The Basics Of Real Estate Law With: Bandré Hunt & Snider Real Estate Lawyers In Jefferson City, MO
Real estate law deals with the purchase, sale, and use of property. This kind of law dictates how people acquire, use, and sell land, and varies based on individual state property laws. At Bandré Hunt & Snider , we are trained in Missouri’s property law, and our skilled attorneys can guide you through the complexities of commercial and residential real estate law. Whether you’re selling your home or looking to purchase a new commercial property to start your business, hiring a real estate attorney can save you a lot of time and money. Give us a call today to hire a real estate law attorney.
What is Commercial and Residential Real Estate Law?
There are two types of real estate law: residential and commercial. The major difference between the two is that commercial real estate properties are those used specifically for business. This can be virtually anything, from shopping centers to agricultural property. If a piece of real estate is not a private residence and it’s being used for business of any kind, it is considered commercial property, and must adhere to commercial property laws. There are complex variants to commercial real estate law based on the state, city, and even county it’s located in, so having an attorney to walk you through it can be very helpful. It’s especially important to hire an attorney if you are buying a commercial property to start your business for the first time.
Residential real estate law differs from commercial real estate law in a few ways. Residential properties are those not being used for business, including properties that are considered private residences. One law that affects many states, including Missouri, is homestead protection law. Homestead laws allow property owners to protect a small parcel of property from creditors and adverse possession laws. There are also disclosure and foreclosure requirements, zoning laws, and landlord/tenant laws that affect residential real estate properties based on their location. For example, disclosure law in Missouri requires sellers to disclose any major defects that could affect property value. Navigating the areas of Missouri’s property law is much easier with the help of an attorney, especially because there are different rules among cities and counties.
Your Guide to Real Estate Law in Missouri
Missouri has three major areas of law when it comes to real estate, but you should always check your local codes and regulations as they can differ greatly between cities and counties. The three main areas include: Homestead Law, Adverse Possession Law, and Lease and Rental Agreement Law. These three areas mostly pertain to residential real estate law. Under homestead law, property owners can protect a limited amount of equity in their home in accordance to state limits on what can be considered a ‘homestead’. Often, homestead laws protect homes from being forced into sale during bankruptcy proceedings. Adverse possession law deals with individuals who inhabit an otherwise neglected piece of property. It’s essentially a loophole to trespassing that allows these individuals to legally obtain the title to the property. Finally, there’s lease and rental agreement law. This deals with the relationship between landlords and tenants. In order to have a valid lease, both parties must consent to the terms of the lease in writing. Otherwise, all tenancies are month-to-month. Security deposits are also under the lease and rental agreement law umbrella. Security deposits are limited to the amount of two months of rent, and they must be returned within 30 days of lease termination. Real estate law extends much farther than these three areas, but for Missouri, these are the top three laws to consider when dealing with real estate.
Why Should I Hire a Real Estate Attorney?
You may be asking if it’s really necessary to hire a real estate attorney. Unless you have well versed in your local real estate law, or the laws affecting the area where you’re buying or selling property, hiring an attorney is a good idea. There is a lot of legal paperwork and money involved in real estate, and having someone who understands it can simplify the process and even save you money. A real estate attorney can also save you many legal headaches when it comes to purchasing and selling property. If you aren’t knowledgeable about property law, you can easily make costly legal mistakes. Real estate lawyers oversee all of the legal work involved in the process of buying or selling property. They ensure your rights and interests are upheld and preserved in all legal documents, which protects you from financial loss.
FAQs Regarding Commercial And Residential Real Estate Law
Real estate and property law can be overwhelming. Here are some common questions and answers about the process:
Do I need a real estate attorney when buying or selling a home?
It’s a good idea. Buying or selling a home involves contracts and a significant amount of money, so it’s important to make sure you’re protected.
What do I need to do before purchasing a property?
Checking the title of the property is crucial. It should be closely examined for claims and liens, and real estate attorneys can do this for you. Wording in titles can be complex, so having a trained set of eyes look at it helps eliminate confusion. This also ensures the property is safe to purchase.
How does commercial real estate law differ from residential real estate law?
Essentially, commercial real estate law deals with any property that is used for business in any context. Residential real estate tends to deal with the sale and purchase of homes, apartments, condos, etc.
What is a foreclosure?
Foreclosure is the process of enforcing a mortgage or security interest against a real estate property, usually involving a court’s supervision.
Call the Real Estate Lawyers at Bandré Hunt & Snider Today!
If you’re buying or selling property, hiring a real estate attorney is essential to avoid major legal issues and financial loss. If you have questions about real estate and property law or would like to hire one of our attorneys, give us a call today!