Real Estate Law in New York
Albany County'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 many laws affecting real estate in Albany County 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 Albany County's real estate law.
If you have even a little bit of basic familiarity 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 Albany County
Financing: Most people are unable to make major real estate purchases in Albany County with cash, because few people have that kind of money on hand. Therefore, to buy real estate, most entities use a mortgage. This is a loan used to buy a piece of property. When the loan is authorized, and the property purchased, the lender holds a security interest in the property until the loan is paid off, with interest.
Zoning: Zoning laws govern what types of structures can be built on given parcels of land. Usually, 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 Albany County, 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 Albany County Real Estate Lawyer Help?
Because the issues discussed above can get confusing for laypersons, if you have a real estate issue, such as an eviction, or a construction dispute, you should not hesitate to contact an Albany County real estate attorney ASAP.