Real Estate Law in Minnesota
In Big Lake, real estate law can affect just about anything involving the use, purchase, or sale of land and fixtures to land, such as buildings.
The huge volume of laws governing real estate in Big Lake might seem overwhelming to the uninitiated. Indeed, they can get very complicated, especially when issues about title defects or construction disputes are involved.
Therefore, it's always good to have at least some knowledge of Big Lake's real estate law.
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 Big Lake
Financing: The majority of people in Big Lake 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 normal inspection, must be disclosed to the buyer.
Implied Warranties: Every lease of a residential unit in Big Lake 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 Big Lake Real Estate Lawyer Help?
The issues discussed here, along with others, can be complicated and confusing. Therefore, if you have any questions on this subject, you should not hesitate to ask a Big Lake real estate lawyer.