Real Estate Law in New Mexico
Portales'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 numerous laws affecting real estate in Portales can sometimes feel overwhelming in their volume and complexity. This might apply doubly when your case involves a foreclosure, or a construction dispute.
Thus, it's always good to have at least some knowledge of Portales's real estate law.
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 Portales
Financing: The majority of people in Portales can't afford to make a major real estate purchase by paying the full 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 laws establish rules saying what kinds of buildings are permitted in various areas of a city or town. These rules serve a variety of purposes. For example, they typically 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 purchase the house. Any defect which the seller knows (or reasonably should know) about, and which cannot be discovered by the buyer through an usual inspection, must be disclosed to the buyer.
Implied Warranties: In Portales, every residential lease agreement, whether it's specifically stated or not, has an "implied warranty of habitability." This is a legally-imposed promise by the landlord that the rented dwelling (whether it's a house or apartment) is fit for habitation by humans. While there are many requirements for a place to be considered habitable, some of the most essential ones are electricity, running water, heating, and protection from the elements.
Can a Portales Real Estate Lawyer Help?
Because the issues discussed above can get complicated for laypersons, if you have a real estate issue, such as an eviction, or a construction dispute, you should not hesitate to contact a Portales real estate attorney ASAP.