Real Estate Definition and Real Property Law
Real estate or property refers to the land and buildings on it. Whoever owns and uses the land is governed by real estate law. It can be either residential or commercial and it can be owned by one person but can be used by another through a rental agreement.
Land can be bought sold or mortgage at a high value. Local laws ensure that real estate transactions are properly recorded. It can also be inherited from family members or can be owned by more than one person. Local government and the state determine how the land may be used and local zoning laws prohibit owners to damage the surrounding environment.
Real Estate Terms
Title: A legal term that describes and identifies the official owner of the land.
Mortgage: A housing loan that covers the price of the house. New homeowners must give the lender partial ownership of the house as a form of collateral.
Foreclosure: The process of taking control of a house when an owner fails to pay the lender back the mortgage.
Closing: A meeting or transaction where ownership of the real estate is officially transferred.
Escrow: Property or money held by a disinterested third party for safekeeping.
Real Estate Agent: A professional and licensed negotiator that conducts real estate transactions.
Practice Area Notes
Not all real estate transactions require a real estate lawyer, however, hiring one can be beneficial and useful for new homebuyers. Real estate attorneys can help new homebuyers to review the property’s transaction history and the title. This is to ensure that the house can be sold legally to new homebuyers without having a past owner claiming they still own the house.
Real estate attorneys can provide legal advice regarding mortgage options. They can also help review a contract of sale to ensure laws and rights are met. They usually charge an hourly fee but some charge a flat rate.
Related Practice Areas
Tax law: Mortgaged real estate can have a big impact on a family’s taxes. Prevent overpaying by understanding the tax code.
Landlord-Tenant Law: It covers the law of renting real estate properties. It includes renting, leasing, and eviction for commercial and residential tenants.
Accidents and Injuries: The homeowners are held liable for any accidents or injuries sustained on the property.
Estate Planning: Some families are keen on keeping their properties within the family. Estate planning attorneys are the best people for this.
Insurance law: Landowners have homeowner’s insurance that covers the protection of their property against different types of damage.
Based on Materials from FindLaw
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