Property law or real estate law dictates the forms of ownership and tenancy in the real estate market and can even extend to personal property. It provides the rules and principles in which property disputes are resolved. The land is and often always has been, one of the most valuable assets you can have and so it is no wonder that real estate law has had to develop. It is also one of the slowest moving markets. There is a lot to know however and so here is a quick guide to real estate law.
Real estate lawyers
Many states and cities require a real estate lawyer to be present at the sale of and purchase of a home or piece of land. Even if your state or local government doesn’t require it, you should maybe consult one anyway as they will be able to give you some advice on your purchase or sale. However, you need to have a trustworthy, reliable, and local real estate lawyer. For example, if you were moving to Calgary, you would want a Calgary real estate lawyer as they will know the area and local laws. Many offer free consultations and so you should seek one out for a little bit of basic advice.
Depending on where you are moving to or from, the real estate laws may change. Every state can have its own nuances on real estate law. Some laws are universal across the United States, but any are dictated by the local state. This is why knowing your stuff is really important. Having a real estate lawyer may help you navigate this tricky road without too many incidents.
A deed is a legal document that gives you the right to own a property. It is an official document that grants the owner of the land. A deed must be carefully drafted with an explicit and clear description of the property and ownership rights. The type of deed that you get is essential to the type of purchase that you are making.
Holding title to a property
When you have a real estate lawyer working for you then you should expect them to help you fulfill any goals that you have. This is difficult when there are lots of different types of ways that you can own a property. For example, you can get joint tenants that have the right of survivorship. When one dies, the other inherits the property by themselves. However, you can also have a tenancy in common in which you only own a portion of the tenancy. This means you can act a little bit more independently than other ownership options.
Real estate law
This is a tricky subject and there is a lot to know. In order to make sure that you successfully buy a home, you should make sure to do your research before committing to a property and also look into hiring an expert who can help you with the various nuances of property law.