Real Estate Law in Michigan
In Kalamazoo, real estate law can affect just about anything involving the use, purchase, or sale of land and fixtures to land, such as buildings.
The various laws affecting real estate in Kalamazoo can sometimes feel overwhelming in their volume and complexity. This might apply doubly when your case involves a foreclosure, or a construction dispute.
Therefore, if you're planning on engaging in any kind of real estate transaction, it's important that you learn at least the basics of real estate law in Kalamazoo.
Knowing the law can serve you in a variety of ways: it can put you in a better negotiating position, it can help you spot unlawful terms in lease agreements, and confirm that you know your rights if a disagreement arises, among other things.
Common Real Estate Law Issues in Kalamazoo
Financing: Most individuals are unable to make major real estate purchases in Kalamazoo with cash, because few people have that kind of money on hand. Thus, 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 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 of Disclosure: Sellers of homes are bound by a legal duty to disclose defects in the home to prospective buyers, before they purchase the house. Any defect which the seller knows (or reasonably should know) about, and which cannot be discovered by the buyer through an normal inspection, must be disclosed to the buyer.
Implied Warranties: In Kalamazoo, 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 Kalamazoo Real Estate Lawyer Help?
These issues, along with many others, can sometimes be fairly difficult. Therefore, you should never hesitate to consult with a Kalamazoo real estate attorney if you have any questions.