Real Estate Law in Mississippi
Mccomb'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 Mccomb can be fairly intricate, 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 Mccomb works.
If you have even a little bit of basic familiarity of applicable real estate law, your life will probably be a great deal easier. If you have some understanding of the law, your knowledge will likely put you in a better bargaining position.
Common Real Estate Law Issues in Mccomb
Financing: Most persons, families, and small businesses in Mccomb cannot afford to buy a large piece of real estate with the money they have on hand. However, they typically can afford to pay for it over a long period of time, in installments, with interest. Consequently, most real estate is purchased using a mortgage - a loan for a specific purchase, using the item purchased as collateral.
Zoning: Zoning regulations control 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 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 average inspection, must be disclosed to the buyer.
Implied Warranties: In Mccomb, every residential lease agreement, whether it's specifically 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 Mccomb Real Estate Lawyer Help?
These issues, along with many others, can sometimes be fairly confusing. Therefore, you should never hesitate to consult with a Mccomb real estate attorney if you have any questions.