Whether you are looking to purchase your first home, considering entering a commercial lease, or facing potential foreclosure, it is best first to consult an experienced and knowledgeable real estate attorney.
Real estate law, also known as property law, refers to the rules and regulations that dictate the ownership or use of land. It encompasses an individual or entity’s right to possess, use, and sell land. Real estate law impacts nearly everyone on a day-to-day basis, from homeowners and landowners to renters and home buyers. Although real estate law may seem straightforward enough, it can quickly become complicated when different properties, parties, and contractual obligations are involved. To learn more about real estate law, continue reading this article!
Are You Purchasing or Selling a Home?
Whether you are in the market to purchase or sell a home, this transaction will be dictated by countless rules and regulations. Generally, state law primarily dictates property law. However, the state real estate laws in one jurisdiction may differ from another jurisdiction. Stoner law offices, llc recommends consulting a state-licensed real estate attorney in order to better familiarize yourself with the laws in the state where you are looking to purchase or sell. In addition to these state rules and regulations, there are also federal rules that apply throughout the United States, such as the Interstate Land Sales Full Disclosure Act. It provides potential purchasers with the right to adequate disclosure of facts about a property before a decision regarding the prospective purchase is made. Moreover, there may also be local or municipal rules and regulations that apply. Thus, purchasing or selling a home involves many local, state, and federal real estate laws.
Construction on Your Property
If you are looking to construct an addition or undertake any other construction project on your property, you must first review real estate law. Real estate law determines which projects can be completed and what building codes must be met. These rules and regulations are typically governed by state and local law. Failure to abide by these rules and regulations can lead to lost time, fines, and other punishments.
Foreclosure
Foreclosure refers to a legal process where lenders recover the amount they are owed on a defaulted loan by repossessing and selling the mortgaged property. Federal and state real estate law ascertains how foreclosures are processed. If your home is in foreclosure, you may feel as though you are stuck in a tight spot with limited options. However, a real estate attorney can review applicable real estate law, inform you of your options, and help you obtain the best potential outcome.
How Does Real Estate Law Impact Landlords and Tenants?
Real estate law governs the rules that encompass renting real estate, such as tenant agreements or leases, eviction rules for commercial and residential tenants, and whether a property is deemed habitable. Under real estate law, both tenants and landlords have legal rights and obligations to one another. For instance, a landlord is typically under a legal obligation to provide and maintain a habitable property for the tenant. On the other hand, tenants are legally responsible for paying rent as required by the lease or rental agreement. If either party fails to meet their respective legal obligations, then property disputes and real estate litigation might ensue.
What Do Real Estate Attorneys Do?
As you can see, real estate law is incredibly complex, combining facets of federal, state, and local rules and regulations. Whether you are looking to purchase your first home, considering entering a commercial lease, or facing potential foreclosure, it is best first to consult an experienced and knowledgeable real estate attorney. A real estate attorney will help you prepare any necessary legal documents, assert your rights, and avoid preventable mishaps.
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