Real Estate Law in Illinois
In Warrenville, real estate law can affect just about anything involving the use, purchase, or sale of land and fixtures to land, such as buildings.
Real estate law in Warrenville can be fairly complex, especially when it comes to things like mortgages and the resolution of disputes over construction defects.
Accordingly, it's a good idea to learn some of the basics of Warrenville'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 Warrenville
Financing: The majority of people in Warrenville 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 establish rules saying what kinds of buildings are allowed in various areas of a city or town. These rules serve a variety of purposes. For example, they usually 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 ordinary inspection, must be disclosed to the buyer.
Implied Warranties: In Warrenville, 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 an unit uninhabitable. A few examples are a lack of electricity, no running water, or no heating.
Can a Warrenville 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 Warrenville real estate attorney ASAP.