Real Estate Law in Arkansas
Real estate law in Crossett governs almost everything involved in the sale and use of land.
The law governing real estate in Crossett can get pretty complicated, especially when things such as mortgages, disputes about construction defects, and conflicts over title are involved.
Accordingly, it's a good idea to learn some of the basics of Crossett's real estate laws.
Having at least some knowledge of real estate law will be to your advantage in essentially any real estate transaction. Knowing the law can give you a bargaining advantage and prevent you from being saddled with obligations that you don't have to assume.
Common Real Estate Law Issues in Crossett
Financing: The majority of people in Crossett can't afford to make a major real estate purchase by paying the entire purchase price up front. Most people and small businesses, therefore, use a mortgage to make real estate purchases. A mortgage is a loan issued for the purpose of buying a piece of property, with the bank obtaining a security interest in that property until the loan and interest are paid off.
Zoning: Zoning laws regulate what types of structures can be built on given parcels of land. Generally, cities and towns are zoned in order to ensure that neighborhoods are clearly divided into residential, commercial, and industrial categories, to ensure that everyone who uses the land can make the best possible use of it, for their particular purpose
Duty of Disclosure: Sellers of homes are bound by a legal duty to disclose defects in the home to prospective buyers, before they buy the house. Any defect which the seller knows (or reasonably should know) about, and which cannot be discovered by the buyer through an ordinary inspection, must be disclosed to the buyer.
Implied Warranties: Every lease of a residential unit in Crossett carries with it an implicit promise by the owner that the unit will meet some basic minimum standards for human habitability. There are many factors that go into determining if an unit is "habitable," but there are a few essentials, and they include running water, heat, electricity, and adequate shelter from the elements.
Can a Crossett Real Estate Lawyer Help?
Because the issues discussed above can get complex for laypersons, if you have a real estate issue, such as an eviction, or a construction dispute, you should not hesitate to contact a Crossett real estate attorney ASAP.