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Understanding Foreclosure: A HANDY REFERENCE GUIDE

May 21, 2024 | By

What is Foreclosure?

When a homeowner fails to make the payments due on their home loan, the mortgage company can ‘foreclose’. This means that the lender can force a sale of the home to pay for the outstanding balance of the loan.

Timeline of a Foreclosure

Day 1 You are in default two days after your payment is due.
Day 32 You have now missed two monthly payments.
 

Day 32-90

 Sometime during this period you will receive a letter stating that the Notice of Default (NOD) has been recorded. The speed with which lenders send NOD depends on the policy of each individual lender.
 

NOD Recorded

 From this day, the next 90 days is a silent period. You have this time to pay all back payments, fees, and other charges
…
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Posted In: Blog, Foreclosure, Real Estate Litigation

Quiet Title Actions Explained

May 20, 2024 | By

The purpose of a quiet title action is to establish title against adverse claims to real property or any interest in the property. [Code Civ. Proc. §760.020] The remedy of quiet title can be combined with other causes of action or other remedies. In an action or proceeding in which establishing or quieting title to property is in issue, the court may, in its discretion and on the motion of any party, require that the issue be resolved pursuant to the Code Civ. Proc. provisions relating to quiet title actions. [Code Civ. Proc. §760.030]

Jurisdiction

A quiet title action must be brought in the superior court of the county in which the real property is located. Once the action is before the court, the court has complete power to determine …

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Posted In: Blog, Quiet Title Actions, Real Estate Litigation

Equitable Easements in California: Insights from Romero v. Shih

May 17, 2024 | By

In the notable case of Romero v. Shih, the California Court of Appeal dealt with a failed lot line adjustment and its transformation into an equitable easement, providing a significant learning point for legal professionals, especially those in real estate and property law.

Background of the Case

The case revolved around two adjacent residential lots that had been under the same ownership since 1941. An attempt was made to adjust the lot lines to prevent practical issues with a driveway on the narrower lot. Despite initiating the process, including obtaining a zoning variance and preparing a new map, the adjustment was never formally recorded. This oversight led to subsequent ownership disputes when the lots were sold, using the original legal descriptions, and new owners found discrepancies in the lot …

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Posted In: Blog, Easement and Encroachment Actions, Real Estate Litigation

What is the “Automatic Stay” in Bankruptcy and Its Significance?

April 29, 2024 | By

The “automatic stay” is a powerful aspect of filing for bankruptcy. It acts as an immediate shield, protecting you from creditors the moment your bankruptcy case is initiated. This protection typically lasts for the duration of your case, providing relief from various forms of creditor pressure. It halts actions that diminish your income, such as wage garnishment, and prevents imminent threats to your property, including vehicle repossession and home foreclosure. Additionally, it puts an end to harassing creditor calls and collection letters.

Losing the Automatic Stay: How and Why?

There are two primary ways you might lose the automatic stay:

  1. Creditor’s Motion for Relief: A creditor may request the court to lift the automatic stay regarding their debt, allowing them to proceed with collateral possession. This is more common among
…
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Posted In: Bankruptcy, Blog

Understanding Easements and Resolving Neighbor Disputes

April 26, 2024 | By

The old American adage is “good fences make good neighbors,” but at times there are property boundary disputes between neighbors when the fence does not track the actual property boundary. When these conflicts occur, understanding the legal nuances of property rights becomes essential. Here’s a clearer look into adverse possession, prescriptive easements, equitable easements, and how disputes, especially those involving trees, are managed.

Adverse Possession: A Rare Occurrence

First year law students are often surprised when they learn that if a “squatter” occupies land in a manner that is (1) under a claim of right, (2) actual, open and notorious giving reasonable notice to the true owner, (3) hostile to the true owner, (4) continuous for a period of at least five years and (5) payment of property taxes on …

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Posted In: Blog, Easement and Encroachment Actions, Real Estate Litigation

Safeguard Your California Property: Trust Transfers and the Due-on-Sale Clause

April 5, 2024 | By

When managing or planning your estate, you might consider transferring your property into a trust. It’s a strategic move to ensure your assets are handled according to your wishes without the complexities of probate. However, if you have a mortgage on your property, the idea of transferring it to a trust can raise concerns about the due-on-sale clause. This clause allows lenders to demand full repayment of the loan if the property is sold or transferred. Fortunately, for California homeowners, there’s a protective measure in federal law that offers peace of mind: the Garn-St. Germain Act.

