Real Estate Law in Arkansas
Real estate law in Walnut Ridge covers almost everything involved in the sale and use of land.
The law controlling real estate in Walnut Ridge can get pretty complicated, especially when things such as mortgages, disputes about construction defects, and conflicts over title are involved.
Therefore, it's a good idea to learn some of the basics of Walnut Ridge's real estate laws.
Having at least some knowledge of real estate law will be to your advantage in practically 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 Walnut Ridge
Financing: The majority of people in Walnut Ridge can't afford to make a major real estate purchase by paying the full purchase price up front. Most individuals and small businesses, therefore, use a mortgage to make real estate purchases. A mortgage is a loan given 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 establish rules saying what kinds of buildings are authorized in various areas of a city or town. These rules serve a variety of purposes. For example, they normally protect residents by making it illegal for industrial facilities to be built in residential areas. This also protects industries, allowing them to do their business without being bothered by constant complaints and lawsuits from their residential neighbors.
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 average inspection, must be disclosed to the buyer.
Implied Warranties: In Walnut Ridge, 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 mentioned in the lease agreement, and it still applies even if the landlord tries to disclaim any such warranty. There are many circumstances that might make an unit uninhabitable. A few examples are a lack of electricity, no running water, or no heating.
Can a Walnut Ridge Real Estate Lawyer Help?
The issues briefly discussed above, as well as many others, can be very difficult. Accordingly, if you are engaged in any real estate transaction, it's never a bad idea to first consult with an experienced Walnut Ridge real estate attorney.