Real Estate Law in New Jersey

Upper Saddle River'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 Upper Saddle River 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 crucial that you learn at least the basics of real estate law in Upper Saddle River.

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 Upper Saddle River

Financing: Most individuals are unable to make major real estate purchases in Upper Saddle River 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 control what types of structures can be built on given parcels of land. Typically, cities and towns are zoned in order to ensure that neighborhoods are clearly divided into residential, commercial, and industrial categories, to ensure that everyone who uses the land can make the best possible use of it, for their particular purpose

Duty to Disclose: sellers of real estate, particularly houses and other residential property, are legally bound to tell the buyer about any defects in the property that the seller knows about, and that the buyer couldn't easily discover on his own (mold or termite problems are frequent examples). If the seller fails to make such disclosures, he or she could be liable for any harm the defect causes to the buyer, as well as the cost of repairing it. If the seller intentionally conceals or lies about the defect, he or she might also face punitive damages.

Implied Warranties: Every lease of a residential unit in Upper Saddle River 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 Upper Saddle River Real Estate Lawyer Help?

These issues, along with many others, can sometimes be fairly difficult. Therefore, you should never hesitate to consult with an Upper Saddle River real estate attorney if you have any questions.