Real Estate Law in Nevada
Ely'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 several laws affecting real estate in Ely can sometimes feel overwhelming in their volume and complexity. This might apply doubly when your case involves a foreclosure, or a construction dispute.
Therefore, it's always good to have at least some knowledge of Ely's real estate law.
If you have even a little bit of basic knowledge 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 Ely
Financing: The majority of people in Ely can't afford to make a major real estate purchase by paying the entire purchase price up front. Most people and small businesses, therefore, use a mortgage to make real estate purchases. A mortgage is a loan issued 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 regulate what types of structures can be built on given parcels of land. Generally, 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 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 ordinary inspection, must be disclosed to the buyer.
Implied Warranties: In Ely, 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 stated in the lease agreement, and it still applies even if the landlord tries to disclaim any such warranty. There are many conditions that might make an unit uninhabitable. A few examples are a lack of electricity, no running water, or no heating.
Can a Ely Real Estate Lawyer Help?
These issues, along with many others, can sometimes be fairly complicated. Therefore, you should never hesitate to consult with an Ely real estate attorney if you have any questions.