Real estate laws has a broad legal area coverage regulated by state law, federal law, and common law. This law includes land and any immovable structures attached to that land such as houses, buildings, minerals and trees. It also comprises legally considered benefits like the air above or the minerals under it.
Real estate law practice involves:
- Rights and interest
- Purchase, sales, and transfer
- Rental properties
- Landlord issue
- Rights of homeowners, tenants, and renters
- Settlement of Claims
- Property development
- Land use
- Agricultural issues
- Home loans
Real estate lawyers are very well versed with this complex area in law.
Rules for real property derived from British common law
There are two types of properties: personal property and real property. Personal property is thing that can be owned except for land, like money, stocks, and even intangible properties like intellectual properties. Real properties, on the other hand, are land and everything on, over, and under it. The legal issues associated with these properties are usually based from the British common law. In the contemporary time, real estate means selling, buying, renting and using land.
Sales and purchase governed by contract law and state law
Licensed real estate agents and brokers mediate during sale and purchase of real estate property. The agreement between the buyer and the seller of the real estate property is governed by individual state laws and contract law. The transaction must be put in writing.
State laws regulate leasing, renting and use of land
The state also regulates the leasing and renting of real estate property. The laws included in this transaction are evictions, security deposits and more. State and local laws can have influence on how the owners will use their property, under zoning and environmental laws.