Real Estate Law in Michigan
In Ishpeming, real estate law can affect just about anything involving the use, purchase, or sale of land and fixtures to land, such as buildings.
The many laws affecting real estate in Ishpeming can sometimes feel overwhelming in their volume and complexity. This might apply doubly when your case involves a foreclosure, or a construction dispute.
Thus, if you're planning on engaging in any kind of real estate transaction, it's critical that you learn at least the basics of real estate law in Ishpeming.
Knowing the law can serve you in a number of ways: it can put you in a better negotiating position, it can help you spot unlawful terms in lease agreements, and ensure that you know your rights if a conflict arises, among other things.
Common Real Estate Law Issues in Ishpeming
Financing: Most people are unable to make major real estate purchases in Ishpeming 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 issued, and the property purchased, the lender holds a security interest in the property until the loan is paid off, with interest.
Zoning: Zoning regulations control what types of structures are allowed on various parcels, based on their location in a municipality. For example, some areas in a city might be zoned only for residential use. Another area might permit 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, especially 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 prevalent 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 Ishpeming 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 Ishpeming Real Estate Lawyer Help?
These issues, along with many others, can sometimes be fairly intricate. Therefore, you should never hesitate to consult with an Ishpeming real estate attorney if you have any questions.