There are several legalities that revolve around and regulate all that has to do with real estate, whether with regards to acquisition or sale. Although there are general statutes that every state adheres to, a few are distinct to a mere handful.
The key to understanding real estate law is to seek the counsel of experts, and the law advocates of Mitchell Nachtigal Law agree. Here is a brief overview of what this law entails, and how you will be impacted by it.
Real Estate Law Defined
“Real estate law” is the general description for the use and/or ownership of property in the United States. This section of civil law encompasses a number of factors. Said factors include, but are not limited to, possession, or even enjoyment of property. Any additions to said property fall under said civil law as well.
Real Estate Laws You Should Know
Zoning (referred to as “land use”) speaks of regulations that are specific to a piece of land’s location. Zoning or land use laws have clear stipulations about how an owner should use, purchase, and/or sell that which falls within the land area dimensions, as stated in its property deed and/or contract (legally validated),
Any error regarding zoning may lead to as severe a consequence as having your property ceased. Either that, or you will be heftily penalized in the form of additional taxes, and similar modes of legal transactions.
2. Disclosure Law
Many tend to confuse disclosure laws with zoning laws. Where the latter falls within the scope of land area guidelines and restrictions, disclosure laws on the property are more than just about property location.
They encompass expectations from the new owner, such as continuing with tax payments, transferral and/or non-transferral of ownership, or what will be expected of the owner in terms of adhering to codes per designated location.
Due to disclosure laws, owners and/or sellers are to be very transparent about land details. Toxic chemicals that the land is or may have been subjected to, property disputes, etc. All of these are to be “disclosed” to buyers and/or sellers.
3. Landlord-Tenant Laws
This area of the law varies per state. All more reasons to have a legal advisor assist you in understanding real estate law. Landlord-tenant laws remark rights and rules, from taxation, right to privacy, contract renewal and/or termination, etc.
Going through this is also an indirect approach towards screening your landlord (tenant’s perspective). Those who are not able to provide information regarding the aforementioned clauses are possibly operating without a proper license. Or that they are not reliable in presenting you with complete details regarding their land and operations.
Many fail to realize how vital property insurances are. There are real estate owners and/or buyers who are focused merely on the “now” of their properties, instead of planning ahead. But insurance policies surrounding this category of real assets is a wise decision in securing the same when looking into the future.
Insurance laws are meant to protect you and your property. Yet without a lawyer, cases see less favourable outcomes because of a lack of knowledge of legal proceedings about property insurance.
Seeking their counsel is a proactive step towards ensuring that current property conditions are permissible, by law.
5. Contract Laws
Contract laws are generally classified under what is designated as the “Common Law of Contracts”. These are binding, and should therefore be drafted and reviewed only with the aid and supervision of your legal team.
These contain most, if not all, of the implications of applicable property laws. And such contracts are for the purpose of sealing the transactions between a buyer and a seller, on the subject of the transferral of a property’s title and/or deed.