Tag: real estate

Tips To Save Money When Purchasing A Home

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Purchasing a home is a very exciting experience, but will be your biggest investment during your lifetime. There are many responsibilities that come with owning a home, from mortgage to utility bills, it can get expensive overtime. However, Chang Legal wants you to save your money by following these shortcut tips:

Don’t ignore essential maintenance issues: It is essential to not dismiss any maintenance problems that may occur. Whether your roof is leaking or your pipes burst, there is no landlord for you to call. It is crucial to get these maintenance problems solved immediately to prevent further damage to your home.

Don’t overspend furniture/remodeling: You have just spent a major section of your life savings on your home, you do not want to overdo the spending on furniture. In addition, you do not want to make any rash decisions with remodeling the home you just purchased.

Repair Vs. Improvement: The difference between repair and improvement in regards to the IRS is that a repair will not grant you more money if you decide to repair a broken utility. In contrast, if you make an addition, better known as an improvement to the property, you will receive more money if you put the home on the real estate market. For instance, if you purchase a home with a broken washer and a leaky roof, you will not receive anymore money for repairing these infractions. However, if you add air conditioning to the home, the value will increase by the IRS.

Insurance: As a new homeowner, you want to guarantee that you are properly insured. This means you want to ensure you have enough coverage to cover your whole property if a tragedy occurs such as a fire or natural disaster. In addition, if you have others relying on you to provide for them, such as a child, then you want to have life insurance and make sure they are listed as a beneficiary. This will prevent the possibility of the IRS taking the property away from them if you pass unexpectedly.

It is essential to get in contact with a real estate attorney, such as us at Chang Legal, to learn more about the laws surrounding being a homeowner. With over 15 years of practicing real estate, we are here to guide you through being a new homeowner.

For further information on how to save money as a new homeowner or to learn more about how we can support you, contact Chang Legal today.

The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.  The transmission of the Website, in part or in whole, and/or any communication with us via Internet e-mail through this site does not constitute or create an attorney-client relationship between us and any recipients.

The Five Most Common Real Estate Terms

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Legal real estate deals can be hard to follow, especially if you do not have any background in the law. Knowing the process of legal real estate transactions may not make any sense to the average person, this is why Change Legal is here to help you better understand the most common real estate terms and how they are relevant with your specific real estate deal.

Comparables

Comparables can be generalized to be a property that is similar in size, condition, and other relevant features to the real estate property you may be purchasing. This gives your real estate attorney and you a better idea of the general price of a property similar to yours.

Closing

Closing is the end of a real estate transaction, particularly where the former property owners give the keys to the buyers.

Closing Cost

The closing cost is the expense the buyer is required to pay in relation to their loan for the real estate deal.

Foreclosure

Foreclosure is the process where a lender or the bank can take over the title of a property if the owner can no longer afford the expenses of the homes. This does not occur after one missed period, but is nearly impossible to stop once initiated.

Mortgage

The mortgage is a formal agreement between the lender and new home owner on the set amount of money the owner will pay over a certain period of time. For example, a homeowner may pay 2,000 dollars every month for 10 years.

To learn more about the five most common real estate terms or to get support with your real estate issue, contact Change Legal today.

Understanding Real Estate Contract Clauses

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When it is time to buy a house, you can be put into a sticky situation if you are not careful with reading over the home purchase contract. It is essential to consult with your real estate lawyer before signing any agreement to ensure you know all that comes with it. Furthermore, a home purchase contract can be very long and a lot of information to process, this is why hiring a real estate lawyer is an important use for you.

ChangLegal is here to provide you the a few of the essential things that a home purchase contract includes:

– Address of the property
– Price you are offering for purchase
– Down payment amount
– The time elapsed that is allowed for the seller
– Date the sale will be closed
– Date of you taking possession of the home
– Items/furniture included in the purchase of the property
– Items/furniture not included in the purchase of the property

These are only a few of the general factors involved in a home purchase contract. It is important to contact your real estate lawyer if the seller initiates any counter offers, such as the following:

– Higher purchase price
– Eliminating certain contingencies they do not feel is necessary
– Removing items from the same such as furniture and appliances
– Time for seller to empty the house of items not included in the purchase
– Seller is allowed to a liquidated damage clause which entitles you to pay them if you back out of the deal besides any contingencies listed in the contract

Contact Your Real Estate Lawyer

If you and the seller are going back and forth with negotiations and you feel that you are making no progress with the purchasing of the home, then it may be time to contact your real estate lawyer. Hiring a real estate lawyer from the start of purchasing a property will speed the process up. ChangLegal has been practicing in real estate law for over 15 years, contact us about your real estate issues and to learn more about how we can support you today.

Commercial Lease Rates

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It can be difficult to understand how commercial lease rates work when you are looking to lease a commercial property. Since every situation is unique to every other, it may be confusing when you are comparing multiple properties to lease. It is essential to understand the factors that are associated with this, such as the current market, the size of the property, and what the preferences of the landlord are. Chang Legal is here to help you recieve a better understanding of commercial lease rates and what to look for when you may be considering leasing a commercial property.

Rates Per Month Or Year

When you lease a commercial property, there are many similarities as you would lease a residential property, such as fixed monthly or yearly rates. Monthly rates may work as simple as $2.00 for every 6,000 SF, which would be around 6,000 dollars per month. However, many landlord use a fixed yearly rate when leasing a property, such as $25 for every 6,000 SF, which would be around 100,000 dollars annually.

Gross Lease

In a gross lease, most of everything is all included within the fixed rate of the lease. This means the renter will not need to pay any of the maintenance, insurance, taxes, or any other type of fee associated with the property.

Triple Net Lease

In a triple net lease (NNN), the renter will usually have to pay a lower based rate for the property, as well as pay for all the fees that may come with the property. This includes maintenance, insurance, taxes, and any other type of fee that may come with the property.

When you are looking for a commercial space to rent, it is essential to know all of these things and knowing what you are responsible for once you sign the contract. It is crucial to contact a real estate attorney, such as us at Chang Legal, to ensure you know all the details associated with the lease. To learn more and how we can support you through your real estate questions or concerns, contact Chang Legal today.

Tenants’ Rights With Eviction Lawsuits

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Although renting a property may seem easier than owning a home to most, there are certain guidelines a tenant must follow to ensure they do not receive early termination from their rental. Most tenants do not need to worry about maintenance problems and paying the property taxes of the land, however, they must pay rent on time as well as follow the rules the landlord requires.

Dealing With An Eviction

If you just suffered an eviction, there are many things you may be able to do if you feel that you have been evicted unfairly. The first thing to do is contact an attorney to look at the situation and inform you what can be done for you. The effects of an eviction can be very expensive for both sides of the case, the landlord and the tenant. The lawsuit may appear on the tenant’s credit report which can affect their future in purchasing a home or leasing another property. It is crucial for the tenant to never hide that they have been evicted before if they are asked when trying to rent another property or on a job application, as they may be accused of fraud by denying it took place.

It is essential to remember, as a tenant, you have rights in an eviction lawsuit. If you have been evicted unfairly and are able to prove the landlord’s violation of the terms of the rental agreement, that will affect the case greatly. It is important to ask your attorney the following questions to determine if the eviction is legal:

How will an eviction affect my credit score?
How long does the eviction information stay in public records of my credit report?

Determining the severity of your eviction case is vital to be able to pursue legal action against your landlord, this is why it is important for you to consult with a real estate attorney, such as ChangLegal. Contact us today to learn more about how we can support you with your eviction lawsuit case and other real estate issues today.