Real Estate Law in Lexington, KY
What Is Real Estate Law?
Are you getting ready to purchase or sell some property? Are you involved in a property or real estate dispute? Or, maybe you are having trouble getting your landlord to make repairs to the home? Whether or not you are a property owner or tenant, you have rights under Lexington, Kentucky real estate law. Developers, property managers, and investors can also face property issues. Common reasons for this include property rights, access, liabilities, and more. These matters are complicated, so the best first step is to seek the counsel of a qualified Lexington real estate attorney.
Types of Real Estate Law Disputes
Disputes involving real estate are very common and some of them are quite complex. They often require the intervention of the courts. The courts are seen as the most biased party to weigh in fairly. Learn more about the different types of real estate disputes below.
If you decide to purchase any Lexington 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 Lexington, KY 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.
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 Lexington real estate lawyer to straighten things out.
Under the Kentucky Residential Mortgage Fraud Act, it is unlawful to obtain property by fraud or misrepresentation in the mortgage lending process. It is also unlawful to fail to make required disclosures in this process. It is sufficient in any prosecution for mortgage fraud in Lexington to show intent to deceive. Although, it is not necessary to show that any person was harmed financially.
No Lexington, Kentucky 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 Lexington without a valid mutually beneficial contract.
Disputes often arise when Kentucky landlords and tenants cannot agree on repairs, rent arrears, and more. Lexington, KY 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.
Under the Kentucky Residential Landlord and Tenant Act, all security deposits must include a condition checklist upon moving in. Both parties must sign the list. If this does not happen, the Lexington landlord forfeits the right to retain any part of the security deposit. As well, a Lexington landlord must hold the security deposit in a separate account. However, the landlord does not need to provide interest on held security deposits.
Property line disagreements usually occur when adjoining Lexington, KY 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 Kentucky 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 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 Lexington is not always easy. Many factors and issues can arise when disagreements over real estate exist.
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.
Under Kentucky law, a judgment lien on a Lexington property can last up to 15 years. To attach the lien, the creditor must file a copy of the original judgment with the Fayette County Clerk.
What Should You Do If You Become Involved in a Real Estate Dispute In Lexington, Kentucky?
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 Lexington real estate lawyer. Regardless of the issues involved, you can benefit from having legal guidance.
Learn About Real Estate Law
Lexington 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 Lexington, Kentucky
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 Lexington 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 Kentucky landlords, renters, property and more resolve their real estate litigation. Additionally, we can even help you connect with an attorney across Kentucky state lines.
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