Real Estate Law in Indiana
In Bluffton, 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 Bluffton can be fairly complex, especially when it comes to things like mortgages and the resolution of disputes over construction defects.
Therefore, it's a good idea to learn some of the basics of Bluffton's real estate laws.
If you have even a little bit of basic knowledge of applicable real estate law, your life will probably be a great deal easier. If you have some understanding of the law, your knowledge will likely put you in a better bargaining position.
Common Real Estate Law Issues in Bluffton
Financing: Most persons, families, and small businesses in Bluffton cannot afford to buy a large piece of real estate with the money they have on hand. However, they generally can afford to pay for it over a long period of time, in installments, with interest. Therefore, most real estate is purchased using a mortgage - a loan for a specific purchase, using the item purchased as collateral.
Zoning: Zoning regulations determine what types of structures are allowed on various parcels, based on their location in a municipality. For instance, 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: sellers of real estate, particularly houses and other residential property, are legally bound to tell the buyer about any defects in the property that the seller knows about, and that the buyer couldn't easily discover on his own (mold or termite problems are common examples). If the seller fails to make such disclosures, he or she could be liable for any harm the defect causes to the buyer, as well as the cost of repairing it. If the seller intentionally conceals or lies about the defect, he or she might also face punitive damages.
Implied Warranties: Every lease of a residential unit in Bluffton carries with it an implicit promise by the owner that the unit will meet some basic minimum requirements for human habitability. There are many factors that go into deciding 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 Bluffton Real Estate Lawyer Help?
These issues, along with many others, can sometimes be fairly perplexing. Therefore, you should never hesitate to consult with a Bluffton real estate attorney if you have any questions.