Real Estate Law in Nebraska
Lexington'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.
The law controlling real estate in Lexington can get pretty complicated, especially when things such as mortgages, disputes about construction defects, and conflicts over title are involved.
Therefore, it's a good idea to learn some of the basics of Lexington's real estate laws.
Knowing the law can serve you in a variety of ways: it can put you in a better negotiating position, it can help you spot unlawful terms in lease agreements, and confirm that you know your rights if a conflict arises, among other things.
Common Real Estate Law Issues in Lexington
Financing: Most individuals are unable to make major real estate purchases in Lexington 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 laws dictate what types of buildings can go on given pieces of property. These laws are usually 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 Lexington, 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 Lexington 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 Lexington Real Estate Lawyer Help?
The issues discussed here, along with others, can be intricate and intricate. Therefore, if you have any questions on this subject, you should not hesitate to ask a Lexington real estate lawyer.