Frequently Asked Questions

Real estate law governs the purchase, sale, use, and ownership of land and property. It encompasses a wide range of legal topics, including zoning, property rights, rental agreements, and property transactions.

A title search is crucial because it verifies the legal ownership of the property and ensures that there are no liens, disputes, or claims that could affect the transaction. This helps buyers avoid legal issues related to ownership after the purchase.

Residential real estate law primarily covers transactions involving private homes, condominiums, and rental units, while commercial real estate law addresses the complexities of properties used for business purposes, such as zoning restrictions, lease agreements, and financing structures.

The closing process involves finalizing the property sale by signing legal documents, transferring funds, and officially transferring ownership to the buyer. A closing attorney or title company is typically present to ensure all legal requirements are met.

Eminent domain refers to the government's legal right to acquire private property for public use, such as building infrastructure. Property owners are entitled to fair compensation, but disputes over the valuation or necessity of the acquisition may arise.

Pennsylvania follows the "caveat emptor" or "buyer beware" principle. This means buyers are responsible for conducting due diligence before completing a property purchase. However, sellers are required to disclose known material defects about the property under the Real Estate Seller Disclosure Law.

The Realty Transfer Tax is a tax imposed on the transfer of real property in Pennsylvania. Usually, the buyer and seller split this tax equally, unless a different arrangement is negotiated.

Landlords in Pennsylvania must return a tenant's security deposit within 30 days after the tenant vacates the property. If deductions are made, they must be itemized and justified in writing.

Disputes over property ownership are often resolved through legal proceedings, such as filing a lawsuit to establish rightful ownership. Mediation or arbitration may also be used to settle disputes outside of court.

Creative financing refers to non-traditional methods of purchasing real estate that go beyond standard bank mortgages. These methods often include options such as seller financing, lease options, subject-to transactions, or hard money loans. Creative financing can provide flexibility to both buyers and sellers, particularly in scenarios where traditional financing may not be feasible.