Real Estate Laws to Know in 2020

 

 

Real estate laws refer to the laws regulating real estate, property, and ownership of land and property. These are legal disciplines that make it easier to own or control real estate property. That said, the different real estate laws can sometimes seem like a lot to take in and understand. However, it’s essentially important that property owners understand the various real estate laws that affect them directly. With that in mind, let’s now take a look at the trending real estate laws to know in 2020.

  1. Landlord and Tenant Laws

Landlord and tenant laws affect the dealings of day to day life between the landlord and their tenants. But one thing to note however is that these laws change frequently making it hard for both tenants and landlords. In addition to this, these laws may appear to be confusing and sometimes irrelevant. But the thing is, they are relevant to a healthy relationship between landlords and tents, they ensure smooth transactions and smooth transitions when tenants move in and move out. Landlord and tenant laws include clauses such as the right to privacy, landlord discrimination against a tenant clause, taxation, termination of tenancies, and rent payment to mention but a few. If you’re a landlord or a tenant, it’s important that if you have questions regarding these laws, consult with your attorney as they’ll be more helpful regarding the area of real estate laws affecting you.

  1. Accident and Injury Laws

Today more than ever, there is an increasing trend of homeowners wanting to renovate their properties. You may be a landlord wanting to renovate and upgrade your residential property so that it’s more appealing to prospecting tenants or a tenant who wants to revamp a rented space. This will require that you hire experts for the renovations, anything can happen when these hired hands are working on your property. This is especially the case when you’ve hired uninsured contractors for the renovations. As a landlord or a tenant, you may be liable for injuries sustained by individuals working on your property. It may also be about damages that your insurance provider cannot cover. You’ll, therefore, need to know of the real estate accident and injury laws affecting you.

  1. Insurance Laws

Among the things that you’ll need to invest in as a homeowner today include a homeowner’s insurance policy. Insurance laws have become undoubtedly important to homeowners who want to protect their properties against incidents and accidents. Most importantly, insurance laws will also help to protect a tenant who’s living on rented property. Of course, a tenant may need to have their own homeowner’s insurance but it’s more advantageous if a landlord invests in a homeowner’s insurance first. Additionally, homeowners’ insurance will also come in handy when it comes to properties, buildings, and real estate as a whole.

  1. Estate Planning Laws

For individuals who want to keep their real estate property within the family, estate planning laws are the laws they’ll need to be concerned about. An estate planning attorney will help you achieve this as well as help you to know more about what you need to do and how you need to go about it. These are laws that concern protecting the interests of the family and ownership transition when a loved one dies.

While it may seem like a lot to take in but there comes a time when you have to deal with the law if you’re into real estate. Navigating through legal real estate issuers can sometimes seem like a painstaking task but the above pointers will provide you with what you need to know about some of the most common real estate laws.

 

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