Real Estate Law in Kentucky
In Lexington, real estate law can affect just about anything involving the use, purchase, or sale of land and fixtures to land, such as buildings.
The several laws affecting real estate in Lexington can sometimes feel overwhelming in their volume and complexity. This might apply doubly when your case involves a foreclosure, or a construction dispute.
Therefore, it's always good to have at least some knowledge of Lexington's real estate law.
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 Lexington
Financing: The majority of people in Lexington can't afford to make a major real estate purchase by paying the entire purchase price up front. Most individuals and small businesses, therefore, use a mortgage to make real estate purchases. A mortgage is a loan given 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 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: Every lease of a residential unit in Lexington carries with it an implicit promise by the owner that the unit will meet some basic minimum standards for human habitability. There are many factors that go into determining 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 Lexington Real Estate Lawyer Help?
The issues discussed here, along with others, can be complicated and complex. Therefore, if you have any questions on this subject, you should not hesitate to ask a Lexington real estate lawyer.