For sale, Irvine, presented by Esquire Real Estate

Wow! A detached house in one of the nicest parts of Irvine at this price! This beautiful, turnkey 3 bedroom, 2.5 bathroom, 1,437 square foot condominium home in the West Irvine/Wisteria community with low HOA fees and no Mello Roos will not last long. This home is full of natural light and features fresh paint, slate tile throughout most of the first floor, a spacious family room, upgraded kitchen with granite countertops and all stainless steel GE Profile appliances, attached two car garage, and private backyard with mature grape vines and plants. Upstairs, the spacious master bedroom features dual sinks and a walk-in closet, along with two additional bedrooms and the shared bathroom. One bedroom is currently configured as an office but can be quickly changed to a bedroom. Make sure to take the short walk to see the association pool, spa, BBQ, playground, and tennis courts or even the nearby award-winning elementary school, as well as the local shops and restaurants and easy access to the wonderful Mountain to Sea trail network for walking, biking, and jogging. Then, consider whether you will make this lovely house your home.

For more information, please click here to see the MLS listing. Please contact us if you have any questions about this home or about listing your real property for sale

Sold, Yorba Linda Home

We are pleased to announce the successful sale of this Yorba Linda home. Here's the story about the sale in the sellers' own words:

Bryan helped us to sell our condo. We needed someone with experience both in selling homes and with legal experience. He had researched the area and gave good counsel on the legal matters. We needed to ensure that the documents were handled correctly and that the process was attended to. Bryan's knowledge, professionalism and attention to detail made the whole experience a real breeze for us.

-Mr. & Mrs. C.

I'll Take It, Unless...

Real estate purchase agreements in general, and the California Association of Realtors Residential Purchase Agreement (“CAR Purchase Agreement”) specifically, contain certain contingencies for the transaction.  Under the contingencies in the CAR Purchase Agreement, the buyer can disapprove certain subjects of the transaction allowing the buyer to cancel the escrow and receive back the buyer’s deposit in full, minus any costs incurred by third-party services.  However, there is much confusion among real estate agents regarding what subjects are embraced by each contingency and what constitutes a proper disapproval of a particular subject in the contingency.

Although there a multitude of contingencies that might be applicable to a particular transaction, the CAR Purchase Agreement contains the following six common contingencies:

·      Loan: contingency for the Buyer to obtain the loan designated in the purchase agreement (Section 3.J.(2))

·      Appraisal: contingency for the Property to appraise at no less than the purchase price (Section 3.I.)

·      Reports/disclosures: contingency for the Buyer to receive, review, approve, and sign the disclosures and reports from the Seller (Sections 10.A.-E., 14.B.)

·      Buyer’s investigation: contingency for the Buyer to investigate the physical condition of the Property (Sections 11., 12., and 14.B.)

·      Title, preliminary report: contingency for the Buyer to receive, review, and approve the current preliminary title report from the title insurer (Sections 13. and 14.B.)

·      Common interest (HOA) disclosures: contingency for the Buyer to receive, review, and approve the required HOA documents provided or ordered by Seller (Sections 10.F. and 14.B.)

Although the contingencies in the CAR Purchase Agreement are broad and mostly within the Buyer’s discretion, there are limitations on the Buyer’s exercise of a contingency right.  First, in California, every contract or agreement has an implied covenant of good faith and fair dealing.  (Guz v. Bechtel National, Inc. (2000) 24 Cal.4th 317, 349–350)  The implied covenant of good faith and fair dealing requires that a party with “discretionary power affecting the rights of another” must exercise such power in good faith.  (Carma Developers (Cal.), Inc. v. Marathon Development California, Inc. (1992) 2 Cal.4th 342, 371–372)  Hence, the implied covenant of good faith and fair dealing implied in the CAR Purchase Agreement requires that a Buyer must exercise a discretionary contingency right in good faith.  Thus, for example, the Buyer may not exercise the cancellation right under the Buyer’s investigation contingency because the Buyer dislikes the color of paint in the master bedroom.  Similarly, the Buyer may not exercise the cancellation right under the Buyer’s appraisal contingency because the property appraised at the purchase price, when the Buyer thought that the property would appraise higher than the purchase price.

Although there are many contingencies contained in the CAR Purchase Agreement, the following are not specified contingencies in the CAR Purchase Agreement:

·      Furniture: The parties to the contract may negotiate an up-front purchase price for the furniture, but there is no contingency allowing the Buyer to cancel the transaction due to the condition or value of the furniture.

·      Request for repairs: Although the Buyer may request that the Seller make certain repairs identified during the inspections or request that the Seller provide a credit, the Seller is under no obligation to provide repairs or a credit or to even respond to the request.  There is no contingency for certain repairs to be made during escrow.

However, nothing prevents a Buyer from making the above or any other subject matter a contingency of the purchase agreement.

Buyers and Sellers must understand and review the applicable contingencies in their unique purchase agreement, which may or may not be the same as the above.

Esquire Real Estate is available for consultation on real estate contracts and represents buyers and sellers in California real property transactions.  Esquire Real Estate can create customized contracts, including unique contingencies, for the protection of all parties to a real estate transaction. 

Sold, City of Orange Home

We are pleased to announce the successful sale of this City of Orange home. Here's the story about the sale in the buyer's own words:

“Esquire Real Estate and Bryan Zuetel helped to sell my family’s home held in trust after my mom’s passing. I was so grateful to have Bryan walk us through the details of selling the property through a trust. During the sale of this property we encountered circumstances that we had not expected and would not have known how to handle. Bryan’s legal knowledge and status as a real estate attorney gave me complete peace of mind and saved us the expense and complication of having to consult an attorney separately. Bryan was also a pleasure to work with. I have learned in the past the importance of having an agent that is honest and has their client’s best interest as their priority. I quickly learned that I could completely trust Bryan and it is obvious that he has his client’s best interests at heart. Questions and phone calls were always responded to promptly and in person, which helped to make the process as stress-free as possible. I can highly recommend Bryan Zuetel and Esquire Real Estate. You will find the peace of mind that comes with dealing with an agent of integrity, with the added bonus of his legal expertise. We were very pleased with the outcome of the sale of our home, and have already recommended Bryan to our own family members.”

Here are more comments from our clients.

Esquire Real Estate presents a real estate sales model that is flexible to the needs of our clients. If you are looking to buy or sell real estate contact us or call directly (949) 421-7097.

Tax Day : Deductions

Are you feeling the sting of Tax Day yet?  If so, buying a home will almost certainly provide you extra deductions for this year, which means less taxes and more money in your pocket next year!  Consider these five tax-saving deductions for homeowners:

·       Loan points: Any “points” paid to your lender for your new home mortgage are deductible, up to the lesser amount of your down payment or the points.

·       Property taxes: The property taxes that you pay to the county twice per year are deductible.  This is true even if your taxes are paid through a lender escrow account.

·       Mortgage insurance premiums: If you put down less than 20%, you may be required to pay premiums for mortgage insurance.  The premiums paid are deductible, unless you make above a certain income.

·       Home equity interest: If you take out a home equity loan, you can generally deduct interest on up to $100,000 of the home-equity debt as mortgage interest.

·       Tax-free profit on sale: If you own and live in your home for at least two of the last five years before selling the property, the gain of up to $250,000 for singles or $500,000 for a married couple can be taken tax free.

Check with your accountant or CPA to ensure that you qualify for these tax savings and to analyze your unique tax situation.  If you’re interested in selling or purchasing a home, please contact Esquire Real Estate for all of your real estate needs.