Real Estate Law in South Carolina
Lake City'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 law governing real estate in Lake City can get pretty complicated, especially when things such as mortgages, disputes about construction defects, and conflicts over title are involved.
Therefore, if you're planning on engaging in any kind of real estate transaction, it's essential that you learn at least the basics of real estate law in Lake City.
Knowing the law can serve you in a number of ways: it can put you in a better negotiating position, it can help you spot unlawful terms in lease agreements, and ensure that you know your rights if a disagreement arises, among other things.
Common Real Estate Law Issues in Lake City
Financing: Most people are unable to make major real estate purchases in Lake City 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 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 dictate what types of buildings can go on given pieces of property. These laws are typically designed to ensure that residential areas are as clean and as quiet as possible, thereby preserving property values. They accomplish this by ensuring that other uses that might be inappropriate in a residential area, such as heavy industry, are in different parts of town. This also ensures that industries will be able to go about their business without constant complaints from their neighbors.
Duty to Disclose: When buying a home in Lake City, you are protected 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 ensure that you aren't faced with a lawsuit from the buyer sometime in the future.
Implied Warranties: Every lease of a residential unit in Lake City carries with it an implicit promise by the owner that the unit will meet some basic minimum standards for human habitability. There are many factors that go into determining 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 Lake City 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 a Lake City real estate attorney ASAP.