
Den Jen Property & Real Estate
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Sometimes referred to real estate law or Land Law, Real Property law governs.
the various forms of ownership and tenancy in real property and personal
property. Property law governs who may own and use the land. It also provides.
the principles and rules by which disputes over property are to be resolved.
Real Property topics include:
Real Property topics include:
transfer of land
ownership of land
disputes over land
tenancies
licences
easements
mortgages; and
adverse possession
First, real estate may be either residential or commercial. It can be owned by one person but used by another through rental arrangements. Land can be bought or sold, and due to its high value, there are many laws that ensure real estate transactions are properly performed and recorded. Land may also pass between family members through estate planning or may be owned by more than one person. Finally, there may be laws concerning the purposes for which land may be used.
Terms to Know
Title: A legal term describing who officially owns the land.
Mortgage: A loan that covers the price of a house. The new homeowner must give the lender partial ownership of the house as collateral.
Closing: The meeting in which ownership of real estate is officially transferred.
Escrow: Money or property held by a third, disinterested party for safekeeping.
Real Estate Agent: A professional licensed to negotiate and conduct real estate transactions.
Practice Area Notes
Real Estate attorneys are not legally required at every transaction, however,
hiring one can be very useful for the average homebuyers. First, real estate
attorneys can review the house’s transaction history and title to ensure that
the house is able to be sold and that no past owners will come back claiming to
still own the house. Attorneys will also review the contract of sale to make
sure there it is fair to all parties. Attorneys may charge an hourly fee, or a flat
fee for their services.
DUTIES OF A PROPERTY LAWYER
A property lawyer is primarily involved in transactional work, most often
drafting, negotiating and closing transactions facilitating the business of real
estate, including: (i) selling, buying, and leasing land, buildings.
(ii) development and use of property and managing the local approval
processes.
Real estate lawyers also spend much of their time counseling clients about
these matters.
Due diligence investigations are also a large part of the work done by a real
estate lawyer. These due diligence investigations can include: review of the
physical details of the property and can include an environmental investigation
(to ensure there is no contamination), review the leases of any tenants at the
property, and review of the title to make sure the seller actually owns the
property and there are no easements, incumbrances mortgages or other liens
on the property.
When real estate disputes arise, real estate lawyers will represent their clients
in court. Such litigation might concern breach of contract, zoning compliance,
construction defect, foreclosure, homeowners associations, or boundary
disputes, among other issues.