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Why You Should Seek Out A Real Estate Law Group

The law in general can be needlessly complex because of its wording and terminology. Furthermore, real estate law is even more complex, largely because people are so unfamiliar with it and it is usually impeded by bureaucratic red tape and a number of civil zoning codes. In order to fully understand estate law, consulting a standard legal firm might not be enough. Instead, you should look into a law firm or group that specializes in estate law in order to make sure your legal issues are fully resolved.

What Do These Firms Specialize In?

Firms that specialize in real estate law are well versed in a number of fields and can help you better understand your real estate situation. Their primary services include the following:

Explaining the legal meaning of all documents and how they can impact all involved parties.

Assisting you in negotiating contracts and drafting contracts so you, and any other parties involved, don’t encounter any difficulties with real estate transactions.
Helping buyers and sellers minimize damages when transactions unfortunately fall through.

Handling a variety of disputes, including escrow, mortgages, foreclosures, and a number of other issues pertaining to real estate law.

Advising buyers and sellers in order to make sure a transaction goes smoothly.

Making sure buyers and sellers understand the statute of regulations in real estate law, such as FIRPTA, RESPA, and 1031 Exchanges, and also how each regulation affects them.

Informing buyers and sellers of the legal impact of issues regarding title, property condition, zoning permits, and their relation to real estate property law.

When You Should Enlist The Help Of Firms

In some instances, firms aren’t needed in transactions. However, because of the complexity of the field, there are plenty of unfortunate circumstances in which it would benefit you financially to consider the help of a law firm. These circumstances include the following:

When you are in the process of foreclosure: These firms understand what a difficult process foreclosure can be for an individual or a family, and they will work as hard as they can in order to ensure that you are treated properly and fairly.

Buying or selling a home: This one is fairly straight forward, as lawyers will make sure the proceedings of acquiring a home will go smoothly for you and that all legal codes and standards are abided by. Too often do people get duped and end up buying a home that has numerous violations that they become responsible for. So by trusting capable lawyers, you can avoid this!

When dealing with estate taxes: Firms will easily be able to determine what you owe in regards to yearly real estate tax, depending on the codes and laws of your county or state. This is a particularly useful service for those who own multiple properties in the same area or state.

Real Estate Law

eal Estate also called immovable property includes the ownership and possession of land along with anything permanently affixed to that land such as buildings, garages, improvements and buildings. Substances that are beneath the land (such as gas, oil, minerals) are also considered permanently attached. However, other items, which can be attached to the land, but are not permanent, such as mobile homes and tool sheds, are not considered to be real property.

Real estate is often considered synonymous with real property as opposed to personal property, which includes all other property and is also called realty.

Real estate is one of the oldest areas of law and contains many archaic terms and concepts. Many consumers find the unfamiliar terms used in the real estate game trifling confusing when they enter the realty market. However, today we find that many of the rights and responsibilities regarding real estate have evolved and been updated as society has changed.

Owning real property – The real estate law says that when you own property, you have the right to do whatever you want with the land, except what is restricted by the real estate law. You have the right to use the land, rent or lease it, sell or transfer it, use it as collateral for a loan, bequeath it to a beneficiary or even just gift it away. You could also let it sit idle but in some cases, this may infringe on laws imposed by the state.

There exist some restrictions imposed by real estate law on owning real property. Although, on one hand, it is said that one can do whatever one wants if he owns the property, there are some restrictions imposed by the government – federal, state, country and local law enforcement agencies. Violation of the real estate law can result in hefty fines, penalties, injunctions and in some cases even criminal prosecution. The three most common restrictions are:

Zoning- Zoning laws restrict the use of the property with regards to residential, industrial, agricultural or commercial purposes. The size and height of improvements attached to the property are also subject to restriction.
Environmental Hazards- This informs you of what materials can be stored on the real property as well as who is responsible for removing environmental hazards from real property. These would include government-regulated materials such as asbestos, lead paint, petro-chemicals, radon and toxic wastes.
Public Easement and Right of Way- Some portion of the real property will have to be left open for others to use. Easements and right of way are used to allow access to other property to provide for roads and sidewalks as well as to enable electric/gas/telephone/sewer lines to be installed.

Besides the above-mentioned restrictions, there are also some non-governmental restrictions like those of private parties that may be imposed on the use of your real estate property. For instance a real estate developer will have to decide on lot sizes, architectural design and vehicle parking subject to conditions put up in the purchase contract. The results for violation of private party agreements include an award of damages against the violator and injunctive relief.

In addition to the rights that you attain by owning real estate property, there are also several responsibilities and potential liabilities to others which result through ownership of real property.

You may own property subject to a mortgage. However, if you fail to pay the mortgage, the lender will take the property back
A lien for payment of a debt can be placed against your property.
If someone is injured on your property, you may be held liable to the injured person for all damages resulting from your negligence.

Real Estate Law – What You Must Know

Real estate or Property law is one of the safest investments and people use it as an investment avenue. It’s not meant for attorneys and estate agents only. Every property investor should understand the basics of real estate law.

A good short note on the law can be of great importance to investors. Investors need to understand it relating to legal procedure that will help in a smooth transfer of title of the property they are acquiring or selling, and other relevant documents and procedures. Investors need to understand the financial implication in acquiring property and the guiding law.

Classification of properties and how basic property laws apply to investors should be the Interest of the investor. The law has different applications to commercial and residential properties and investors/sellers should understand this. The tax laws relating to property are some of the thing that would be of interest to investors. Investors should study taxes on properties; how loans are treated in relation to property law.

Tenancy aspect of the property law should be well understood by landlord/lady who wishes to rent out their property. Investors should not put all their energy on studying the law alone and leaving the investment aspect of it. The law should be left for the expert in this area such as property lawyers and property brokers.

Understanding the various legal terms referred to in property laws can also help you in not only enhancing your understanding of real estate but also help in making your conversations with property attorneys/agents really fruitful. The laws are different from state to state across the country but the basic laws are same especially property tax. Property tax also changes over time but any major changes will be published in the newspapers and any other print media. The law is what any investors must know as a guide to real estate investment