Real Estate Law in North Carolina
Wake 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 Wake County can be fairly complicated, especially when it comes to things like mortgages and the resolution of disputes over construction defects.
Therefore, if you're planning on engaging in any kind of real estate transaction, it's important that you learn at least the basics of real estate law in Wake County.
Having at least some knowledge of real estate law will be to your advantage in practically 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 Wake County
Financing: Most individuals are unable to make major real estate purchases in Wake 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 given, and the property purchased, the lender holds a security interest in the property until the loan is paid off, with interest.
Zoning: Zoning laws dictate what types of buildings can go on given pieces of property. These laws are typically 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 to Disclose: When buying a home in Wake 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 Warranties: Every lease of a residential unit in Wake County 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 Wake County Real Estate Lawyer Help?
The issues discussed here, along with others, can be complicated and intricate. Therefore, if you have any questions on this subject, you should not hesitate to ask a Wake County real estate lawyer.