Definition of Real Estate and Real Property Law:
The real estate involves any piece of land and the structure on it. Everyone who owns or uses the property in any manner comes directly under the influence of real estate law.
The concept of real estate contains a wide variety of legal disciplines and categories. First of all, it is important for you to understand the fact that real estate could be either residential or commercial. Also, it could be owned by one individual, but used by another via rental property arrangements. Property is bought and sold on a regular basis, and considering its increased value, there are several real estate laws that ensure that all real estate transactions are carried out in an efficient and proper manner. Land could also be transferred among family members through real estate planning, or it might be owned by multiple individuals. Lastly, state and local governments have laws and regulations regarding the purposes for which land or property might be used. For instance, all local zoning laws need to be observed when it comes to using each plot of land, and landowners are required to take necessary steps to preserve the surrounding environment.
Important Legal Terms and Definitions:
- Title: A legal term that identifies the owner of the land or property.
- Mortgage: A loan that is used to buy a house. The new homeowner should provide the lender with partial ownership of the property as collateral.
- Foreclosure: The legal procedure by which the lender acquires control of a property if the owner fails to pay back the amount he or she owes.
- Closing: The meeting in which ownership of the property is legally transferred.
- Escrow: Money or property held by a third, unbiased party for safekeeping.
- Real Estate Agent: A legal professional licensed to negotiate and carry out real estate transactions.
For more real estate definitions and terms, please visit the Property Rights and Real Estate Law Glossary.
Practice Area Notes:
Real estate lawyers are not legally needed during every transaction, but choosing one can be extremely productive and helpful for the average homebuyers. First of all, real estate lawyers can look into the transaction history of the property as well as title to make sure that the house can be sold and that no previous owner will be able to claim the ownership rights to the property. Second, several lawyers can provide suggestions to homeowners concerning their mortgage options. In addition to that, the real estate lawyers can help with the review process of the sale to ensure that its terms are fair to all concerning parties. Most real estate lawyers charge an hourly fee, even though some might charge a flat fee for their real estate services.
Related Practice Areas:
- Tax Law: Having a property, especially mortgaged property, has a huge impact on most family’s taxes. Understanding the tax code can keep families from overpaying the property taxes.
- Land Tenant Law: This law covers every aspect of rental property, including rent, leases and eviction of both residential and commercial tenants. Most attorneys view it as a part of real estate law.
- Accidents and Injuries: Homeowners could be held accountable for injuries occurred on their property.
- Estate Planning: Estate planning relates to legal procedures by which people can keep real estate within the family. Estate planning lawyers can help them achieve that purpose.
- Insurance Law: Most landowners possess homeowners insurance, which provides protection to their property against different types of damage.
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