Know every important factor in the Real Estate Law

Real estate law is a vast field, with many important factors to consider. Here are some of the most important things you should know about real estate law:

Tax liability

Tax liability is another important factor to consider when buying a home. Property taxes are based on the value of your property and paid annually, or in installments. The tax bill can be split between you and your lender, either as a lump sum or in monthly payments. You may also be able to negotiate with your lender for additional financing that covers some or all of the tax payments for a period after closing.

Taxes can be paid by either party, the seller or the buyer; either all at once or in installments over time. In some cases, it may even work out that both parties end up paying some portion of these taxes together!

Local zoning codes

Zoning laws are a critical part of real estate law. Zoning laws determine what type of property can be built on a plot of land, and how many units can be built. For example, if you want to build an apartment complex in your neighborhood, the zoning laws will determine whether this is possible or not.

The zoning laws also help determine where buildings should be placed and which types of buildings are allowed in certain areas. You may want to find out what the zoning laws are before purchasing a piece of land so you know what type of building will be allowed on it and how many units might fit there.

Environmental issues

·        Environmental issues are often a concern for buyers.

·        Check the property's location and check it against the EPA's Superfund site list.

·        Check for any reports of hazardous materials on the property.

Due diligence

Due diligence is a process of investigation that can be done before entering into a contract. It is often required by lenders, buyers, or sellers. The purpose of due diligence is to ensure that all facts are known before proceeding with a transaction. Due diligence can be completed by any party involved in the real estate transaction, including an agent acting on behalf of another party such as a buyer or seller.

The main goal of due diligence is to uncover potential risks associated with buying or selling property and make sure they are addressed before the sale goes through.

Property boundary disputes

It is common for property boundary disputes to arise in the real estate market. These disputes can be caused by several factors, including:

·        A land survey that was rushed or performed improperly.

·        Missing land survey records.

·        Unclear wording in deeds and other legal documents related to the property.

·        Disputes over property boundaries are often complex, and they can involve many parties.

So, these are the important factors of the Real Estate Law to keep in mind if you are planning to buy or sell your property.

You can hire a construction lawyer for better guidance.