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New York Real Estate Laws and Its Implication

09th September 2011
By carolmoore in Real Estate Law
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Real estate is an integral part of our living and real estate laws are equally important. Every state in every country has distinctive real estate laws and it is important for the inhabitants to be aware of their own country laws. New York, like all other country has specific laws and legal formalities in this regard. It covers issues from sales to transaction, rental agreement to foreclosure. The best way to get better knowledge on this subject is by communicating with New York real estate attorney who are completely aware of the laws present and the amendments done.

License: A Mandatory Requirement

There is specific real estate licensing policy for employment which should be known for all people who wish to work in this field both as a broker or a salesperson. As per the real estate law of New York, licensed real estate broker can hire salespeople but those who are licensed sales people they can only work under licensed broker. Also to work in this field, a person needs to be thoroughly trained and educated and give the specified accredited exam that needs to be passed for getting the license.

Tenant Laws

In case of rental clauses in between landlord and tenant, there should be specific laws which govern this transaction. It covers situations starting from giving lease of the property to landlords working to evict a tenant. In any of these situations the New York real estate planning attorney are an ideal option as they can guide that how by biding the laws legally steps can be executed.

Zonal Laws

Zonal laws or Zoning laws are indicated to those laws which are scheduled by the Government for issues on land and building types. For example if there is a land, the zoning laws of the area is the decision maker regarding what kind of buildings may be constructed in these areas. If there is a fallacy found, the New York real estate attorney can step in, in these matters and work for justice.

Judicial Foreclosure

Foreclosure is a important part of real estate laws. A foreclosure is that where a lender sues the borrower for defaulting payments against the property mortgage and opts for this option. In this regard there are several steps to be followed which only can be guided in a correct an ideal way by New York real estate planning attorney as they are aware of the pros and cons of legal formality.

As discussed, this is an important subject, and at every step proper decision is essential, the reason why more knowledge should be gained on the subject.

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