Real Estate Law in Washington
The real estate industry in Spokane Valley is governed by a wide variety of laws, and these laws can affect the process and outcome of essentially any transaction or deal involving the sale, lease, or use of land.
Real estate law in Spokane Valley can be fairly intricate, 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 Spokane Valley's real estate laws.
If you have even a little bit of basic familiarity 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 Spokane Valley
Financing: The majority of people in Spokane Valley can't afford to make a major real estate purchase by paying the entire purchase price up front. Most persons and small businesses, therefore, use a mortgage to make real estate purchases. A mortgage is a loan authorized 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 control 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 permit 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 Spokane Valley, 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: In Spokane Valley, every residential rental agreement carries with it a warranty of habitability, in which the landlord implicitly promises that the unit is fit for human habitation. This applies whether or not such a warranty is stated in the lease agreement, and it still applies even if the landlord tries to disclaim any such warranty. There are many conditions that might make an unit uninhabitable. A few examples are a lack of electricity, no running water, or no heating.
Can a Spokane Valley Real Estate Lawyer Help?
These issues, along with many others, can sometimes be fairly intricate. Therefore, you should never hesitate to consult with a Spokane Valley real estate attorney if you have any questions.