Real estate law is the body of law that governs any and all aspects of real property. It includes the transfer, exchange, and ownership of property rights, the relationships between property owners and their neighbors, including ways to protect their property from damage or theft. Real estate law is considered to be part of private law and has counterparts in many other systems. In the United States, real estate law falls under state jurisdiction and is highly varied due to the absence of a nationally uniform system. Areas of private law affected include contracts, sales, mortgages, title insurance, and land transfers.
In most common law countries, except Canada and Scotland, real estate is considered to be under the formal or equitable title. The rules governing property are found primarily in real property statutes. These rules differ by country, state, and province. In the United States, because there is no national civil law, most states have their own real estate laws. The U.S. Constitution does not grant Congress the authority to regulate property ownership and sale across state lines; therefore, each state controls its own real estate laws.
What Is Real Estate Law?
Real property law is the body of law that governs any and all aspects of real property. It includes the transfer, exchange, and ownership of property rights, the relationships between property owners and their neighbors, including ways to protect their property from damage or theft. Real estate law is considered to be part of private law and has counterparts in many other systems. In the United States, real estate law falls under state jurisdiction and is highly varied due to the absence of a nationally uniform system. Areas of private law affected include contracts, sales, mortgages, title insurance, and land transfers.
What Is Commercial Real Estate Law?
Commercial real estate law is a type of private law that deals with the various issues surrounding the ownership and operation of commercial property, including leases, the sale, and purchase of the real estate, and the control of tenants and other occupiers. These processes involve a great deal of legal paperwork, as an entity often needs to bear such things as marketing, financial analysis, funding, and tax planning. Because commercial properties are often multi-use or extremely large in size, they require an in-depth knowledge of the zoning laws for the region in which they are located. Commercial real estate law also involves a great deal of negotiation and assessing the level of risk involved in the future of a given property.
What Is Construction Law?
Construction law is a relatively new field of law, as it is only in the past few decades that construction projects have become big business. Construction law covers all aspects of building projects from design and development to completion and, eventually, the building itself. Historically, construction projects have fallen under the laws specific to each state, but this has recently changed with the advent of national construction laws. Regardless of where a project is taking place, every company involved in building a structure must adhere to its local zoning laws and fire codes, as well as follow safety standards.
What Are Some Tips to Know About Buying or Selling Property?
As with any property, buying a home and selling it can be a stressful experience. There are many things to consider, and there are plenty of pitfalls to avoid. Here are a few tips to help you with your next real estate transaction:
- Research the neighborhood beforehand: Understand what types of homes are in the area and whether those homes are beyond repair or valuable. Walk around neighborhoods to see what streets have good lighting, trees, and lush landscaping. Take note of areas with noise pollution or unsafe conditions that may impact subterranean water supplies.
- Understand the terms of the agreement: Before you buy a property, know exactly what you are buying. Receive the final title report and a disclosure statement from your real estate agent and review them carefully. This information will outline your rights and responsibilities as well as provide you with all known liens against the property, including any mortgage or tax lien.
- Find out if it’s an IRS tax lien: A tax lien is placed on a home by a lender so that they can recoup taxes owed to them. They cannot sell the property until this lien is released by a court. To spot an IRS tax lien, look for the “H” on your title report.
- Get a home inspection: A good home inspector will be able to point out any minor problems that could become major issues in the future. There are also many companies that perform these inspections at no charge and make recommendations to fix problems immediately.
Real estate is a large market, and there are many different viewpoints on the subject. While many people like this aspect of real estate because of the steady stream of the opportunity it provides, others think that real estate is a lot of work for very little income or even results. Thorough knowledge of how to buy property can help you at a time when many other buyers may falter in an unfamiliar situation.
If you are in the process of buying or selling a piece of property and not sure of the laws in your area, refer to this link to speak with a real estate attorney that is familiar with all the local real estate laws.