Real Estate Law in Ohio
Rocky 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 large volume of laws regulating real estate in Rocky River 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 Rocky River'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 dispute arises, among other things.
Common Real Estate Law Issues in Rocky River
Financing: The majority of people in Rocky River can't afford to make a major real estate purchase by paying the full 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 establish rules saying what kinds of buildings are allowed in various areas of a city or town. These rules serve a variety of purposes. For example, they usually 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 ordinary inspection, must be disclosed to the buyer.
Implied Warranties: Every lease of a residential unit in Rocky 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 Rocky River 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 Rocky River real estate attorney ASAP.