Real Estate Law in North Carolina
Guilford County'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 Guilford County 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 critical that you learn at least the basics of real estate law in Guilford County.
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 Guilford County
Financing: Most individuals are unable to make major real estate purchases in Guilford County with cash, because few people have that kind of money on hand. Thus, to buy real estate, most entities use a mortgage. This is a loan used to buy a piece of property. When the loan is authorized, and the property purchased, the lender holds a security interest in the property until the loan is paid off, with interest.
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 to Disclose: When buying a home in Guilford County, you are safeguarded by the law. The seller has a legal obligation to disclose to the buyer any defects of which the seller is aware, which the buyer couldn't detect through a superficial inspection. If you are selling a home, it's probably best to disclose every defect you know about, to guarantee that you aren't faced with a lawsuit from the buyer sometime in the future.
Implied Warranty: All residential lease agreements in Guilford County 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 Guilford County Real Estate Lawyer Help?
These issues, along with many others, can sometimes be fairly confusing. Therefore, you should never hesitate to consult with a Guilford County real estate attorney if you have any questions.