Real Estate Law in Wisconsin

The real estate industry in Oconomowoc is controlled by a wide variety of laws, and these laws can affect the process and outcome of basically any transaction or deal involving the sale, lease, or use of land.

Real estate law in Oconomowoc can be fairly complicated, especially when it comes to things like mortgages and the resolution of disputes over construction defects.

Therefore, it's a good idea to learn some of the basics of Oconomowoc's real estate laws.

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 Oconomowoc

Financing: The majority of people in Oconomowoc can't afford to make a major real estate purchase by paying the full 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 instance, 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 of Disclosure: Sellers of homes are bound by a legal duty to disclose defects in the home to prospective buyers, before they buy the house. Any defect which the seller knows (or reasonably should know) about, and which cannot be discovered by the buyer through an average inspection, must be disclosed to the buyer.

Implied Warranty: All residential lease agreements in Oconomowoc 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 Oconomowoc Real Estate Lawyer Help?

The issues discussed here, along with others, can be complicated and complicated. Therefore, if you have any questions on this subject, you should not hesitate to ask an Oconomowoc real estate lawyer.