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Real Estate Law
Real estate is a legal term and it refers to the land and all its permanent fixtures including buildings. Substances that are found beneath the land such as minerals, gas or oil are also considered permanent attachments. But additions such as mobile homes or tool sheds do not qualify as real property. Real estate and real property generally go together. This is how they are known in common law. Hence real estate law is that which relates to real estate or real property. All the states in the US except Louisiana depend on variations of common law for the basis of their real property laws.
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Common law developed in England from judicial decisions which were intended for the long term benefit of society. Real estate law imposes certain rules and regulations on those who are professionally involved with real estate sales and brokerage. Real estate laws differ from state to state. Real estate brokers and salesperson are licensed and come under the purview of local state laws. You also need to keep in mind that there are a whole lot of federal, state, county and local laws to look at before you can do anything with or on your property.
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There are many governmental agencies that are responsible for ensuring compliance with these laws. Deeds, contracts, titles and mortgages related to property and land are covered under real estate law. Joint tenancy, tenancy in entirety, sole ownership, tenants in common and community property are some of the different categories under which real property can be owned. In these instances, under real estate law, the owner has the rights. Zoning, environmental hazards and right of way are the main restrictions imposed on real property owners. Violation of any of the laws and regulations can lead to fines, penalties and even criminal prosecution depending on the kind of offense you are guilty of committing.More Grants:
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