Under 12 U.S. Code § 1701j–3, the Garn-St. Germain Act outlines specific transactions that do not trigger the due-on-sale clause. A standout exemption is particularly relevant for homeowners looking to secure their estate planning…

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Posted In: Blog, Estate Planning

Navigating Real Estate Transactions: The Essential Role of Title Companies

April 1, 2024 | By

When diving into the world of real estate transactions, one element stands out for its critical importance yet often remains shrouded in complexity for many: the role of title companies. This blog aims to demystify the functions and significance of title companies in the conveyancing process, ensuring that homeowners, buyers, and sellers in California and beyond grasp their vital contributions to the smooth transfer of real estate.

More Than Just Insurance

At its core, title insurance differs fundamentally from other types of insurance you might be familiar with, such as health or auto insurance. While those policies protect against future occurrences, title insurance safeguards against past events that could affect your ownership. It doesn’t guarantee that the title is clear but promises to defend you if challenges arise concerning …

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Posted In: Blog, Real Estate Transactions

Understanding Contractual Contingencies in Real Estate Transactions

March 18, 2024 | By

In the real estate market, buyers may have more leverage, which increases their chances of getting an offer accepted with contractual contingencies remaining intact. But what exactly are contingencies, and how do they affect real estate transactions? This article will explore the standard contingencies in the California Residential Purchase Agreement and Joint Escrow Instructions (C.A.R. Form RPA) and provide helpful tips for buyers and sellers.

Standard Contract Contingencies

The C.A.R. Form RPA includes at least five and as many as seven standard contingencies in the contract. These contingencies are:

  • Loan
  • Appraisal
  • Investigation of Property
  • Review of Seller Documents
  • Preliminary (“Title”) Report
  • Common Interest Disclosures – If applicable
  • Review of Leased or Leaned Items – If applicable

It is important to note that the deadline for removal of each of these …

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Posted In: Blog, Real Estate Transactions

Negotiating Repair Requests

March 8, 2024 | By
Negotiating Repair Requests

In a market where buyers have more leverage, sellers may be more willing to negotiate repairs than they typically are in a so-called “seller’s” market. Negotiating repairs can be a very important, yet very complicated, part of a sales transaction. Inspect early to allow time to negotiate

The standard time period in the Residential Purchase

Agreement and Joint Escrow Instructions (C.A.R. Form RPA) for the buyer to inspect the property and exercise their investigation contingency is 17 Days. If the buyer wants to have the best opportunity to negotiate any potential repairs with the seller, they should have their inspections done early and not wait until just before the deadline.

How can Buyers request repairs?

The buyer should use the Request for Repair (C.A.R. Form RR) to propose that the …

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Posted In: Blog, Real Estate Transactions

Using the terms “as is” in a real estate purchase contract

February 23, 2024 | By
Using the terms as is in a real estate purchase contract

All C.A.R. purchase agreements include an “as is” clause, which states that the property is being sold in its current condition. The RPA-CA, for instance, contains this exact language in paragraph 11.

Is it necessary for the seller to add extra language to ensure the property is sold “as is”? No, the “as is” clause in the C.A.R. contracts is sufficient.

Does the “as is” clause eliminate the seller’s obligation to make any repairs?

No, under the C.A.R. contracts, the seller must maintain the property’s condition as of the acceptance date. If the property is damaged during escrow, and the buyer is not responsible for the damage, the seller will likely have to make the necessary repairs before closing. Furthermore, if there is a specific statement in the agreement, the …

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Posted In: Blog, Failure to Disclose, Real Estate Transactions

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