Real Estate Law in Oklahoma
Newcastle'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.
Real estate law in Newcastle can be fairly complicated, especially when it comes to things like mortgages and the resolution of disputes over construction defects.
Accordingly, it's a smart idea to obtain at least a very basic knowledge of how real estate law in Newcastle works.
Having at least some knowledge of real estate law will be to your advantage in virtually 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 Newcastle
Financing: Most people are unable to make major real estate purchases in Newcastle 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 issued, and the property purchased, the lender holds a security interest in the property until the loan is paid off, with interest.
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 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 normal inspection, must be disclosed to the buyer.
Implied Warranties: In Newcastle, every residential lease agreement, whether it's clearly 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 Newcastle Real Estate Lawyer Help?
The issues discussed here, along with others, can be complicated and confusing. Therefore, if you have any questions on this subject, you should not hesitate to ask a Newcastle real estate lawyer.