Jonesboro Real Estate Lawyers
Real Estate Law in Arkansas
Real estate law in Jonesboro regulates almost everything involved in the sale and use of land.
The law governing real estate in Jonesboro 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 Jonesboro'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 Jonesboro
Financing: The majority of people in Jonesboro can't afford to make a major real estate purchase by paying the entire purchase price up front. Most persons and small businesses, therefore, use a mortgage to make real estate purchases. A mortgage is a loan authorized 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 regulations control what types of structures are allowed on various parcels, based on their location in a municipality. For example, some areas in a city might be zoned only for residential use. Another area might permit industrial use. These rules are meant to keep property values up, and promote harmony among neighbors by preventing conflicts.
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 usual inspection, must be disclosed to the buyer.
Implied Warranties: In Jonesboro, every residential rental agreement carries with it a warranty of habitability, in which the landlord implicitly promises that the unit is fit for human habitation. This applies whether or not such a warranty is stated in the lease agreement, and it still applies even if the landlord tries to disclaim any such warranty. There are many conditions that might make a unit uninhabitable. A few examples are a lack of electricity, no running water, or no heating.
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Can a Jonesboro 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 Jonesboro real estate attorney ASAP.