Real Estate Law in Michigan
In Norton Shores, 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 Norton Shores 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 Norton Shores.
Having at least some knowledge of real estate law will be to your advantage in virtually any real estate transaction. Knowing the law can give you a bargaining advantage and prevent you from being saddled with obligations that you don't have to assume.
Common Real Estate Law Issues in Norton Shores
Financing: Most individuals, families, and small businesses in Norton Shores cannot afford to buy a large piece of real estate with the money they have on hand. However, they often can afford to pay for it over a long period of time, in installments, with interest. Consequently, most real estate is purchased using a mortgage - a loan for a specific purchase, using the item purchased as collateral.
Zoning: Zoning laws dictate what types of buildings can go on given pieces of property. These laws are usually designed to ensure that residential areas are as clean and as quiet as possible, thereby preserving property values. They accomplish this by ensuring that other uses that might be inappropriate in a residential area, such as heavy industry, are in different parts of town. This also ensures that industries will be able to go about their business without constant complaints from their neighbors.
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 usual inspection, must be disclosed to the buyer.
Implied Warranties: Every lease of a residential unit in Norton Shores 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 Norton Shores Real Estate Lawyer Help?
The issues discussed here, along with others, can be intricate and confusing. Therefore, if you have any questions on this subject, you should not hesitate to ask a Norton Shores real estate lawyer.