Real estate laws differ from state to state. Do you know the real estate laws in your state? Regardless of whether you are buying a home or renting, it is a good idea to know something about the law in the state. You should not only know about buying a house, but the foreclosure laws and tenant-landlord laws. Although you can always get the services of a Real Estate Lawyer, a little know-how never hurts.
In some states, there are non-judicial foreclosures. This can play a big impact on the purchase of a house. While many states have judicial foreclosures where the bank or lender has to go through the court system to get you out of the house, in some states, such as California, there are non-judicial foreclosures that allows the bank or lender to put your house on the market after you have fallen behind three months in rent.
If you rent a home, you may not think that you need to know about real estate law, but that is not true. You should be aware of the tenant and landlord laws in your state. You can do this when you chat with legal experts who are familiar with renter and landlord law in your state. You should know what to expect when you sign a lease or what the law is regarding renting property to a tenant. Some states tend to favor a landlord while others favor the tenant. The law fluctuates depending on which state the property is located in.
Real estate law is always about the property location. The law will be dictated by the state in which the property is located. If the law fluctuates from state to state, the location of the property will dictate the laws for that particular piece of property.
Even if you are buying or selling a house, you have to know something about real estate law. Who pays the taxes on the sale – the seller or buyer? Again, this differs from state to state. If you are not versed in real estate law, you are wise to have a real estate lawyer handle your transactions for you, including your home sales and purchases. This way you know that you are doing everything within the bounds of the law and for more assurance, consult Independant Legal Advice (ILA).
