Real estate or real property is defined as the land and any buildings on the land. Real estate law, on the other hand, emphasizes who may own or use the property. Real estate could be residential or commercial and the land could be used by one person while being used by another through a rental agreement. There are many local laws to govern properties due to the high value of real estate. Properties could be passed between family members and relations through estate planning. On the other hand, a property could be owned by more than one person. Real estate is also governed by local zoning laws in the area. This article provides information on what really is real estate law.
There are certain terms that are frequently used in the real estate industry. You should have a good knowledge of these terms when dealing with real estate. Here are some of the most common terms that you should know about.
. Title – This is the term used to describe who owns the land officially.
. Foreclosure – This is a process where the lender takes control of the real estate when the property owner fails to pay back the mortgage.
. Mortgage – The homeowner should give the lender a part of the ownership of the property as collateral when taking a loan (mortgage) to cover the purchase price of the land or house.
. Real Estate Agent – This is a professional who is licensed to undertake real estate transactions.
. Closing – A meeting where the ownership of the property is officially transferred.
A real estate attorney is the best person to interpret real estate law. Hiring a reputed attorney is important when closing a real estate deal. We recommending hiring a lawyer who is familiar with the area in which you are buying real estate because they will know what is current standard in your area, such as CDFS Law.