Real Estate Law in North Carolina
Spring Lake'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 Spring Lake 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 necessary that you learn at least the basics of real estate law in Spring Lake.
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 Spring Lake
Financing: The majority of people in Spring Lake can't afford to make a major real estate purchase by paying the full purchase price up front. Most people and small businesses, therefore, use a mortgage to make real estate purchases. A mortgage is a loan issued for the purpose of buying a piece of property, with the bank obtaining a security interest in that property until the loan and interest are paid off.
Zoning: Zoning laws regulate what types of structures can be built on given parcels of land. Generally, cities and towns are zoned in order to ensure that neighborhoods are clearly divided into residential, commercial, and industrial categories, to ensure that everyone who uses the land can make the best possible use of it, for their particular purpose
Duty to Disclose: sellers of real estate, particularly houses and other residential property, are legally bound to tell the buyer about any defects in the property that the seller knows about, and that the buyer couldn't easily discover on his own (mold or termite problems are common examples). If the seller fails to make such disclosures, he or she could be liable for any harm the defect causes to the buyer, as well as the cost of repairing it. If the seller intentionally conceals or lies about the defect, he or she might also face punitive damages.
Implied Warranties: Every lease of a residential unit in Spring Lake 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 Spring Lake Real Estate Lawyer Help?
These issues, along with many others, can sometimes be fairly perplexing. Therefore, you should never hesitate to consult with a Spring Lake real estate attorney if you have any questions.