Real Estate Law in Missouri
In Pacific, real estate law can affect just about anything involving the use, purchase, or sale of land and fixtures to land, such as buildings.
The wide volume of laws regulating real estate in Pacific 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 Pacific's real estate laws.
Having at least some knowledge of real estate law will be to your advantage in practically 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 Pacific
Financing: The majority of people in Pacific can't afford to make a major real estate purchase by paying the full purchase price up front. Most people and small businesses, therefore, use a mortgage to make real estate purchases. A mortgage is a loan issued 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 regulate what types of structures can be built on given parcels of land. Generally, 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 purchase the house. Any defect which the seller knows (or reasonably should know) about, and which cannot be discovered by the buyer through an ordinary inspection, must be disclosed to the buyer.
Implied Warranties: Every lease of a residential unit in Pacific 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 Pacific Real Estate Lawyer Help?
Because the issues discussed above can get intricate for laypersons, if you have a real estate issue, such as an eviction, or a construction dispute, you should not hesitate to contact a Pacific real estate attorney ASAP.