In the real estate world, many laws govern what you can do and how you should proceed. Although some people think that these laws only apply to agents and brokers, the reality is that they can affect anyone who wants to buy or sell a home. That's why you should know all its aspects. This article discusses three real estate law aspects guiding different types of transactions.
Sale and Purchase Laws
These laws govern the sale and purchase of a property. They set out factors such as the offer, acceptance, and price for sale contracts. If you want to buy a property, these laws will ensure it happens correctly through a valid purchase contract between the buyer and the seller. These contracts are often written, although some states allow oral contracts as long as they are in writing before the transaction is completed. The laws also provide a time frame for finalizing the buying.
If you are selling, these laws will ensure that your property is legally transferred to another person. They set out the rights and responsibilities of buyers and sellers during this time as well. Some of them concern inspections or notice periods for canceling a contract if it has defects. Additionally, some of these laws require financial disclosure statements to be made by the buyer. An attorney can help you understand your state's specific sale and purchase laws.
Landlord and Tenant Laws
Real estate regulations govern the relationship between the landlord and tenant. These regulations are meant to protect both parties while maintaining a healthy relationship. The landlord is responsible for providing the tenant with a safe and habitable living environment, maintaining common areas, and responding to tenant complaints. Conversely, the tenant is responsible for keeping their living environment clean and abiding by the lease agreement they signed. If a disagreement occurs, the tenant can file a complaint in a civil court through a lawyer. Most real estate statutes also outline eviction rules, especially for tenants who do not pay the rent.
If you buy a property intending to develop it, you are very likely involved in a construction project. This means that you should be aware of the state and federal laws regarding housing discrimination, wages for laborers, licensing of contractors, environmental protections on sites where hazardous materials may have been stored or disposed of illegally, safety regulations that must be followed during the building process and other laws that your project must abide by. You can hire a lawyer to help you navigate the legal aspects of construction projects, especially if you are planning to do so in more than one state.
Real estate laws vary depending on your state and county. If you want to always comply, hire a real estate attorney to assist you in your transactions.
For more information on real estate law, contact a lawyer near you.