Real estate law is the area of law that governs buying and selling land. This law is also known as real property law and governs how individuals acquire property and what they can do with the same property that they own.
In western tradition, real property law is rooted in the ownership of property by a ruling class or a monarch. At the same time, it concerns the structure and resources of the physical land. In a more simple term, all properties are affected by the real estate law.
Real estate law is ruled by state regulations and it is classified into two categories i.e., commercial and residential. However, this usually refers to the laws controlling the ownership or use of land in the United States.
This law directly affects the home sellers, home buyers, landlords, renters, and homeowners. This is one of the reasons why people are searching for how many jobs are available in real estate investment trusts.
Now, let’s discuss the full service real estate law firm should be able to offer expertise in the following areas.
As discussed above, there are two categories of real estate law, and these are described below. Have a look!
Commercial real estate is property used for business purposes and owners make great returns on investment from the same. The best examples of commercial real estate are apartment buildings, industrial parks, office buildings, stores, etc.
A basic commercial lease will consist of durations terms and rent. On the other hand, land-use rules and zoning can also place limits on commercial real estate. This is actually made to business entities.
Another category of real estate law is residential real estate. The common types of this property consist of multi-family houses, single-family houses, townhouses, and condos.
The home buying process can vary by state and generally both seller and buyer will hire real estate agents to assist them with the process. Construction defect claims are like failure-to-disclose cases. However, the process is difficult because you may have to decide who to hold liable within a particular period of time.
Real estate law is strictly tied to other areas of law. There are some particular kinds of crimes and torts that apply to real estate. This is also subject to special provisions in family law. On the other hand, real estate ownership can also be limited on time and thus depends on that special individual. So, this is all about real estate law and its features. Besides, if you have any queries, feel free to list them in the comment section below.