Everyone wants to own a piece of land, probably for the creation of their dream homes or if they want to construct an office building. Whatever the case may be, that is governed by the laws in the state or country you are in. The law governing the entirety of the property is known as the Real Estate Law and it will be talked about in greater detail in this article.
What is Real Estate Law?
Before I talk about the intricacies and nuances of real estate law, it is important for you to know what it actually is. Real estate law is just the area of law that governs the purchasing, utilization, and selling of a piece of land.
It is one that governs how people would acquire a certain property and what they can actually do on the property. The property is also known as Real Estate because it is considered to be a “real property”.
It is a State Law
Real estate attorneys must understand the laws that govern the state or country they are in. That is because each and every state would have some additional provisions on top of what is commonly agreed upon in the country.
In the United States, for example, the Interstate Land Sales Full Disclosure Act is a law that is followed by the different states of the country, however, there are also some additional laws that govern how people would acquire and use the property that they intend to own.
What is a “Deed” in Terms of Real Estate Law?
It is actually just a legal document that gives someone the full rights to own particular property and it also states why the property was acquired in the first place.
The deed contains a clear description of the property (like how many hectares of land it is, what buildings are going to be built on the property, and so on). It must also indicate the type of ownership that the owners have of the property- assuming that they are going to transfer the title to someone else in the future.
When acquiring a particular property, you will be given a specific deed that will be based upon the type of purchase that you make when you are buying the land.
A real estate lawyer, therefore, must know how to provide ample legal advice to the buyers, especially when it comes to the type of purchase that is available to their clients.
Taxes in Real Estate
It is important for the buyers of land to note that real estate is subject to tax. A real estate attorney will be able to guide you through your tax obligations and may even give you counsel when it comes to tax charges that may be filed against you.
Property Leasing and Tenancy
Some would-be property owners would acquire a piece of real estate with the notion that they would have it rented by other people.
In the event that you want to have your land leased or have tenants in it, your real estate attorney will be able to help you create a draft of the lease agreements and would also help you negotiate with the terms to your tenants as well.