Buying and selling a home or commercial piece of land is one of the most important personal and financial commitments an individual or business may make. That is why it is crucial to know exactly what you buy, in terms of boundaries, title, and the condition of the premises. Real Estate law provides protections for buyers, sellers, land owners, contractors, real estate agents, and builders.
During the transaction, it is important that the sales and purchase documents are well written in order to avoid problems and delays later on. Litigation might arise where the parties to a transaction have a dispute. Real Estate litigation might concern zoning, construction defect, homeowners associations, or boundary disputes.
- State real estate law regulates commercial and residential real property transactions and landlord-tenant relationships.
- Federal law protections exist for discrimination under the Fair Housing Act and for environmental violations. For more specific information about this topic, see the Real Estate and Property Law article.
Many people seek financing through mortgages either to buy real property or to afford improvements on the property. As with any other debt, it is necessary for those interested in mortgages to be aware of the nature and offers of the lending institution. The loan is often secured by a mortgage on the residence or commercial property. Failure to make payments may result in foreclosure.
Understanding the nuances of local real estate law is often difficult. Complex transactions are best handled using the services of a lawyer that specializes in real estate law and has a demonstrated proficiency in this field. Additionally, any concerns regarding the condition or boundaries of the land, title, or mortgage should also be evaluated by a lawyer. Present your case to a real estate lawyer now.