Real estate and property market are continually growing. As much as you are allured to it, it becomes a responsibility to take care of legal issues before indulging in any contract or purchase.
Hence, here is provided a summary of the same:-
- Pennsylvania Adverse Possession Laws-
If you are on the way to take possession of a neglected parcel of real estate and improve it, you are categorized under the legal issue of “adverse possession”.
You are required to be in a 21 year period of continuous possession of the same. Similarly, it should be hostile to the owners’ rights, the usability should be open and the possession should be exclusive.
- Pennsylvania Homestead laws-
With this law the property owner will be able to safe guard the equity in their home. However, they will be required to declare a part of their domicile as homestead.
There are strict regulations with respect to the place limit and square footage for the same. And, the owner of the home can declare the same in the event of Chapter 7 or Chapter 13 bankruptcy filing.
So, if you opt to utilize the federal bankruptcy exemption scheme, the equity of your home will be protected.
- Pennsylvania Leases and Rental Agreement Laws-
The deposits will be liable to interest payment if they are held for more than 5 years. And again, the deposits cannot be more than 2 months’ rent for the onus year.
With the aid of the deposits you will be in the position to take care of unpaid rent, excessive cleaning needs and damage.
It is mandatory for the landlords to give the tenants up to 10 days to pay the overdue rent.
However, once the deadline has crossed the tenants may move out or get evicted. If the landlord is not able to fix the damage, the tenant has the right by law to withhold rent.