Real Estate Law in New Hampshire
Salem's real estate industry is governed by a huge body of laws. This is because almost any real estate transaction invokes laws concerning civil rights, consumer protection, land use, and contracts.
The law governing real estate in Salem can get pretty complicated, especially when things such as mortgages, disputes about construction defects, and conflicts over title are involved.
Accordingly, it's a good idea to learn some of the basics of Salem's real estate laws.
If you have even a little bit of basic familiarity of applicable real estate law, your life will probably be a great deal easier. If you have some understanding of the law, your knowledge will likely put you in a better bargaining position.
Common Real Estate Law Issues in Salem
Financing: The majority of people in Salem can't afford to make a major real estate purchase by paying the entire purchase price up front. Most persons and small businesses, therefore, use a mortgage to make real estate purchases. A mortgage is a loan authorized 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 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 Salem, you are protected 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 ensure that you aren't faced with a lawsuit from the buyer sometime in the future.
Implied Warranties: Every lease of a residential unit in Salem carries with it an implicit promise by the owner that the unit will meet some basic minimum standards for human habitability. There are many factors that go into determining 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 Salem Real Estate Lawyer Help?
Because the issues discussed above can get confusing for laypersons, if you have a real estate issue, such as an eviction, or a construction dispute, you should not hesitate to contact a Salem real estate attorney ASAP.