Q: What are some leal steps I can take if I am in a dispute over title to real estate?
A: As with any area of law, there are numerous ways to proceed in protecting your rights if you are involved in a title dispute. Most notable remedies under this situation are actions for: Quite Title, Cancellation of Instrument, or Slander of Title
Q: If I am a joint tenant to real estate with another person and want to sell the asset, but the other joint tenant does not, and refuses to buy me out, what can I do?
A: In California, you may file an action in Partition. A Partition action is a legal process by which a joint tenant is requesting the court to allow the partioning party to exercise his or her absolute right to sell his or her interest in the property without concent or cooperation of the other joint tenant. In California, partition actions are not available to married couples owning real property as joint tenants. They must proceed by way of dissolution of marriage, or agree among themselves.
Q: What are some legal steps I can take if I am in a real estate, purchase contract dispute?
A: Depending on what the contract dispute is over, some remedies that may assist you are: Rescission, Reformation, Damages for Breach of Contract, or Specific Perfomance.
Q: What is a Grant Deed?
A: A Grant Deed is a legal document that identifies the owner of certain designated real estate. This document is usually recorded in the counrty where the real estate is located.
Q: What is a Deed of Trust?
A: A Deed of Trust is a legal document that is used by creditor, usually a bank, to secure its promissory note when making a loan to a person based on their ownership of real estate.
Q: When should I record a lis pendens against real estate?
A: A lis pendens should never be recorded against real property unless you have consulted with an attorney first. This is because, there are significant penalties if the lis pendens is recorded worngfully. Appropriate situations when a lis pendens should be recorded are when there is a legitimate dispute over ownership to real property, or there has been an unauthorized loan taken out against your real estate and you are suing to cancel the underlying deed of trust.
Q: What's the difference between Judicial and Non-Judicial Foreclosure?
A: A non-judicial foreclosure, is a process by which a creditor can begin the foreclosure process against real estate without having to seek court intervention. This is usually the case in California. Unlike a judicial foreclosure, the foreclosing party to a non-judicial foreclosure is limited to recovery of the property only. Usually, he or she does not have a right to a deficiency judgment.
Q: When should I consider doing a 1031 Tax exchange?
A: From a cost and tax planning perspective, you should consider doing a forward or reverse 1031 exchnage if you will realize more than $50,000 in gain on the sale of income property, or more than $350,000 in gain on the sale of your primary residence as a single person or $650,000 as a married couple.
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