If property owners and buyers have rights when dealing with real estate, they must also follow specific restrictions provided by federal and state policies. Regarding real estate transfers, property owners have the right to choose who they sell or lease to. However, housing laws could prohibit them from selecting based on specific qualities that can be discriminatory.
Numerous laws can impact real property sellers and buyers, including the Fair Housing Act and New York City Human Rights Law. These regulations also apply to other parties, such as lenders, when granting mortgages. They exist to accomplish the following:
- Maintaining impartiality in the housing market
- Giving buyers opportunities to choose where to purchase real estate based on their financial capacities
- Protecting vulnerable groups from discrimination when seeking housing and financing opportunities
Additionally, these policies can apply if a lender or property owner includes discriminatory terms and conditions to expedite a sale or rental. Regulations could also apply when an owner or lender denies an application unreasonably. Ultimately, the relevance of these policies could depend on the circumstances. There are also exceptions, but they often apply on a case-to-case basis.
Complying with real estate transfer regulations
Buying, selling, and renting property can be challenging feats. Aside from going through paperwork and doing due diligence, completing all requirements in compliance with applicable policies is vital. Failing to follow restrictions properly can lead to issues later, potentially resulting in costs accompanying resolution procedures.
Before initiating any real estate transaction, it could be beneficial to seek legal counsel first. Doing so can help determine any restrictions that may apply when navigating the process and completing requirements.