Real Estate Law in Missouri

In Bellefontaine Neighbors, 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 Bellefontaine Neighbors 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 Bellefontaine Neighbors's real estate laws.

Having at least some knowledge of real estate law will be to your advantage in basically 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 Bellefontaine Neighbors

Financing: Most persons, families, and small businesses in Bellefontaine Neighbors cannot afford to buy a large piece of real estate with the money they have on hand. However, they generally can afford to pay for it over a long period of time, in installments, with interest. Therefore, most real estate is purchased using a mortgage - a loan for a specific purchase, using the item purchased as collateral.

Zoning: Zoning regulations determine what types of structures are allowed on various parcels, based on their location in a municipality. For instance, some areas in a city might be zoned only for residential use. Another area might allow 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, particularly 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 common 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 Bellefontaine Neighbors 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 Bellefontaine Neighbors Real Estate Lawyer Help?

The issues discussed here, along with others, can be complex and complicated. Therefore, if you have any questions on this subject, you should not hesitate to ask a Bellefontaine Neighbors real estate lawyer.