Real Estate Newsletters
Real estate transactions present opportunities for deceit. Deceit, insofar as the area of tort law is concerned, is usually defined by state law.
One of the biggest decisions in a person's life is the decision to buy real estate. The excitement often associated with the purchase of a new home can be overshadowed by disappointment once the newness wears off and defects become apparent.
In 1968, Congress enacted the Interstate Land Sales Full Disclosure Act, 15 U.S.C.S. § 1701 (1998). In enacting the law, it was Congress' purpose to eliminate fraud in interstate sales of land. Briefly stated, the law requires certain disclosures in connection with the sale of vacant land. Despite numerous challenges since its enactment, the Interstate Land Sales Full Disclosure Act has passed constitutional muster.
If you purchase a home and make a down payment of less than 20% of the purchase price, you may be required to purchase private mortgage insurance (PMI). In essence, PMI is a fee which provides compensation to the lender in the event the borrower defaults on the mortgage.
A property owner may cut back branches and roots that stray onto his or her property. The right of self-help, as it is called, is not found in state law; however, it derives from the common law.