Property law is a branch of law that deals with the regulation of the use and transfer of property, which includes real estate.
Property law is also a specialized area of legal expertise that applies property law principles to provisions within contracts, wills, and other related documents. Property law is a part of the common law and therefore has no rigidly defined boundaries; instead, it adheres to a set of historically derived principles based on judicial decisions. It also deals with the rights that attach to such property, including ownership and enjoyment or use. Breach of these rights, known as torts, can be regarded as a form of tort law.
Property, in the sense of real estate and personal property, is protected by the laws of most nations. As a result, property law comprises numerous branches, each of which deals with different aspects of the property. These include property law, which deals with the legal nature of the property, and real estate law, which deals with the legal relations between land (real estate) and those who use it. Property law is not only a specialized area of expertise for lawyers but also for a wide range of other fields. It is applied to real estate in order to determine rights of ownership and control, but also in other fields such as intellectual property law and contract law.
What is Real Estate and Property Law?
Real estate law is the body of law concerned with the legal rights, duties, and privileges that attach to real property. Such property may not actually be in possession of a person but may instead have been leased by someone else. Real estate law deals with rights in land and other similar immovable property (such as buildings), regardless of whether it has been built upon or is being adapted for use. It also covers intangible property such as interests in land, licenses, patents, and trademarks.
Real estate law is part of the common law, as opposed to civil law. The differences are subtle but important, especially in common-law jurisdictions, where decisions by appellate courts are binding on future courts. In cases involving land and property disputes, the position of Judge is usually given to an expert judge who has knowledge and experience in land law.
To learn more about the real estate laws in your area, refer to this link to contact a law firm that is up-to-date with the laws involving real estate.
What are Some Tips to Know About Buying or Selling Property?
1. Brokers:
A broker is a person who acts as an intermediary between a buyer and a seller of property. In most jurisdictions, the role of the broker is performed by a licensed real estate agent or professional. One of the problems with a broker is that they have no familiarity with the market and, therefore, will often recommend a seller that is not in a position to sell their house at the price and time they are willing to sell. The buyer should get an independent appraisal done by a professional appraiser to determine the true value of the home being sold.
2. Disclosures:
Under U.S. Federal law, there are two disclosure forms that must be provided to the buyer before they purchase a home. If you were selling your house and did not wish to provide these forms, you would be liable for damages resulting from the sale. The two forms are a Natural Hazard Disclosure Statement and a Real Property Transfer Disclosure Statement. These forms allow the buyer to make informed decisions about possible hazards present on or near the property, including sinkholes, flooding, or unstable soil.
3. Buyer’s Duties:
Under the law, the buyer is responsible for obtaining a structural inspection in order to make an informed choice about the property being sold. In other words, if you are buying a home, it is recommended that you hire someone to conduct a structural inspection of the property before making an offer. A structural inspection will reveal any issues with the house so that they can be taken into consideration when deciding on an offer price. After closing, many new buyers are surprised to learn that they owe thousands of dollars in repairs and renovations.
Does My Property Have to Conform to Local Zoning Ordinances?
Local zoning regulations control the construction and use of buildings, fences, and other structures on your property. It is important to determine that your proposed property improvements meet the Zoning requirements so that you do not have problems with compliance later. Even if you own a single-family home, you can still be subject to Zoning regulations. For example, if you live in a rural area, there are probably regulations on the number of homes per acre in your area. When a property is part of a subdivision, it must adhere to the specific regulations of the zoning district in which your property is located.
Conclusion:
Real Estate is a complex system of law. Property is distinguishable from real estate. Real estate is immovable. This means that you can’t move it, or else it is yours, unlike property that can be moved or sold for its full value. When considering real estate and property issues, the most important thing to remember is the legal protections afforded by state and federal laws. These protections vary from state to state, but in general, the laws provide some level of protection against fraud or wrongdoing on the part of both buyers and sellers.
