Real Estate Law in South Carolina
Mount Pleasant'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 law controlling real estate in Mount Pleasant can get pretty complicated, especially when things such as mortgages, disputes about construction defects, and conflicts over title are involved.
Thus, 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 Mount Pleasant.
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 conflict arises, among other things.
Common Real Estate Law Issues in Mount Pleasant
Financing: Most individuals are unable to make major real estate purchases in Mount Pleasant 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 authorized, 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 permitted in various areas of a city or town. These rules serve a variety of purposes. For example, they typically 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 Mount Pleasant, 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: Every lease of a residential unit in Mount Pleasant 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 a unit is "habitable," but there are a few essentials, and they include running water, heat, electricity, and adequate shelter from the elements.
Can a Mount Pleasant Real Estate Lawyer Help?
These issues, along with many others, can sometimes be fairly confusing. Therefore, you should never hesitate to consult with a Mount Pleasant real estate attorney if you have any questions.