Real Estate Law in Vermont
The real estate industry in St. Albans is governed by a wide variety of laws, and these laws can affect the process and outcome of virtually any transaction or deal involving the sale, lease, or use of land.
Real estate law in St. Albans can be fairly complex, 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 St. Albans works.
If you have even a little bit of basic knowledge 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 St. Albans
Financing: Most people are unable to make major real estate purchases in St. Albans 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 regulations determine 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 allow industrial use. These rules are meant to keep property values up, and promote harmony among neighbors by preventing conflicts.
Duty to Disclose: When buying a home in St. Albans, 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 Warranty: All residential lease agreements in St. Albans 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 agreement 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 St. Albans Real Estate Lawyer Help?
These issues, along with many others, can sometimes be fairly complicated. Therefore, you should never hesitate to consult with a St. Albans real estate attorney if you have any questions.