Did you know a real estate agent has to complete ongoing education every two years to keep their real estate license?
That’s because buying and selling real estate is such a complicated process. It is hard to stay up to date on the current laws and regulations even for professionals who work in the industry.
That is why it is wise to familiarize yourself with local real estate laws before you embark on the journey of buying or selling a property.
Keep reading to find out how you can best prepare yourself for this exciting venture.
Factors That Affect Real Estate
When thinking about investing in a piece of property it is easy to think you only need to find a trusted real estate agent to walk you through the process.
However, there are many different factors that go into buying a property. Political, social, economic, and environmental forces impact the real estate industry and can cause drastic changes, sometimes overnight.
A real estate agent might be the best person to explain details at open houses or help to complete purchase agreements. But there are a lot of other legal details to consider before buying or selling any property.
Working with a trusted real estate lawyer may be the best way to gain an understanding of your local real estate laws.
Understanding Legal Terms
There are endless legal terms used to transfer property. Whether you are buying or selling it is a good idea to be familiar with some of them.
You’ll want to have a basic understanding of titles, rates, earnest money deposits, escrow, and the many other legal terms involved when buying or selling real estate.
Real Estate Laws and Regulations
Ownership of property doesn’t mean you can do whatever you want with it.
There are laws that govern all pieces of land and how owners can manage them. They determine what kind of changes and activities can take place there.
Some are federal laws while others are state and local laws.
Building Permits
All building permits and plans need approval from your local code office. There are permits for all types of construction from plumbing to electrical.
An experienced contractor should pull all the required ones for you but it is always good to be aware of what is going on with your property. Your city or town will have a local building codes department so you can familiarize yourself with those laws.
Zoning Laws
Zoning information will outline what the property can be used for. Make sure you check the zoning regulations and speak to a professional about how you plan to use your property before getting started on any business plans.
You can access property records to see the details of the lot you want to buy or sell including zoning areas.
They are commonly kept at the county recorders office but they could be somewhere else. You can find where to access your records by looking online for details in your local area.
Local Ordinances
Local ordinances are more laws that further govern local areas. For example, there could be local restrictions on the size or number of structures allowed.
A local government office like the mayor’s office or department of housing is usually where you can find this information.
Find a Trusted Real Estate Professional
Laws change regularly, so what was legal while looking for a property might not be by the time you purchase it.
It is great to be familiar with your local real estate laws, but working with a real estate lawyer takes the pressure off remembering every detail.
Speak with a real estate lawyer who can help you to buy and sell property today.
