The Definition of Real Property Law
What exactly is Real Estate Law? Well, for you to know what that is, you have to know what real estate is first. Real estate is any property- may it be land or buildings- that a person wants to acquire. Real Estate Law, therefore, governs who will own and use this particular property.
Even though it is a rather simple concept on the surface, it actually entails a lot of legal disciplines. First, you have to know that real estate may either be a residential property or one that is for commercial use (such as office buildings).
Second, the property may be owned by one person, but they are allowed by law to have it rented or used by other people via rental agreements.
It is important for you to know that a piece of land can either be used to create buildings, but it can also be sold to other people for a much higher price. That is why local laws govern real estate transactions so that everything is properly performed and recorded.
People who have purchased a piece of land may also hand it down to their family members through estate planning, but it can also be owned by a lot of people as well (which has to be put in writing to ensure that they are the valid owners of the property).
Important Terms that You Need to Know
This is a term used to describe the person who owns the property or a piece of land.
Most people cannot afford a house in the sense that they do not have the initial financial capability to pay for the property in full. That being said, a mortgage would be needed to have the necessary financing to acquire the property. In the event that the person who took a mortgage fails to pay for it, then the lender will be given the power to foreclose the house or the property.
This is basically a loan that helps would-be homeowners to buy a house. Because it is a loan, the lender will be given partial ownership of the land as part of their collateral.
Real Estate Agent-
This is the person that will negotiate and conduct real estate transactions in your behalf. They are licensed professionals, so if you happen to come across someone who is not licensed, it is better that you stay away from them.
This is just an entity that will handle the money or property for safekeeping. This entity would have no interest in them.
Although you can get your property without the help of a real estate attorney, it is still a good thing to hire them whenever you want to close the transaction. Real estate lawyers will look at the property’s previous transaction to ensure that the land was not acquired by other people before and if there are previous owners, that they will not be able to come after you should they want to get it back.
They can also give you advice about your mortgaging options. Lastly, they can also be hired to help review the contract of sale so that the terms that are stipulated therein are fair to all of the parties that are involved.