “legislature enacted Code of Civil Procedure section 580b” in California a person has the right to walk away from the deal, without fear of prosecution from the law or the lender.
As Mitchell Reed Sussman & Associates puts it, a lot of the decision is also based on certain facts, and these are as follows: can the borrower afford to repay the amount, does the borrower want to leave the house, or does the borrower believe that the realty market will recover. These are also important points that need to be taken into consideration.
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Types of US Foreclosure Proceedings
There are a lot of things that people are not aware of when it comes to foreclosure of loans and this is where the law firm of Mitchell Reed Sussman & Associates comes in, the experts who provide borrowers with this information.
Some of the facts that need to be taken into consideration when discussing foreclosure are that there are two kinds of foreclosure. These are the non judicial foreclosure and the court supervised foreclosure.
When it comes to non judicial foreclosure, this is the most frequent kind of foreclosure that you hear about all over the US. This is due to the fact that most borrower and lender agreements have this clause, which makes it easier for the bank to foreclose the loan and sell of the realty to another buyer. This is quick and easy for the lender to do and is not an expensive affair. The foreclosure which involves the courts consent is another kind of foreclosure all together, and this kind of foreclosure involves the bank auctioning off or arranging for the sale of the real estate.
For situations such as this it is better to consult with a professional law firm who will be able to provide the borrower of the loan some best options that are available to them, and also on the laws that are in place which protect the borrower. Mitchell Reed Sussman & Associates deals with a lot of such cases are in a position to provide borrowers the best advice which will protect them and the interests that they have.
There is the situation of “foreclosure by court action” this involves the right that the borrower has to foreclose the loan under the supervision of the court to protect themselves. Here the court will supervise the sale or auction of the real estate and pay the lender of the loan what is due to them after legal expenses. In addition to this the borrower of the loan would also require under due process to justify to the court the motivations for such actions.
The best course of action of course is to consult with a good lawyer who is able to provide you with the information that you really require based on the circumstances that surround your property. For more information regarding foreclosure and the laws that govern them you can check the website of Mitchell Reed Sussman & Associates.
More information about foreclosure, its processes and defenses can be found at www.palmspringslitigationattorney.com.
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Call 1-800-233-8521 for a Free Consultation regarding your Real Estate, Timeshare, Foreclosure, Specific Performance, Title Disputes and Construction situation.
The Joint Tenancy Deed
There are a number of laws that govern joint ownership or joint tenancy of any property and these have a lot to do with the circumstances of any such contract.
This is a law that was inherited from the British law and continues till date. There are certain rights and privileges that joint tenants enjoy that makes this one of the best options that is available.
There are differences in a joint tenancy and a title in common; one of those major differences is that a joint tenancy transfers title upon the death of any of the joint owners automatically upon death. This is a good option, for those who are interested in transferring the rights of their home or the property to a spouse or other partners.
A will or other form of legal document cannot over rule the binding laws that govern the joint tenancy of a property. When one of the owners of the property dies the remaining share of the deceased is automatically transferred to the remaining parties. This ensures that the remaining owner gets the entire share of the deceased.
When the property has only one owner he or she can make a will in regards to the further allocation of the property after their death. However this is only applicable in the case of the last owner of the property when there is no longer a joint title in place.
A joint ownership can be between two or more people, who have agreed to share the ownership of a piece of real estate based on the requirements of the home owners. The legal procedure regarding the death of a tenant is processed based on a death certificate and also an affidavit based on the facts.
There are a lot of other advantages that are also associated with joint tenancy of a property. One of those is that the survivor does not need to go through court proceedings and other expensive time consuming processes to transfer the property into their names.
Advantages such as this make this the perfect option for those that are interested in owning a home together for the rest of their lives, and for those who would wish for their heirs to automatically inherit their shares without much trouble. For more information regarding joint tenancy of a property it would be advisable to check the website of Mitchell Reed Sussman & Associates.