Real Estate Law in Minnesota
In New Hope, real estate law can affect just about anything involving the use, purchase, or sale of land and fixtures to land, such as buildings.
The large volume of laws regulating real estate in New Hope 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 a good idea to learn some of the basics of New Hope's real estate laws.
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 dispute arises, among other things.
Common Real Estate Law Issues in New Hope
Financing: Most individuals are unable to make major real estate purchases in New Hope 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 dictate what types of buildings can go on given pieces of property. These laws are generally 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 to Disclose: When buying a home in New Hope, you are safeguarded by the law. The seller has a legal obligation to disclose to the buyer any defects of which the seller is aware, which the buyer couldn't detect through a superficial inspection. If you are selling a home, it's probably best to disclose every defect you know about, to guarantee that you aren't faced with a lawsuit from the buyer sometime in the future.
Implied Warranties: Every lease of a residential unit in New Hope carries with it an implicit promise by the owner that the unit will meet some basic minimum requirements for human habitability. There are many factors that go into deciding 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 New Hope Real Estate Lawyer Help?
Because the issues discussed above can get complicated for laypersons, if you have a real estate issue, such as an eviction, or a construction dispute, you should not hesitate to contact a New Hope real estate attorney ASAP.