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Real estate law governs the buying, selling, and use of property, ensuring that transactions are legal and protecting both the buyer and seller. Here are examples of real estate laws that affect buyers:

1. Contract Law:

Purchase Agreement: Buyers and sellers enter into a legally binding contract. The contract outlines the price, terms of sale, and any contingencies (such as financing or inspections). A buyer has legal rights if the seller breaches this agreement.
Earnest Money: Buyers usually deposit earnest money to show their serious intent to purchase. The contract determines if this money is refundable, depending on whether contingencies are met.

2. Disclosure Laws:

Seller’s Disclosure Obligations: Sellers must disclose known defects or issues with the property (e.g., structural damage, past flooding, or environmental hazards). If a seller fails to disclose, the buyer may have grounds for legal action.
Lead-Based Paint Disclosure: Under federal law in the U.S., sellers of homes built before 1978 must disclose any knowledge of lead-based paint hazards.

3. Title and Deed Laws:

Clear Title Requirement: Buyers have the legal right to a clear title, meaning the property is free from liens, disputes, or other encumbrances. Title searches are performed to ensure that the seller has the legal right to transfer ownership.
Title Insurance: Buyers often purchase title insurance to protect against undiscovered defects in the title that could arise after the sale (e.g., unknown heirs or fraud).

4. Zoning and Land Use Laws:

Zoning Restrictions: Buyers should be aware of zoning laws that may restrict how they can use the property (e.g., residential, commercial, industrial). Violating these laws can result in fines or the inability to use the property as intended.
Environmental Regulations: Buyers of land may be subject to environmental laws that restrict development or require certain protections, such as wetlands preservation or hazardous waste removal.

Top Two Reasons Real Estate Sellers Need Lawyers

Real estate sellers often hire real estate lawyers to ensure that the sale of their property is legally sound and that their rights and interests are protected throughout the transaction. Here are the key reasons sellers need real estate lawyers:

1. Drafting and Reviewing Contracts

Sale Agreement: Real estate lawyers draft or review the purchase agreement to ensure it clearly outlines the terms of the sale, such as the purchase price, contingencies, closing date, and any special conditions. This prevents any future disputes over unclear or unfavorable terms.
Addendums and Disclosures: A lawyer ensures that all necessary addendums and seller disclosures (e.g., about defects, zoning, or environmental hazards) are included and comply with state and federal laws.

2. Title and Ownership Issues

Clear Title: A lawyer can help resolve any title issues before the sale, such as liens, claims, or easements that could prevent a clear transfer of ownership. The lawyer works with the title company to verify that the seller has the legal right to sell the property.
Resolving Encumbrances: Lawyers help remove any liens, unpaid taxes, or other encumbrances that may exist on the property before the transaction is completed.

Contributed With Help From Robert Aronov & Associates, PC – A Real Estate Lawyer NYC service providing legal solutions to Rockland County, New York.