Real estate law is the law that governs buying, using and selling of land. This law governs how people acquire property and what they can do with the property that they own. Real estate law is also called real property law. Real estate law directly or indirectly impacts most of us on a daily basis, affecting homeowners, renters, landlords, home buyers and home sellers. Real estate law is called real estate because it’s about real property.
Real property is land as opposed to personal property which is objects. Fixtures like buildings or other large structures are also a part of real property. There are many different aspects of real estate law like deeds, titles, purchase financing, zoning, taxes and estate planning. Lawyers practicing Real Estate should follow the State Law (State Law varies from State to State)
Deed in Real Estate Law - A deed in real estate law is a document that gives someone a legal right to real property. It is an official document that grants an ownership interest in land. The kind of deed that you receive is crucial to the type of purchase that you make when you acquire the property.
Holding Title to Property - A Real estate property can either be a Joint property or an Individual can own the tenancy right. Hence the lawyer should be able to word the Deed in the proper manner so as to avoid any loop-holes. A property owner can also give someone a life tenancy like you can transfer property to someone for their entire lifetime by listing the conditions to be followed by giving the property to someone else.
Zoning in Real Estate - Most of the zoning happens locally hence the Real Estate lawyer must work with local government and zoning boards in order to challenge restrictions and advance client interests.
Taxes in Real Estate - Since, the Real Estate involves tax hence there are laws, where the amount of tax that a government levies can be challenged by the property holder. Helping a client with a tax exemption can be important work for a real estate attorney. Real estate attorneys help challenge taxes on real property through tax appeal boards and legal proceedings.
Home Owners Association in Real Estate - Homeowners often enter into association agreements in order to preserve the character of a neighborhood. Hence an attorney can represent homeowners’ associations as whole or individual homeowners who wish to create, challenge and enforce restrictions.
Property Leasing and Tenancy - Leasing is another important issue in real estate law. Real estate attorneys help their clients draft, negotiate and understand lease agreements. The parties to a real estate lease may negotiate the lease or resort to litigation to sort out their disagreement. Real estate law often depends on local law. Real estate lawyers help clients transfer ownership, challenge restrictions and facilitate activity within the area of real property.
Posted by Gurpreet Ghatehora on