Real Estate Law in Tennessee

Smithville'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 numerous laws affecting real estate in Smithville can sometimes feel overwhelming in their volume and complexity. This might apply doubly when your case involves a foreclosure, or a construction dispute.

Thus, it's always good to have at least some knowledge of Smithville's real estate law.

If you have even a little bit of basic understanding of applicable real estate law, your life will probably be a great deal easier. If you have some understanding of the law, your knowledge will likely put you in a better bargaining position.

Common Real Estate Law Issues in Smithville

Financing: Most individuals are unable to make major real estate purchases in Smithville 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 regulations govern what types of structures are allowed on various parcels, based on their location in a municipality. For example, some areas in a city might be zoned only for residential use. Another area might authorize industrial use. These rules are meant to keep property values up, and promote harmony among neighbors by preventing conflicts.

Duty to Disclose: If you're buying a house in Smithville, 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 Warranty: All residential lease agreements in Smithville carry with them an implicit promise by the landlord that the property is fit for human habitation. This warranty does not need to be explicitly stated in order to have effect, and neither the tenant nor landlord can waive it. Any contract claiming to waive this warranty is void. To be considered habitable, a building must not be so dirty as to pose a health hazard, it must have running water, it must have electricity, and it must provide adequate protection from the weather. There are many other requirements, but if a building or unit lacks any one of those, it will be considered uninhabitable.

Can a Smithville Real Estate Lawyer Help?

The issues briefly discussed above, as well as many others, can be very difficult. Accordingly, if you are engaged in any real estate transaction, it's never a bad idea to first consult with an experienced Smithville real estate attorney.