Real estate refers to owning or use of the land. Real estate law is a branch of civil law that encompasses the right to own, use and enjoy the land and the permanent aggregates made by man on it. Real estate laws have a daily impact on most of us, either directly or indirectly, and affect landlords, tenants, landlords, home buyers and home sellers.
In the United States, every state has jurisdiction over the land that lies within its borders. Each of the states has the power to determine the form and effect of a transfer of real estate in its territory. As a result, the requirements of state laws vary considerably from one state to another.
Real estate and personal property
The two types of property, in general, are real estate and personal property. Most of the legal concepts and norms associated with two kinds of goods derived from the customary law of Great Britain. At that time, the concept of real estate, often abbreviated as “real estate,” referred to land and its accessories. Real estate has become the American term that encompasses the purchase, sale, rental, and use of land.
In particular, a real estate is a piece of land and, in general, everything that is erected grows or fixes on it, which includes constructions and crops. The term “land,” in its general use, includes not only the face of the earth but everything of a permanent nature above or below it, which includes minerals, oil, and gases.
In turn, personal assets are all that, beyond the land, which may be subject to ownership, which includes stocks, money, bills, intellectual property and intangible assets.
Purchases and sales of real estate
When a portion of the property is sold, the seller usually hires brokers or real estate agents to obtain a buyer for the property. Agents, brokers and real estate sales representatives are authorized and regulated by the local laws of the state.
A real estate contract entered into between a buyer, and a real estate seller is governed by the general principles of contract law and the individual laws of the state. The sale or transfer of real estate should almost always be done in writing. In general, real estate contracts require that the title of the property sold be “marketable.” Often, a lawyer or a property title insurance company is hired to investigate the legal merchant ability of a title.
To transfer a title, a deed with an adequate description of the property must be constituted and provided. Some states require that the deed is registered officially to establish ownership of the property or to notify the future buyers about its transfer.
Laws regarding land use and landlords and tenants
States usually regulate the rental or lease of properties for residential or commercial purposes. These laws cover a variety of practices, such as the way collateral deposits are handled and evictions, among other things.
Also, local and state laws have a considerable effect on how owners use their property. Environmental and urban planning laws affect development and construction projects. Also, the rules of homeowner or community associations affect the use of properties in many modern residential communities. Get the information you need about the rights of the tenant, how to find the right mortgage, mortgage loans, foreclosure and a variety of other real estate issues.
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This article aims to be informative but legal issues can be stressful. Take the first step and contact a qualified real estate attorney near you to discuss your specific legal situation.