To buy or sell property, you must understand real estate law. It’s a broad subject that covers deeds, titles, purchase financing, zoning, and more.
A lawyer specializing in this law area can guide you through the process from start to finish. They can also help you with foreclosure, housing discrimination, and evictions.
Ownership Issues
The most crucial issue to consider when buying or selling real estate is who the owner is and what they did with it. This is especially true in cases where two or more parties have co-owned a property.
The home buying process and real estate law are ever-changing and evolving. This means you need someone on your side who is continually keeping abreast of all the new real estate laws, regulations, and procedures.
There are many factors to consider when determining the legal owner of real estate, including title, taxes, ownership changes, and liens and mortgages. The best way to navigate these waters is to work with an experienced real estate attorney with the knowledge and resources to guide your complex real estate transaction. The right legal team can help you determine the owner – and subsequently protect your rights if that owner does something wrong.
Generally speaking, there are three main property types – residential, commercial, and agricultural. These are all governed by laws specific to the kind of property. These laws are often in the form of regulations and ordinances that govern how these properties may be used.
For example, when you are interested in commercial real estate, one of the best things you can do is work with someone knowledgeable in commercial real estate law and with the experience you’re looking for.
Restrictions
Developers of subdivisions, homeowners associations, or individuals can impose restrictions on real property. These restrictions are usually in the form of deed restrictions, restrictive covenants, or licenses.
Whether or not the restrictions are enforceable depends on the terms of the vesting deed. For example, suppose Dave Sellers sells a parcel of land to Joe Purchaser.
The deed includes a restriction limiting the height of homes on the land to two stories.
However, the deed also says that any future purchaser would be subject to the same building setback limitations if he constructs a home on the land.
To enforce this provision, Mr. Purchaser would need to bring a lawsuit. This would be a costly process that could take many years to resolve. This is why it is essential to carefully review all restrictions before purchasing any property. This will protect you and your investment in the long term.
Lease Agreements
A lease is a contract between a landlord (owner) and a tenant (lessee), which gives the lessee the right to use property or equipment for some time in return for regular rent payments. This can include land, buildings, cars, industrial equipment, and business space.
In some cases, this is the only means of gaining access to a piece of property. In such cases, the owner must ensure that the lessee can only enter the property in limited situations and under specific conditions.
Among other things, a lease agreement contains:
- Details of the parties.
- The rental period.
- Any obligations the landlord and the tenant have to each other.
It also outlines how the lease may be terminated or renewed.
Deeds
A deed is a legal document that transfers ownership of real property from one person (grantor) to another (grantee). It must be signed and notarized, and it should be recorded in the county clerk’s office.
Whether buying or selling a piece of real estate, deeds are essential. They transfer the title to the buyer and can include much information about the property.
A deed must include the grantor’s and grantee’s identities and an adequate property description for a legally operative act. The report should consist of the boundaries and measurements of the land, as well as any buildings or roads on the property.
There are many types of deeds, including general warranty deeds, extraordinary warranty deeds, quitclaim deeds, and sale deeds. If you’re considering purchasing property, consult a real estate lawyer before signing any deeds. A single error in an act could have serious consequences.
