Real Estate Law in Oklahoma
Weatherford'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.
Real estate law in Weatherford can be fairly complicated, especially when it comes to things like mortgages and the resolution of disputes over construction defects.
Therefore, it's a smart idea to obtain at least a very basic knowledge of how real estate law in Weatherford works.
Having at least some knowledge of real estate law will be to your advantage in practically 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 Weatherford
Financing: Most individuals are unable to make major real estate purchases in Weatherford with cash, because few people have that kind of money on hand. Thus, to buy real estate, most entities use a mortgage. This is a loan used to buy a piece of property. When the loan is given, 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 to Disclose: If you're buying a house in Weatherford, you have particular legal protections. The seller has a duty to tell the buyer about any defects that the property has. All defects which the seller knows about, and which the buyer can't be expected to discover through an ordinary inspection, must be disclosed. If the seller fails to disclose a defect, and the buyer later discovers it, the seller can be sued for any diminution in the property's value caused by the defect, the cost of repairing it, and any injuries the buyers suffers as a result.
Implied Warranties: Every lease of a residential unit in Weatherford 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 Weatherford Real Estate Lawyer Help?
Because the issues discussed above can get intricate for laypersons, if you have a real estate issue, such as an eviction, or a construction dispute, you should not hesitate to contact a Weatherford real estate attorney ASAP.