Alabama Real Estate Law
Purchasing property in the state of Alabama is not a very difficult process. However maintaining that property according to the ruling guidelines of the state government and dealing with the other aspects of buying and selling of real estate that people other than you might be a bit cumbersome. Not just Alabama but almost all over the United States of America, property laws are made keeping all possible disputes that might occur while dealing in real estate. Because property is one such asset which attracts disputes when you own it and even more when you sell it.
Real estate or property laws in Alabama have some very basic but well defined guidelines which cater to the needs of the common people as well as the ones who deal in real estate.
Here are a few real estate laws that are present in the legal code of conduct in the state of Alabama:
Homestead laws – these laws have been made to provide protection to small individual property owners, such as common house owners, from the economic ups and downs. When there is a sudden change in the economy of the country, the owners of smaller properties cannot meet the demands of the people whom they owe money to. Therefore homestead is a provision which allows small property owners to keep a part of his personal property and make off limits to the creditors. This property is known as ‘homestead’.
A very important piece of document for all land owners and buyers is the lease or rental agreement as it may be called. It deals with the following issues:
Number of people who can reside in the property.
The amount of the rent and other sums of money that has to be paid.
The time period of tenancy.
The name and identity of the person who will pay for the utilities.
If pets are allowed or not.
If subletting the property is objectionable
Defining the access that the landlord has to the property.
An important thing that should be kept in mind is that all lease agreements should always be made in writing. Oral agreements do seem hassle free but the brew up disputes very soon.
There is a limit that the Alabama state government has kept on the amount of security deposit that the various landlords can charge. This limit has been kept to make sure that the tenants are not exploited due to economic crisis. In Alabama, one month’s rent is kept as the security deposit. And within 35 days after the tenancy has terminated, the landlords will have to return the security deposit. This law is called the ‘Alabama Uniform Landlord Tenant Act and it states that a landlord cannot ask for more than one months of security. The Alabama security deposit limit excludes pet deposits, deposits to cover alterations, and deposits to make up for activities that increase risk of liability.