Real Estate Law in Washington
The real estate industry in Lynnwood 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 Lynnwood can be fairly complicated, especially when it comes to things like mortgages and the resolution of disputes over construction defects.
Accordingly, it's a good idea to learn some of the basics of Lynnwood's real estate laws.
Having at least some knowledge of real estate law will be to your advantage in virtually 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 Lynnwood
Financing: The majority of people in Lynnwood can't afford to make a major real estate purchase by paying the entire purchase price up front. Most individuals and small businesses, therefore, use a mortgage to make real estate purchases. A mortgage is a loan given for the purpose of buying a piece of property, with the bank obtaining a security interest in that property until the loan and interest are paid off.
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: When buying a home in Lynnwood, 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 Lynnwood 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 Lynnwood Real Estate Lawyer Help?
The issues discussed here, along with others, can be complicated and confusing. Therefore, if you have any questions on this subject, you should not hesitate to ask a Lynnwood real estate lawyer.