Real Estate Law in New Jersey
Ridgefield'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 Ridgefield 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 essential that you learn at least the basics of real estate law in Ridgefield.
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 Ridgefield
Financing: Most persons, families, and small businesses in Ridgefield cannot afford to buy a large piece of real estate with the money they have on hand. However, they generally can afford to pay for it over a long period of time, in installments, with interest. Thus, most real estate is purchased using a mortgage - a loan for a specific purchase, using the item purchased as collateral.
Zoning: Zoning laws establish rules saying what kinds of buildings are authorized in various areas of a city or town. These rules serve a variety of purposes. For example, they normally protect residents by making it illegal for industrial facilities to be built in residential areas. This also protects industries, allowing them to do their business without being bothered by constant complaints and lawsuits from their residential neighbors.
Duty of Disclosure: Sellers of homes are bound by a legal duty to disclose defects in the home to prospective buyers, before they buy the house. Any defect which the seller knows (or reasonably should know) about, and which cannot be discovered by the buyer through an average inspection, must be disclosed to the buyer.
Implied Warranties: In Ridgefield, every residential rental agreement carries with it a warranty of habitability, in which the landlord implicitly promises that the unit is fit for human habitation. This applies whether or not such a warranty is mentioned in the lease agreement, and it still applies even if the landlord tries to disclaim any such warranty. There are many circumstances that might make an unit uninhabitable. A few examples are a lack of electricity, no running water, or no heating.
Can a Ridgefield Real Estate Lawyer Help?
These issues, along with many others, can sometimes be fairly difficult. Therefore, you should never hesitate to consult with a Ridgefield real estate attorney if you have any questions.