Real Estate Law Basics

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Real Estate Law BasicsReal estate law can be defined by its being the terms stating who can own or use the land. This is the simplest definition of it, but there are many branches of this law.

Real estate laws themselves vary from one state to another. They apply to physical real estate property or land as opposed to personal property. Real estate also goes by the term realty.

The laws pertain to sales and purchases of land and buildings. They also apply to landlord and tenant situations.

There are two basic types of real estate and they are commercial and residential. Both types of real estate are heavily regulated in the USA by various laws.

In many states when any type of property is sold it is done so with the help of a broker or agent. There are states where closings can take place without the aid of an attorney but other states require that real estate lawyers oversee these complex transactions.

The sale or purchase of real estate is nearly always in writing. This is stated in most contracts wherein the property is deemed as being marketable or without defects.

Legally, defects mean that the ownership or title to the property is clear. Basically, that means that when a person goes to buy a property they are not buying property that technically belongs to or can be claimed by someone else.

DeedA document called a deed is a written and recorded document that transfers the ownership of property to someone else.

Laws also oversee the leasing of property. These laws will determine how and when deposits are taken, how evictions are performed and how disputes are handled.

State and local real estate laws have an effect on the way owners use their property. Zoning laws determine which properties are for commercial use and which are for residential.