Luxury Real Estate

Courtesy of Robert Kenyon of Willis Allen Real Estate

Caveat Emptor plays a serious role in the marketplace no matter what the purchase. Real Estate is positioned somewhat differently in that the potential buyer within California has a period of time, normally 17 days, with the help of chosen experts to make a diligent search for flaws in the property or other notable concerns, which might affect their decision to buy. Ultimately, the potential buyer can provide the seller with a list of repairs to complete, negotiate responsibility for those repairs or is allowed to rescind the contract in "good faith" should they find that their concerns are such that the property does not meet their standards, thereby negating the sale and recouping their initial deposit.

One important factor to consider within Rancho Santa Fe is whether the particular home is on the list of historical sites. Presently, the list includes 18 such homes. A number of these homes fall under the Mills Act, which statutorily defines them as such and which have been designated so by agreement between the home owner and the local governing body, while others simply have been designated historically important sites by the Rancho Santa Fe Association, the controlling body that oversees the upkeep and development of the "Ranch" according to the Covenant by-laws which define how the assets within the community should be maintained. The importance of knowing whether a home falls under the heading of a historical site is paramount in that it will be excruciatingly difficult to make any changes outside of the structure of the home and potentially painstaking as well to make major changes within the home.

Should the buyer plan to scrape the home, it is with near certainty that this will be challenged and even should the buyer prevail, it will become a lengthy and tedious process. The Art Jury within Rancho Santa Fe will take a close look at the plans with a conservative eye in keeping with the traditions of what the Covenant was meant to protect and preserve. It is incumbent upon whoever has interest in making a purchase of a home within Rancho Santa Fe, among other acts of due diligence, to ascertain whether that particular home that otherwise meets their needs is included on the list of historical sites, designated as such under the Mills Act or by the Rancho Santa Fe Association.