Real Estate Law in Missouri

In Salem, 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 Salem might seem overwhelming to the uninitiated. Indeed, they can get very complicated, especially when issues about title defects or construction disputes are involved.

Accordingly, it's a good idea to learn some of the basics of Salem's real estate laws.

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 Salem

Financing: Not too many people or small businesses in Salem can purchase real estate with the cash on hand, simply because land is expensive, and few people have hundreds of thousands (or even millions) of dollars in the bank. In buying real estate, a mortgage is an excellent solution for most people. Of course, you still have to pay the full price of the real estate you're buying, but a mortgage allows you to do this in installments, over a period of years.

Zoning: Zoning regulations control what types of structures are allowed on various parcels, based on their location in a municipality. For example, some areas in a city might be zoned only for residential use. Another area might permit industrial use. These rules are meant to keep property values up, and promote harmony among neighbors by preventing conflicts.

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 Warranty: All residential lease agreements in Salem carry with them an implicit promise by the landlord that the property is fit for human habitation. This warranty does not need to be explicitly stated in order to have effect, and neither the tenant nor landlord can waive it. Any arrangement claiming to waive this warranty is void. To be considered habitable, a building must not be so dirty as to pose a health hazard, it must have running water, it must have electricity, and it must provide adequate protection from the weather. There are many other requirements, but if a building or unit lacks any one of those, it will be considered uninhabitable.

Can a Salem Real Estate Lawyer Help?

The issues briefly discussed above, as well as many others, can be very intricate. Accordingly, if you are engaged in any real estate transaction, it's never a bad idea to first consult with an experienced Salem real estate attorney.