Real Estate Law in Indiana
In Kendallville, 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 Kendallville can be fairly complicated, 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 Kendallville's real estate laws.
Some understanding of the appropriate law can give you an advantage in almost any situation. In the real estate situation, 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 Kendallville
Financing: Most people are unable to make major real estate purchases in Kendallville 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 given, and the property purchased, the lender holds a security interest in the property until the loan is paid off, with interest.
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 to Disclose: If you're buying a house in Kendallville, 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 Kendallville, 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 important ones are electricity, running water, heating, and protection from the elements.
Can a Kendallville 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 Kendallville real estate attorney ASAP.