Real Estate Law

Real Estate also called immovable property includes the ownership and possession of land along with anything permanently affixed to that land such as buildings, garages, improvements and buildings. Substances that are beneath the land (such as gas, oil, minerals) are also considered permanently attached. However, other items, which can be attached to the land, but are not permanent, such as mobile homes and tool sheds, are not considered to be real property.

Real estate is often considered synonymous with real property as opposed to personal property, which includes all other property and is also called realty.

Real estate is one of the oldest areas of law and contains many archaic terms and concepts. Many consumers find the unfamiliar terms used in the real estate game trifling confusing when they enter the realty market. However, today we find that many of the rights and responsibilities regarding real estate have evolved and been updated as society has changed.

Owning real property – The real estate law says that when you own property, you have the right to do whatever you want with the land, except what is restricted by the real estate law. You have the right to use the land, rent or lease it, sell or transfer it, use it as collateral for a loan, bequeath it to a beneficiary or even just gift it away. You could also let it sit idle but in some cases, this may infringe on laws imposed by the state.

There exist some restrictions imposed by real estate law on owning real property. Although, on one hand, it is said that one can do whatever one wants if he owns the property, there are some restrictions imposed by the government – federal, state, country and local law enforcement agencies. Violation of the real estate law can result in hefty fines, penalties, injunctions and in some cases even criminal prosecution. The three most common restrictions are:

Zoning- Zoning laws restrict the use of the property with regards to residential, industrial, agricultural or commercial purposes. The size and height of improvements attached to the property are also subject to restriction.
Environmental Hazards- This informs you of what materials can be stored on the real property as well as who is responsible for removing environmental hazards from real property. These would include government-regulated materials such as asbestos, lead paint, petro-chemicals, radon and toxic wastes.
Public Easement and Right of Way- Some portion of the real property will have to be left open for others to use. Easements and right of way are used to allow access to other property to provide for roads and sidewalks as well as to enable electric/gas/telephone/sewer lines to be installed.

Besides the above-mentioned restrictions, there are also some non-governmental restrictions like those of private parties that may be imposed on the use of your real estate property. For instance a real estate developer will have to decide on lot sizes, architectural design and vehicle parking subject to conditions put up in the purchase contract. The results for violation of private party agreements include an award of damages against the violator and injunctive relief.

In addition to the rights that you attain by owning real estate property, there are also several responsibilities and potential liabilities to others which result through ownership of real property.

You may own property subject to a mortgage. However, if you fail to pay the mortgage, the lender will take the property back
A lien for payment of a debt can be placed against your property.
If someone is injured on your property, you may be held liable to the injured person for all damages resulting from your negligence.

Real Estate Law – The Basics

Real estate law is multi-categorized and is governed by a lot of different facets. “Real” refers to real property. This is land and the things that are permanently a part of the area, that is, what is attached.

This goes for anything “underneath” too, so if any crude oil or natural gas is buried beneath, the land owner has first rights to the resource.

With property ownership, or the prospect of owning, there come risks. Most of this is liability, liability to the state and those who border the property. For instance, when purchasing a lot within the city, there are zoning restrictions.

A city may designate a certain size structure on the land, and if the owner decided to assemble a four-story goliath mansion home, the other owners of single floor rancher-style houses on that block might not be so pleased, the same goes with the city.

There is a great deal of ownership liability that goes to third-parties as well, such as land owners paying mortgage on a house to a lender. This is probably the most common liability that is known. If the owner does not pay, then they default on the loan and the lender, such as a bank can claim the property as payment.

State Law

Property laws trace its history back to the monarchs who ruled much of the continent of Europe. This was brought to America and from there has evolved a great deal. Real estate law, like most all law type, is still constantly evolving today as new cases are brought to courts.

Because events are often relating to geography and local cultures and law, there are a lot of aspects of real estate law that reflect this and are divided up by states.

For instance, if you were having a land dispute with a neighbor and you owned a tract of land near Coeur d’Alene, Idaho you would ideally want to consult with Coeur d’Alene real estate attorneys — even if you retain an attorney in Pittsburgh or some other city where you make your residence — to know what is fully involved regarding that specific city’s statutes.

A Coeur d’Alene real estate attorney can advise you on the specifics with Idaho’s real property laws and can give you a heads up on what your rights are as a land owner pertaining to that tract of land you own and the dwelling that reside within.

Hiring a real estate attorney’s group, no matter where you plan to buy land, would lend you piece of mind and a defense or litigations counsel if that dispute with the neighbor ends up in court.

The Ins and Outs Of Real Estate Law

Are you looking for more information on real estate law? If so, you have come to the right place. Throughout this article we will speak about what real estate law is, as well as what a real estate lawyer can do for you.

Let’s begin our discussion by defining real estate law. This is a very broad legal area that covers both federal and state statutes, as well as common law, and deals with any legal issues surrounding real estate and property. Some areas that this law cover are the rights of homeowners, renters, and tenants, property rights and interests, buying and selling property, and landlord and rental properties. Many laws differ from state to state, making real estate law quite complex.

Whether you are buying or selling a home, a lawyer is important to your quest. While a realtor will be the one to help you find the right house or the right buyer of your house, a lawyer will review any offers and contracts to make sure that your rights are being protected and that all of your duties are clearly outlined and defined.

How can a lawyer help if you are buying a new home? If you are buying a new home a lawyer can help you to understand your contract to ensure that you are comfortable with everything outlined within it. They will also help to prepare and register all legal documents, a task that can be very time consuming if one tries to do it on their own. A lawyer will also clarify the terms of your mortgage and help assist with your banking mortgage. They will also read over all closing papers, arrange for insurance protection, and ensure that you receive a valid registered ownership.

Not only can a lawyer help you in purchasing a new home, they can also help you to sell your home. When selling your home, a real estate lawyer will help you to prepare the sale agreement, as well as the deed and power of attorney. They will also attend to the closing papers, arrange for transfers of security deposits, and arrange for insurance certificates. Most importantly, a real estate lawyer will help you during each process of selling your home and deal with any issues as they arise.

If you are interested in buying or selling your home it is important that you contact a lawyer to help you through the process. Lawyers can cost anywhere from $500 to $1500 (on average) but are well worth the cost as they save you a lot of time and stress. Search for a real estate lawyer today and ensure that, whether buying or selling a home, all of your rights are protected.