Real Estate Law in North Carolina
Elizabeth City's real estate industry is governed by a huge body of laws. This is because almost any real estate transaction invokes laws concerning civil rights, consumer protection, land use, and contracts.
Real estate law in Elizabeth City can be fairly intricate, especially when it comes to things like mortgages and the resolution of disputes over construction defects.
Thus, if you're planning on engaging in any kind of real estate transaction, it's crucial that you learn at least the basics of real estate law in Elizabeth City.
Some understanding of the proper law can give you an advantage in almost any situation. In the real estate instance, it can help you spot illegal terms in lease agreements, give you some idea of what your rights are in a dispute, among other things. If nothing else, knowledge of the law can help you spot people who are willing to break it, so you can avoid dealing with them.
Common Real Estate Law Issues in Elizabeth City
Financing: Most individuals, families, and small businesses in Elizabeth City cannot afford to buy a large piece of real estate with the money they have on hand. However, they often 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 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 ordinary inspection, must be disclosed to the buyer.
Implied Warranties: In Elizabeth City, 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 crucial ones are electricity, running water, heating, and protection from the elements.
Can a Elizabeth City Real Estate Lawyer Help?
The issues discussed here, along with others, can be intricate and confusing. Therefore, if you have any questions on this subject, you should not hesitate to ask an Elizabeth City real estate lawyer.