Residential real estate transactions are a once in a lifetime deal for most people. The legal aspects have to be perfect to ensure the transaction is smooth and there are no problems down the road. However, issues do arise, and legal assistance may be required for everything from rentals and leasing to foreclosures, evictions and sale of the property.
The most common of all such legal aspects related to residential real estate are listed below:
Homebuyers need to follow a series of steps when purchasing a property. Checking whether the seller has a clear title is one such step, along with complete information about all mortgages and liens on the property. Valuations have to be done and the contract has to be drawn up. Mortgage agreements have become very critical and have to be studied carefully now given the flood of foreclosures and unethical practices lenders employ.
For those who are renting or leasing property, the lease agreement and rental policies have to be studied and understood carefully to avoid having to file or face a lawsuit afterwards. However, issues do arise when there is a serious breach of contract that calls for an eviction or a lawsuit to seek damages.
Did you know?
Zoning restrictions are a big factor in determining the outcome of a nuisance action.
Noise or pollution nuisance complaints may not be taken seriously in a mixed-use zone where both residential and commercial properties co-exist. On the other hand, residential real estate zones have clear and strict nuisance laws.