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Palos Verdes Estates Real Estate Law Blog

Timing a residential real estate transaction in California

Anyone who has ever owned and sold a home knows that timing is crucial. Put your house up for sale during the wrong time of the year and it may sit on the market for weeks, or even months. But, if you put the house up for sale during the hottest time of the buying season - typically late spring or early summer - you may benefit from a hot market, with bidding wars developing for your suddenly much sought after home.

Timing is why it is important to listen for news about the real estate market in southern California. In many ways, potential sellers need to look into the future to make sure they are going to be hitting the market at the right time.

The interplay between the economy and the real estate market

The national economy has been in decent shape for several years now, and millions of Americans, including many in California, have benefited greatly. Thousands of new jobs open every month, the stock market is in good shape and, perhaps most importantly for homeowners everywhere, the real estate market is holding strong. However, there are always naysayers out there, and some are starting to throw around the dreaded "R"-word: Recession.

There is no doubt that the health of the real estate market is inextricably tied to the overall health of the national economy. We all learned that lesson, some of us the hard way, during the so-called Great Recession, in which the burst of a housing market bubble set off a global economic crisis. While the impact of that market dip was felt more keenly in some locations over others, California was not immune to the impact. With whispers of an economic slowdown potentially approaching, a recent article looked at a simple question: Is it time to sell, buy or stay put?

How mediation might help in construction disputes

Although most construction companies in California work hard to keep business relationships steady and profitable for all involved, sometimes those plans just don't pan out. And so, the unfortunate reality is that construction disputes do occur, leaving the parties attempting to mend broken relationships or, at the very worst, seeking to salvage something good out of a deal gone bad.

Fortunately, there are options for how best to approach construction disputes. One such option is mediation. Mediation could help the parties resolve their differences, get over the hurdle of the problem presented and get back to a respectful and profitable relationship. Or, mediation could help the parties reach an agreement on how to at least resolve the dispute through compromise.

Protecting your construction company with the right insurance

Owning a construction company may provide you with a lot of satisfaction, but you may also experience some trepidation because of the risks associated with your chosen industry.

When it comes to protecting your company, you can take many steps, including purchasing the right insurance in order to help you through any rough times that arise.

Seeking a beneficial resolution to various construction disputes

Disputes involving a California construction project can be complex. They can cost your company time and money, and it's smart to know how to handle these types of situations from the very beginning. You understand how important it is to work for a practical, timely solution for the benefit of your construction company and your relationships with your clients. 

Disputes can easily lead to litigation, which is not only expensive for both parties, but it can also impact other aspects of your company's operations. There are certain methods you can employ to help you handle disputes, but it's smart to remember that it's always in your rights to shield the interests of your company.

How can breach of a construction contract lead to litigation?

With California being the most populous state in the country, there are all kinds of construction companies involved in many different projects at any given time. These companies are oftentimes in competition with one another, but there are also many times when they work together on projects. Whether the relationship is between different construction companies, or between construction companies and their contractors, vendors and customers, usually there is a contract underpinning the rights and obligations of the respective parties.

So, when a breach of a construction contract occurs, how can this lead to litigation? After all, most businesses have continued prosperity in mind and prolonged litigation usually isn't a step in that direction. However, when the breach is a significant one, the relationship between the parties may be permanently fractured. At that point, it may be best to attempt to salvage what can be salvaged from the deal.

Be detail-oriented in real estate transactions

California residents can obviously become trepidatious when they are getting involved in a real estate transaction, whether it is residential or commercial in nature. These types of transactions often involve thousands, if not hundreds, of thousands of dollars. With such an expenditure of funds, the results must be right.

Anyone involved in a real estate transaction will want to be detail-oriented in their approach to getting the deal done. The back-and-forth between a potential buyer and a potential seller should almost always be done in writing, so that there is a verified record of what is being offered, accepted or countered. In most cases, the biggest issue is the purchase price for the real estate involved, but there can be other details to worry about as well, such as what fixtures or assets on the real estate will be included in the sale and how the buyer will secure financing.

$1.65-billion RFQ for California high-speed rail construction

A high-speed rail link connecting San Francisco and Los Angeles has been in the pipeline for a long time but the work has not picked up much pace. With the 2022 deadline for this project not too far away, the federal government is threatening to take away the funds that it had granted for this project. However, it now seems that the pace of work would finally pick up as the California High-Speed Rail Authority has issued a Request for Qualification that is worth approximately $1.65 billion.

According to news reports, the CHSRA is open to awarding the contract to any domestic or international business. The scope of the project includes the design and construction of the track and systems for the 119-mile long first phase of the beleaguered bullet train project. In fact, besides design and construction, the successful bidder will be responsible for maintaining the system for a period that could extend up to 30 years. In order to understand how big the total opportunity is, one should note that this $1.65 billion is only a fraction of the total estimated expenditure of $79 billion that has been estimated for this project.

The various types of businesses entities in California - II

A couple of weeks ago, a post on this blog began a discussion on the six different types of business entities that can be formed in California. That post provided the readers with a brief overview of a Corporation, a Limited Liability Company and a Sole Proprietorship. Moving on, this post will provide readers in and around Palos Verdes Estates a brief idea regarding the other three types of business entities, namely, general Partnership, Limited Partnership and Limited Liability Partnership.

A General Partnership, or GP, is a business entity that has at least two individuals who are in business for a profit. In this type of partnership, the profits are taxed as personal income and all partners are jointly and severally liable for all the obligations of the partnership, unless where it is provided otherwise by law.

The various types of businesses entities in California - I

California, in recent decades, has emerged as the startup capital of the world and people from across the United States and the rest of the world are coming to the state to set up shop. However, before starting a business in California, an entrepreneur needs to decide the type of business entity that is to be set up. For that, IT entrepreneurs need to understand the various types of entities that can be formed in the state.

In California, there are six types of business entities that an entrepreneur can choose from. This blog post will focus on the first three types: Corporations, Limited Liability Companies and Sole Proprietorships. The next post will discuss General Partnerships, Limited Partnerships and Limited Liability Partnerships.

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