Real Estate Law in Ohio
Richmond Heights'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 large volume of laws regulating real estate in Richmond Heights might seem overwhelming to the uninitiated. Indeed, they can get very complicated, especially when issues about title defects or construction disputes are involved.
Therefore, it's a good idea to learn some of the basics of Richmond Heights's real estate laws.
Knowing the law can serve you in a variety of ways: it can put you in a better negotiating position, it can help you spot unlawful terms in lease agreements, and confirm that you know your rights if a disagreement arises, among other things.
Common Real Estate Law Issues in Richmond Heights
Financing: The majority of people in Richmond Heights can't afford to make a major real estate purchase by paying the full purchase price up front. Most individuals and small businesses, therefore, use a mortgage to make real estate purchases. A mortgage is a loan given 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 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 to Disclose: When buying a home in Richmond Heights, you are safeguarded by the law. The seller has a legal obligation to disclose to the buyer any defects of which the seller is aware, which the buyer couldn't detect through a superficial inspection. If you are selling a home, it's probably best to disclose every defect you know about, to guarantee that you aren't faced with a lawsuit from the buyer sometime in the future.
Implied Warranties: In Richmond Heights, 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 Richmond Heights 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 Richmond Heights real estate attorney ASAP.