National ADA defense, Business, Real Estate Blog

Signing a purchase agreement is one of the first steps toward buying a home. However, it doesn't mean that a deal to buy house in California can't fall through. There are several contingencies that are typically included in an agreement such as the buyer being able to find financing or inspect the home. Buyers may also make the sale contingent on being able to sell their home first or include other conditions that they deem necessary.

Typically, buyers can back out of a purchase agreement if one or more of those conditions aren't met. In some cases, a buyer may have a limited amount of time to inform the seller that action needs to be taken. For instance, a buyer could have 14 days after an inspection to request that repairs be made to the home. The seller may agree to extend a contingency deadline if necessary.

It may be possible to buy a home in California before a divorce proceeding comes to an end. That largely depends on the terms of the divorce agreement and if a lender is willing to approve a mortgage application. It may be best to wait until after the final divorce agreement has been negotiated and signed. This is because the terms of the deal may change, which could alter how much a person could afford to spend on a home.

Prior to buying a new home, a person may need to be removed from the mortgage on the marital property. Until that happens, the monthly mortgage payment will be included in an applicant's debt-to-income ratio. Those who are required to pay child support will likely need to mention that during the home loan application process. In many cases, a signed copy of the final divorce agreement will need to be reviewed by a lender before a mortgage application is approved.

Purchasing a second home, whether it is in another area of the United States or outside of the country, can be appealing for many California residents. However, there are many long-term responsibilities that come with owning a second home. Buyers should consider some important factors before getting another home.

Buyers should be aware that as the owner of a second home, they will have to assume full financial responsibility for two homes. If their primary residence has a plumbing issue and the second home has an HVAC system that requires repair at the same time, they will be faced with two expensive bills. Also, there will be taxes, home insurance, utility bills, homeowner's association fees, lawn maintenance fees and more that will have to be paid for both homes.

Businesses in California are finding it difficult to find industrial space according to a report released in recent weeks by a leading commercial real estate firm. A Colliers International study of commercial property trends in the Golden State reveals that Los Angeles has the lowest warehouse vacancy rate in the country. Only 1.6% of the city's 1 billion square feet of warehouse space is currently available, and companies looking for storage facilities in Orange County face an almost equally tight market.

According to the study, the shortage of warehouse space is being caused by the surging popularity of online shopping. Warehouses that stood empty for years are now being eagerly snapped up by internet retailers looking to set up storage and distribution centers. The shortage is particularly challenging for companies in California's booming marijuana industry as state law places restrictions on where they can set up business.