Real Estate Law
Eminent Domain
The news is full of reports these days about the Supreme Court ruling on eminent domain. If you own property, you should be concerned. The doctrine of eminent domain refers to the power states have over all the property in the state, public or private. That power allows the state to take private property for public purposes. The property owner is generally entitled to receive the fair market value of the property.
Landlord Tenant Law
Landlord Tenant Law governs the rental of commercial and residential property. It is composed primarily of state statutory and common laws. A number of states have based their statutory law on either the Uniform Residential Landlord And Tenant Act (URLTA) or the Model Residential Landlord Tenant Code. Federal statutory law may be a factor in times of national/regional emergencies and in preventing forms of discrimination.
Renters Rights
Arm yourself with knowledge and know-how before you sign your lease. If you're trying to rent your first apartment, it may be hard without a rental history. Here's a tip: rather than trying to rent from a property management company that is bound by rules, try renting from an individual. But wherever you seek to rent, you'll have better luck if you take references and a credit report with you and know your renters rights.
Housing Rights
Housing Rights are often overlooked. It is an unfair or discriminatory practice for any person, owner, or person acting for an owner, of rights to housing or real property, with or without compensation, including but not limited to persons licensed as real estate brokers or salespersons, attorney, auctioneers, agents or representatives by power of attorney or appointment, or any person acting under court order, deed or trust, or will.
Mortgage Foreclosures
Failure to make payments results in the foreclosure of the mortgage. Foreclosure allows the mortgagee to declare that the entire mortgage debt is due and must be paid immediately. This is accomplished through an acceleration clause in the mortgage. Failure to pay the mortgage debt once foreclosure of the land occurs leads to seizure of the security interest and it's sale to pay for any remaining mortgage debt. The mortgage foreclosure process depends on state law and the terms of the mortgage. The most common processes are court proceedings (judicial foreclosure) or grants of power to the mortgagee to sell the property (power of sale foreclosure). Many states regulate acceleration clauses and allow late payments to avoid foreclosure.
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