Real Estate Law in Fairbanks, AK

What Is Fairbanks, Alaska Real Estate Law?

Land…it’s the only thing they’re not making any more of. Owning property is a great first step into building wealth and becoming self-sufficient. But there can be tremendous pitfalls to owning property if you are uninitiated or simply unready. However, an experienced Fairbanks attorney can help you navigate these waters and help set you up for success.

Types of Real Estate Law Disputes

Disputes involving real estate or property are very common, and some of them are quite complex. Regardless of whether you own the property, or your a tenant. Oftentimes, these disputes require the intervention of the courts. The courts are seen as the most biased party to weigh in fairly. Let’s learn some more details about the different types of real estate disputes.

Escrow Deposit 

If you decide to purchase any Fairbanks property, there are certain steps all involved parties must take. One is having an escrow account. A common reason escrow disputes occur is when the closing process fails and the buyer and seller cannot agree on what happens with the funds.

Easement Real Estate Dispute

Easement disputes are one of the most common forms of real estate disputes between neighbors, especially when property ownership changes. An easement allows other people or parties access to use certain portions of your property. Easements are not always granted by a property owner. Information regarding easements is often included in Fairbanks, AK  property deeds. Regardless of the reason for the dispute, the resolution often involves hiring an experienced real estate law attorney. Still, one step you can take to resolve the matter before pursuing litigation is talking amicably with the other party.

Fraud/Omissions

Some unscrupulous sellers try to take advantage of buyers by withholding information. Ultimately, they may do this to impact the outcome of the transactions and future ownership. Proving fraud in a real estate transaction can be an uphill battle. It is almost always necessary to work with an experienced Fairbanks real estate lawyer to straighten things out.

Fraud is a deceptive and unfair practice. The Alaska Consumer Protection Unit states that any individual in Fairbanks who has been monetarily harmed by a fraudulent transaction has the right to seek a legal remedy. For instance, failing to disclose known structural defects in the property is illegal, and punishable under the law. Mortgage Fraud Resources where you can report an entity if you believe you have been the victim of fraud.

Contract Breaches

No Fairbanks, Alaska real estate transaction is enforceable without a contract. Not all contracts are valid. The requirements for what to include in a valid real estate agreement vary from state to state. However, documents that are missing certain elements or contain unclear or confusing language and in which one party breaches often result in real estate disputes between sellers and buyers. Real estate contracts are enforceable documents. You should never enter into a real estate transaction in Fairbanks without a valid mutually beneficial contract.

Landlord/Tenant

Disputes often arise when Alaska landlords and tenants cannot agree on repairs, rent arrears, and more. Fairbanks, AK tenant and landlord laws are very complex and failure to adhere to them can cause either party to violate the rights of the other. Not only is a valid rental agreement crucial, so is having good legal counsel.

The Alaska Landlord and Tenant Act provides more security for landlords in Fairbanks, placing zero limits on late fees or returned payment fees. Fairbanks landlords, by law, have to show tenants the written rules and regulations of the property before the tenant enters into a rental agreement. In addition, landlords must give 24 hours notice before entering the premises, unless there is some sort of emergency.

Boundary Lines

Property line disagreements usually occur when adjoining Fairbanks, AK property owners do not respect property boundaries. Sometimes this is due to a valid misunderstanding between neighbors. Not all property lines are easy to define and property records are not always accurate or easy to understand. Usually, disagreements arise because of fencing, trees, and other boundary line concerns. Though some Alaska property owners feel they can take matters into their own hands, doing so could cause more problems. Court intervention is typically the best way to identify and enforce property lines.

Ownership

Ownership issues are common when an owner verbally transfers ownership without documentation. These disputes often happen when someone bequeaths their real estate to another without going through the proper process. Or, there can be other parties with ownership rights, such as certain lien holders. 

Determining the rightful owner of a property in Fairbanks is not always easy. Many factors and issues can arise when disagreements over real estate exist.

Liens

Liens can impact your ability to own property or land free and clear. It is possible to sell a property that has liens on it. However, some liens can diminish a property’s sale price. Also, in many cases, liens must clear before securing a mortgage or financing.

Judgment liens in Fairbanks can last up to five years if one is placed on your real property. At the end of a five year period, Alaska Statute demands that if the judgment holder has not collected payment from the debtor, he or she must file for a writ of execution to collect.

What Should You Do If You Become Involved in a Real Estate Dispute In Fairbanks, Alaska?

If you have a real estate issue in which you feel your rights are being violated, or there is a specific issue that has you and another party in disagreement, you may want to speak with a qualified Fairbanks real estate lawyer. Regardless of the issues involved, you can benefit from having legal guidance.

Learn About Real Estate Law

Fairbanks real estate law is quite complex. It is important for you to learn as much as you can about how real estate law applies to your circumstances. Your lawyer will help you to understand what’s at stake and develop a plan of action that helps protect your real estate rights.

Work With an Experienced Real Estate Attorney In Fairbanks, Alaska

Real estate disputes make up the majority of litigation cases. Not all issues require you to go to trial. You should work with an experienced Fairbanks lawyer who has the knowledge and experience to get you the resolution you seek. Depending on your disagreement, the courts may include financial compensation and injunctions to prevent retaliation or recurring issues.

Get the legal help you need now. We help Alaska landlords, renters, property and more resolve their real estate litigation. Additionally, we can even help you connect with an attorney across Alaska state lines. 

Submit a request online or call us today at (866) 345-6784 to get in touch with an experienced lawyer in your area!