Real Estate Law in Missouri
Woodson Terrace's real estate industry is controlled by a huge body of laws. This is because almost any real estate transaction invokes laws regarding civil rights, consumer protection, land use, and contracts.
Real estate law in Woodson Terrace can be fairly complicated, especially when it comes to things like mortgages and the resolution of disputes over construction defects.
Therefore, it's a smart idea to obtain at least a very basic knowledge of how real estate law in Woodson Terrace works.
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 Woodson Terrace
Financing: Not too many individuals or small businesses in Woodson Terrace 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 outstanding 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 govern 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 authorize 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 purchase 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: In Woodson Terrace, every residential lease agreement, whether it's clearly stated or not, has an "implied warranty of habitability." This is a legally-imposed promise by the landlord that the rented dwelling (whether it's a house or apartment) is fit for habitation by humans. While there are many requirements for a place to be considered habitable, some of the most important ones are electricity, running water, heating, and protection from the elements.
Can a Woodson Terrace 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 Woodson Terrace real estate attorney ASAP.