Real Estate Law in Illinois
Real estate law in Milan covers almost everything involved in the sale and use of land.
The huge volume of laws governing real estate in Milan 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 Milan's real estate laws.
Having at least some knowledge of real estate law will be to your advantage in virtually 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 Milan
Financing: Most individuals, families, and small businesses in Milan cannot afford to buy a large piece of real estate with the money they have on hand. However, they often can afford to pay for it over a long period of time, in installments, with interest. Thus, most real estate is purchased using a mortgage - a loan for a specific purchase, using the item purchased as collateral.
Zoning: Zoning regulations govern 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 authorize industrial use. These rules are meant to keep property values up, and promote harmony among neighbors by preventing conflicts.
Duty to Disclose: If you're buying a house in Milan, you have particular legal protections. The seller has a duty to tell the buyer about any defects that the property has. All defects which the seller knows about, and which the buyer can't be expected to discover through an ordinary inspection, must be disclosed. If the seller fails to disclose a defect, and the buyer later discovers it, the seller can be sued for any diminution in the property's value caused by the defect, the cost of repairing it, and any injuries the buyers suffers as a result.
Implied Warranties: In Milan, every residential lease agreement, whether it's clearly stated or not, has an "implied warranty of habitability." This is a legally-imposed promise by the landlord that the rented dwelling (whether it's a house or apartment) is fit for habitation by humans. While there are many requirements for a place to be considered habitable, some of the most critical ones are electricity, running water, heating, and protection from the elements.
Can a Milan Real Estate Lawyer Help?
These issues, along with many others, can sometimes be fairly convoluted. Therefore, you should never hesitate to consult with a Milan real estate attorney if you have any questions.