Real Estate Law in New Jersey

New Milford'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 New Milford can get pretty complicated, especially when things such as mortgages, disputes about construction defects, and conflicts over title are involved.

Therefore, if you're planning on engaging in any kind of real estate transaction, it's critical that you learn at least the basics of real estate law in New Milford.

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 New Milford

Financing: Most individuals are unable to make major real estate purchases in New Milford 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 issued, 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 of Disclosure: Sellers of homes are bound by a legal duty to disclose defects in the home to prospective buyers, before they purchase the house. Any defect which the seller knows (or reasonably should know) about, and which cannot be discovered by the buyer through an normal inspection, must be disclosed to the buyer.

Implied Warranties: Every lease of a residential unit in New Milford 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 New Milford Real Estate Lawyer Help?

The issues briefly discussed above, as well as many others, can be very difficult. Accordingly, if you are engaged in any real estate transaction, it's never a bad idea to first consult with an experienced New Milford real estate attorney.