Real Estate Law
Real Estate Law
Real estate law, or property law, generally refers to the laws controlling the ownership. Real estate law is a branch of civil law that covers the right to possess, use, and enjoy land and the permanent man-made additions attached to it. Real estate law directly or indirectly impacts most of us on a daily basis, affecting homeowners, renters, landlords, home buyers, and home sellers.
Real Property & Personal Property
Property is broadly classified into real property and personal property, with roots in British common law. Real property refers to land and anything permanently attached to it, such as buildings, crops, minerals, oil, and gases. In modern contexts, real estate encompasses activities like buying, selling, and renting land. Personal property includes movable items and intangible assets like stocks, money, and intellectual property. Together, these categories define the legal framework for ownership and use of tangible and intangible assets.
Real Estate Sales & Purchases
When a property is sold, real estate brokers or agents are often hired by the seller to find a buyer. These professionals are licensed and regulated by state laws. Real estate agreements between buyers and sellers are governed by contract law and state-specific regulations, often requiring the agreement to be in writing. Titles to properties must generally be “marketable,” and attorneys or title insurance companies are often employed to ensure this. To transfer ownership, a deed with an accurate property description must be executed, delivered, and sometimes officially recorded, depending on state laws.