The prospect of purchasing a property in a thriving market like Los Angeles can be enticing. Taking ownership interest in a property has lots of potential upside, but it also comes with its own unique set of challenges. Before diving in, there are several important things to consider that will help ensure a successful investment venture. By doing your due diligence and being mindful of the right details, you can take advantage of the opportunities provided and avoid the potential pitfalls.

When it comes to taking ownership interest in a property, there are five areas of consideration that should be especially important to anyone based in Los Angeles. With the help of experienced attorneys and legal teams from UpCounsel – who understand the nuances of California real estate law – these essential areas will be well-covered:

1. Acquiring the Property and Transferring Legal Ownership

Acquiring the actual physical property is merely the first step. The ownership must then be legally recorded with the county and/or city in which the property is located. According to the Los Angeles County Recorder's website, "the owner of real property must record and maintain an accurate record of various deed transfers in order to protect the legal interest of that owner." UpCounsel's attorneys are available to help ensure that the proper deed transfers and other legal paperwork are completed in order to guarantee that you are truly the legitimate owner in the eyes of the law.

2. Complying with Building and Safety Regulations

In the City of Los Angeles, properties must adhere to the safety and building regulations outlined by the Department of Building and Safety. This includes inspecting and approving permit applications and ensuring that the building is in safe condition. Not to mention, if any construction or remodeling work is planned, all of the proper permits must be obtained ahead of time. UpCounsel's attorneys are knowledgeable in understanding local building regulations and the necessary steps required to stay in compliance.

3. Accounting for Taxes and Duties

When ownership of the property changes hands, taxes must be paid. Depending on the type of property and other various factors, both the buyer and the seller must account for the potential tax liabilities. In particular, some properties are subject to specific duties or assessments. UpCounsel has experienced tax attorneys that understand how the different contributions you’re responsible for.

4. Evaluating and Accounting for Zoning Concerns

Not all properties are treated equally when it comes to zoning regulations. Depending on where the property is located and the intended use, there may be certain restrictions that must be taken into consideration. If the property is being purchased with the purpose of future development and use, then there are additional zoning regulations that must be taken into account. UpCounsel's legal team can help guide you through this process to ensure that potential zoning concerns don’t become an issue down the road.

5. Understanding Environmental Disclosures

California has some of the toughest environmental laws in the nation. As such, there are many disclosure laws that pertain to the potential environmental risks associated with owning a property. This includes the California Property Transfer Disclosure Statement as well as a myriad of other forms that must be filed. Failing to comply with environmental disclosure regulations could end up costing you down the road. The legal team from UpCounsel can assist with this process to ensure full compliance.

Concluding concepts

As you can see, there are many important things to consider when taking ownership interest in a real estate property in Los Angeles. With the help of experienced and knowledgeable attorneys, you can rest assured that every aspect is addressed and that all of the proper paperwork and protocols are followed. UpCounsel is dedicated to providing premium legal service, allowing you to buy or own property with confidence.


Ownership Interest,

Real Estate,

Los Angeles