Real Estate Law

Real estate law encompasses a wide variety of legal terms. Also, understanding real estae law will help in acquiring, financing, and developing residential and commercial real estate property (federal and state statutes govern all real estate transactions). Real estate laws may vary significantly between jurisdictions. The terms real estate and real property are used primarily in common law, while civil law refers to immovable property.

Most common is real estate law, is a real estate contract and its specific uses. A contract may be used for the purchase, sale, exchange, or other conveyance of real estate between properties. Real estate agents use real estate law as their guide when filling out a contract. We will explore this in more detail in this section.

Real estate disputes are also by real estate law and real estate professionals. Some real estate law examples include adverse possession, condemnation, and eminent domain. In respect to adverse possession, real estate may be gained when someone stays at another's "place" for an extended period of time. Implied in the case of adverse possession, is the ability to show actual, open, notorious, exclusive, hostile, under cover of claim of right, and continuous and uninterrupted stay by the individual for the statutory period.

Complimentary Request for Appraisal Form (PDF Format)

"Eminent domain is the inherent power of the state to seize a citizen's private property or its rights without the owners consent." Put another way, it refers to the power by the state to appropriate real estate for public use. The owner of such appropriated property is entitled to the fair market value of the property. The state may take this respective property either for government use or by delegation to a third party (to specific companies). An example would be a telephone company who needs to run their utility lines. Also, your local water company may use their eminent domain powers to run water pipes along your neighborhood.

Eminent domain and condemnation go hand in hand. Condemnation via eminent domain indicates the government is taking the property or an interest in it. An example would be an easement. Explained further, condemnation describes the "act" of a government body who is exercising its power of eminent domain to transfer "title to private property from its rightful owner to itself." The property owner has the right to challenge this on the grounds that the condemner has not followed the proper procedure required by law.

Conveyances of real estate are covered by real estate contracts. The term estate and tenancy are interchangeable. An estate is the extent of the bundle of rights in real property and is in two classifications: Freehold and non-freehold.

Freehold estates include fee simple estate and life estates. A fee simple estate is the most comprehensive estate and gives an owner the "full bundle of rights." A life estate describes the ownership of land that ends at a person's death. It is treated as a "complete ownership" for the duration of a person's life. The owner of the life estate cannot leave their property to heirs (also, cannot be inherited).

Ownership by one owner is an estate in severalty.

Non-freehold or leasehold estates grants a user the right of duration for a specific period. Tenancy for years has a definite termination date, created with a lease. Tenancy at will gives a user possession with the owner's permission. Tenancy at the sufferance is then a tenant continues without the owner's permission and may be terminated without notice.

We have outlined some general key terms pertaining to the real estate law category. If you require additional information of need help in any of the above, we advise you to seek real estate law attorney.

Additional Key Terms Include

Appraiser Process Explained - Certified and Licensed Appraiser - Learn how the appraiser process is performed. A licensed real estate appraiser uses his or her knowledge of the real estate market to derive at property value.

Real Estate Appraisal - Explanation on the Inspection and Report - Read how a real estate appraisal is used to develop an opinion of value.

Real Estate Agent - Realtor Guidelines and Ethical Behavior - Explanation on real estate agents and how they must acquire a real estate license to represent a buyer or a seller in a real estate transaction.

Real Estate Investing - Information on Foreclosures- Explanation on real estate investing and the purchase of real estate for profit.

Commercial Real Estate and The Real Estate Market - Learn more about commercial real estate and how it can be bought or sold in the real estate market.

Real Estate Development - Modern Architecture and Structure - What is real estate development. Learn how developers are usually in the form of a company such as a corporation, but can also be an individual or partnership.

Real estate law - Including The Real Estate Contract - Read up on how real estate laws vary significantly between jurisdictions.

Real Estate License - Appraiser, Realtor, and Mortgage Broker - Explanation on mortgage broker, real estate agent, and appraiser licenses and how they must be updated with continuing education.

Real Estate Market - Updates on the Condition of the Market - How do the real estate agent, property appraiser, and mortgage broker affect the market.

Real Estate Appraiser Jobs - Trainee and Experienced Appraisers - How do you become a property appraiser? Click here for further information.