Real Estate Law in Illinois
Real estate law in Lake Barrington governs almost everything involved in the sale and use of land.
The huge volume of laws governing real estate in Lake Barrington might seem overwhelming to the uninitiated. Indeed, they can get very complicated, especially when issues about title defects or construction disputes are involved.
Accordingly, it's a good idea to learn some of the basics of Lake Barrington's real estate laws.
Some understanding of the relevant law can give you an advantage in almost any situation. In the real estate context, it can help you spot illegal terms in lease agreements, give you some idea of what your rights are in a dispute, among other things. If nothing else, knowledge of the law can help you spot people who are willing to break it, so you can avoid dealing with them.
Common Real Estate Law Issues in Lake Barrington
Financing: Most people are unable to make major real estate purchases in Lake Barrington with cash, because few people have that kind of money on hand. Therefore, to buy real estate, most entities use a mortgage. This is a loan used to buy a piece of property. When the loan is issued, and the property purchased, the lender holds a security interest in the property until the loan is paid off, with interest.
Zoning: Zoning regulations determine 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 allow industrial use. These rules are meant to keep property values up, and promote harmony among neighbors by preventing conflicts.
Duty to Disclose: When buying a home in Lake Barrington, you are protected by the law. The seller has a legal obligation to disclose to the buyer any defects of which the seller is aware, which the buyer couldn't detect through a superficial inspection. If you are selling a home, it's probably best to disclose every defect you know about, to ensure that you aren't faced with a lawsuit from the buyer sometime in the future.
Implied Warranties: Every lease of a residential unit in Lake Barrington 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 Lake Barrington Real Estate Lawyer Help?
The issues discussed here, along with others, can be complex and confusing. Therefore, if you have any questions on this subject, you should not hesitate to ask a Lake Barrington real estate lawyer.