Is it important to have some idea about real estate law?
The answer is yes because real estate law directly or indirectly affects most of us on a daily basis.
It affects renters, homeowners, landlords, homebuyers, and home sellers. Therefore, it is definitely worth to have some understanding of real estate law.
Real Estate Law
Generally, the term real estate refers to the use or ownership of land. The term real estate law is a branch of civil law. It covers the right to possess, use, and enjoy the land and the permanent manmade additions attached to it. In the United States, every state has exclusive jurisdiction over the land within its borders and the power to determine the form and effect of a transfer of real property in its jurisdiction. Therefore, state law requirements vary significantly from state to state.
The Rights of the Landlord, Tenant, and Real Estate Agents
Real estate law protects the rights of the landlord if the tenant is wrongfully refusing to pay rent.
It is also concerned with the rights of the tenant. The law states clearly the things that the tenant is able to do on the property, as well as limits these rights since they are just renting a house or an apartment. In cases where the landlord acts out of bounds, the law entitles the tenant to various remedies.
Real estate law establishes the rights and responsibilities of real estate agents. Before a person becomes a licensed real estate agent, he or she must pass the screening and examination according to the real estate law. Keep in mind that there are variations of the requirements from state to state. Thus, you have to do some research on the prerequisites if you want to become a real estate agent.
The Main Types of Property
Generally, there are two types of property: personal property and real property. Legal concepts and rules associated with both types of property are derived from British common law. It generally referred to land and fixtures upon the land. These days, real estate has become an American umbrella term for selling, buying, renting, and using the land. Real property is land and anything erected on, growing on, or affixed to it. This includes buildings and crops as well.
Generally, the term land includes not only the surface but also everything of a permanent nature over or under it (including minerals, oil, and gases).
When we talk about personal property, we mean anything other than land that can be the subject of ownership. This includes stocks, money, notes, intellectual property, as well as intangible property.
Real Estate Sales and Purchases
The seller often hires real estate brokers or agents in order to find a buyer for the property when he or she sells a property. Normally, states license and regulate the real estate brokers, agents, and salespeople.
General principles of contract law and individual state laws govern the real estate agreement between a buyer and a seller of real estate. The sale or transfer of real property should be in writing almost in all cases. Another requirement that you may often see in real estate contracts is that the title to the property sold should be “marketable.” In order to investigate a title’s legal marketability, one should hire a lawyer.
To pass title, a deed with a proper description of the land must be executed and delivered. In some states, the deed should be officially recorded to establish ownership of the property and/or provide notice of its transfer to subsequent purchasers.
Landlord and Land Use Laws
States typically regulate the renting or leasing of property for residential or commercial purposes in addition to the purchase or sale of land. Normally, state and local laws may also have a substantial effect on how owners use their property. Environmental and zoning laws are those that affect development and construction projects. Community or homeowner association rules affect the use of property in many modern residential communities.
We hope that our article was helpful to those who are going to purchase a property, property owners that are sometimes stressed out with their tenants, or for those who are just interested in real estate law. We wish you good luck.