Real Estate Law in North Carolina
Lumberton'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 Lumberton can be fairly complex, especially when it comes to things like mortgages and the resolution of disputes over construction defects.
So, 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 Lumberton.
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 Lumberton
Financing: Most persons, families, and small businesses in Lumberton cannot afford to buy a large piece of real estate with the money they have on hand. However, they generally can afford to pay for it over a long period of time, in installments, with interest. Therefore, most real estate is purchased using a mortgage - a loan for a specific purchase, using the item purchased as collateral.
Zoning: Zoning laws dictate what types of buildings can go on given pieces of property. These laws are generally designed to ensure that residential areas are as clean and as quiet as possible, thereby preserving property values. They accomplish this by ensuring that other uses that might be inappropriate in a residential area, such as heavy industry, are in different parts of town. This also ensures that industries will be able to go about their business without constant complaints from their neighbors.
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: Every lease of a residential unit in Lumberton carries with it an implicit promise by the owner that the unit will meet some basic minimum requirements for human habitability. There are many factors that go into deciding if an unit is "habitable," but there are a few essentials, and they include running water, heat, electricity, and adequate shelter from the elements.
Can a Lumberton Real Estate Lawyer Help?
The issues discussed here, along with others, can be complex and complicated. Therefore, if you have any questions on this subject, you should not hesitate to ask a Lumberton real estate lawyer.