Real Estate Law in Indiana
In Zionsville, 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 Zionsville 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 Zionsville's real estate laws.
If you have even a little bit of basic understanding 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 Zionsville
Financing: Most people are unable to make major real estate purchases in Zionsville 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 control what types of structures can be built on given parcels of land. Typically, cities and towns are zoned in order to ensure that neighborhoods are clearly divided into residential, commercial, and industrial categories, to ensure that everyone who uses the land can make the best possible use of it, for their particular purpose
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 Zionsville, 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 Zionsville Real Estate Lawyer Help?
These issues, along with many others, can sometimes be fairly convoluted. Therefore, you should never hesitate to consult with a Zionsville real estate attorney if you have any questions.