When managing, buying or selling a property, it is important for clients to acknowledge real estate law’s effect on their actions. In this article, readers will learn the basics of real estate law, the issues concerned within and the role played by a real estate attorney in Walker, MN.
Understanding Common Terminology in Real Estate Law
In matters of real estate law, many unfamiliar terms may surface. The most common are:
• Escrow, which is money deposited with an impartial third party until it is given to another party after closing takes place.
• Earnest money, which is a deposit given by buyers to prove that they are serious.
• Escape/termination clause, which allows either party to back out of the deal if terms aren’t met.
• Contingency, which is a provision stating that things must happen before a contract becomes enforceable.
• Liens, which are banks, lenders’ and courts’ rights to sell the property if a mortgage cannot be paid.
• Easement, which is the right to use another person’s land.
Common Real Estate Disputes
Within the realm of real estate law, three common types of disputes often arise. Legal disputes include:
• Disclosure issues: If a buyer believes that the seller did not disclose major defects or a property’s criminal history, they may have a reason to hire an attorney.
• Contingency issues can arise if contract conditions aren’t met.
• Easement disputes may arise if a driveway or building is on a neighboring parcel of land. These must be resolved before a settlement can occur.
Landlord/tenant disputes often arise between tenants and property managers. If a tenant fails to pay rent or maintain the property or, if they violate the lease agreement, the manager can bring legal action. Conversely, if the manager fails to make timely repairs, or if they invade the tenant’s privacy, the tenant may be able to sue.
Neighbors may become involved in disputes if differences cannot be resolved. Legal action may be initiated if there are disputes as to land boundaries, or noise pollution complaints. Concerns about structures that block a view, or about nuisance neighbors, can lead a case to court.
The Lawyer’s Role
In an ideal situation, property disputes would be resolved by involved parties. However, if the sides cannot reach an agreement, they should consider consulting a real estate attorney in Walker, MN. A Brainerd Minnesota Law Firm can help during mediation and they can provide legal representation in the event of a trial.
