What is Property Law and Real Estate Law?
Property law and real estate law are branches of civil law that covers rights to own and use land and the permanent additions attached to it. Real property law and real estate law encompasses more than just the land itself and obvious items such as houses or buildings. It also encompasses trees, bushes, and minerals permanently affixed to the land. It also consists of the interests, benefits, and rights that are legally attached to the property, which can include certain rights to the air, ground, and properties below the surface.
Property law also encompasses the duration in which a person can live on certain property. Rental properties and tenant laws are included in property law. Property law and real estate law are incredibly complex. This makes it vital that when dealing with property law issues, you work with an experienced real estate lawyer.
Some complex areas of real estate law that a real estate attorney can help with includes the capacity to provide information on who holds interests in a real property, dealing with the relations between owners of properties, relations between owners and the community as a whole, landlord vs. tenant relationships, the sale of real property or real estate, and even dealing in property financing.
Real estate transactions can also handled by real estate law firms. Purchases, sales, and leases, are governed by federal and state laws and the requirements established by state law often differ from state to state. This means having a real estate attorney from your area can help make a huge difference.
What are the Common Areas Covered by Real Estate Law Firms?
- Commercial Leasing
- Commercial Real Estate
- Homeowners Association Law
- Landlord and Tenant Law
- Land Disputes
- Any transfer of property including sales
- Title Law
- Property development
- Home loans
- Agricultural issues
What does a Property Attorney Do?
A real estate lawyer can help with anything that deals with property law. However, they are frequently found in handling the purchase or sale of homes or property. Some title insurance companies and mortgage lenders require you to use a lawyer to ensure that the title is good and in clean order. This means there are no liens against the property, and that the deal will close as had been anticipated.
Here are some of the things you can expect your real estate attorney to do when purchasing a home.
- Make sure you understand everything in the contract fully. This includes any sales terms or items in the title.
- Check that there are no unknown easements, liens on the property, or anything unexpected that may be registered against the property that could potentially make it difficult or undesirable to use your new land or property.
- Help prepare and register all the required legal documents as needed for your transaction.
- They can also work with your mortgage company and help ensure that all terms are clarified to you. If necessary, they can help modify the terms of your mortgage to meet your needs.
- Attend the closing and ensure that everything is ready to go.
- Arrange title insurance protection to protect you from losses due to title defects that could arise unforeseen in the future. Making you are no longer held accountable for the losses associated with poor title work.
- Ensure you receive a valid registered ownership of the property and all legal documents needed are filed fully.
If you are selling a home, a real estate lawyer can also be of huge benefit. Here are things a real estate lawyer can do for you when selling your home or property.
- Review the binder and review the purchase and sale agreement
- Prepare the deed
- Help correct any title issues that could arise
- Attend the closing and review and clarify all the papers you will be required to sign
- Help with transfers of money
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