How Does Real Estate Law Work?
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Real Estate and Property
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Real estate law controls contracts for "real" property--land, boundaries and buildings--and the relationships and contracts concerning them. A states decides how property will be used and exchanged within its boundaries, and the rules are found in state statutes. Along with definitions and procedures, state property statutes may include sections describing certification or licensing procedures for persons who deal in property or manage transactions, including real estate agents, brokers and title agents.
Contracts and Land Use
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Real estate law sets the ground rules for contracts and uses of property. Real estate attorneys advise clients when they buy or sell property. They do this to make sure that any questions are resolved and agreements honored in the final transaction. They track down titles and abstracts that may contain information of which neither party is aware. They make sure that all pertinent information, such as liens, defects and boundary disputes are disclosed to both parties. The best real estate attorneys are present to guide the closing process when the property finally changes hands, making sure everything goes smoothly. Attorneys provide information on types and coverage of insurance, tax information on property ownership, zoning regulations, easements and covenants that might affect property. They also draft agreements and petitions for changes in ownership or property use. They represent clients at municipal zoning and special assessment hearings and in court cases when homeowners sue for remedy against have actions taken by municipal governments. They make real estate law work for their clients.
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Ownership and Relations
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Real estate law also controls the nature of ownership and relationships between owner and buyer or tenant. Most state laws are based on and include and federal laws as "adopted" statutes. Municipal ordinances adopt these statutes as part of the city's code of ordinances, most often in the zoning code. Each state's laws outline the rights and responsibilities of landlords and tenants and the methods that each may use to get the other to live up to his or her responsibilities. States also regulate the acceptable physical conditions for rental property and, frequently, for property within particular use zones. State property law often contains regulations and remedies for hazards like mold, asbestos and construction defects. It also establishes rules for such hybrid homeownership forms as timeshares, cooperatives (co-ops) and condominiums, establishing rules for the operation of ownership corporations and homeowner associations. Finally, real estate law dictates under what circumstances and by what process, government may take property from a property owner, from a simple condemnation for public safety procedure for a property that is abandoned or uninhabitable to an eminent domain "taking," based on the welfare of the community. Real estate law spells out how these takings must be conducted.
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