Pleasanton Real Estate Attorneys in California
Purchasing or leasing real estate is a major investment that requires careful planning and negotiation to ensure the most ideal outcome. A variety of state laws and regulations are used when making such business dealings, but understanding the complexities of these laws is not always straightforward. Unfortunately, failure to adhere to these laws can result in significant financial consequences. This is why many people seek legal guidance from California real estate attorneys to oversee negotiations and agreements.
At John Park Law, we understand the gravity of buying or leasing property. Be it commercial or residential real estate, we work with our clients to negotiate deals and optimize their outcomes. Real estate is a major investment. Avoid costly missteps by contacting an experienced attorney at John Park Law today. Call us at 925-320-7077 to find out how we can advocate for you.
Do I Need A Real Estate Lawyer?
The process of buying, selling, or leasing real estate is legally complex and oftentimes financially life-changing for those involved. For this reason, it is common to seek legal counsel to ensure that all aspects of the transaction are handled properly and that outcomes are optimized. John Park Law real estate attorneys commonly oversee the following legal aspects of a real estate transaction:
- Purchase contracts and agreements
- Commercial lease review and negotiation
- Deed titling for trusts and entities, including LLC or corporations
- Real property tax reassessment issues, including Proposition 19 and BOE reassessments related to entity changes that own real property
As real estate attorneys, we negotiate on your behalf and advocate for your success throughout the transaction. We protect your assets and shield you from liability. Most importantly, we inform you of all the subtle terms and conditions that often go unnoticed to the untrained eye.
While California law does not explicitly require the use of an attorney during a real estate transaction, many people seek legal guidance when negotiating contracts or when financial complexities such as liens are involved in the transaction. Moreover, real estate attorneys can provide legal representation if a dispute is taken up in court, for example in a quiet title action.
What Is Proposition 19?
Proposition 19 passed in California and went into effect on February 16, 2021. Generally, California assesses real property tax values based on the value of the real property when constructed or purchased. The assessed value increases annually but is capped. Thus, generally the assessed value of the real property will be lower than the fair market value of the real property.
One aspect of the prior law allowed for a tax benefit for transfers of real property between parents and children. Meaning, when parents transfer real property to their children, the children are able to pay the same real property tax assessment that their parents paid. This parent-child exclusion was available up to $1 million dollar of assessed value per parent and could be applied to primary residences and commercial property.
However, Proposition 19 changes this important parent-child tax benefit. This exclusion is now only available to include the parent’s primary residence, as long as the child also makes the parent’s primary residence their own primary residence. Further, the maximum benefit is limited to $1 million of fair market value. Any fair market value above this amount, will be reassessed, which can cause a significantly higher annual property tax amount to be paid. Lastly, when dealing with real property, if you have an entity (trust, LLC, corporation, etc.) that owns real property and a change of ownership or change in control occurs within that entity, then there is a possibility of a real property reassessment to the real property, unless certain exclusions apply. Thus, properly analyzing any real property transfer to anyone must be reviewed to make sure you don’t trigger a reassessment in annual real property taxes, which can be significant.
When To Contact an Attorney
It is key to contact a real estate attorney before you sign any agreements, as there may be hidden terms within the contract. Identifying and negotiating these hidden terms before you sign the agreement is crucial. This is because once an agreement is signed, it is set in stone. You cannot change adverse terms after the fact, which can leave you in a vulnerable position.
For this reason, we suggest contacting an attorney at the onset of the agreement process. Doing so can help avoid any hidden terms that can harm you later on. Contracts are complex legal documents, but negotiation is possible. An attorney is able to make these negotiations for you and ensure that you receive the best possible outcome.
How Can John Park Law Real Estate Attorneys Help?
Regardless of whether you are buying, selling, or leasing commercial or residential property, the team of real estate attorneys at John Park Law have the experience necessary to advocate for you. We leverage our extensive knowledge of California real estate law and fierce negotiation tactics to ensure the greatest possible outcome for our clients.
Real estate is a major investment and finding an attorney that you trust can make all the difference. At John Park Law, we recognize this and prioritize our clients’ needs above all. Call us at 925-320-7077 to discuss your options and learn how we can help achieve your real estate goals today.