Real Estate Law
Like other aspects of the legal field, real estate law can be a complex subject. Also known as real property law, some of the major aspects of real estate covered include land and title transfer, transactional, permanent additions and more. Lawyers who specialize in this type of law can choose to either be litigation specialists or transaction-oriented.
The Basics of Real Estate and Property Law
The real estate industry is complex, as are the laws governing it. It is often necessary to obtain legal counsel should a real estate legal issue arise because witnesses, corporations and other third party entities that are involved could be located in another state.
It’s important to remember that, in many situations, federal law will take precedence over a case. Some examples include federal tax laws, bankruptcy involving real estate, environmental issues and more. When these types of situations arise, a lawyer is essential because of the potential for travel to other locations for meetings, legal proceedings and more.
Consumers who need assistance with real estate contracts are most often those who need a property law attorney.
Understanding Real Estate Contracts
A real estate contract is a contract signed by two individuals, businesses or representatives that stipulates the transfer of land, deed or title from one to the other.
Not all real estate contracts are meant to buy or sell property. A good example of this is known as a Leasehold Estate; the transfer of property that is currently occupied by tenants. Also popularly known as leases, they do not include the transfer of any title or property ownership from one person to another.
The following details must always be included in every real estate contract:
- The Property in Question – At the very least, the physical address of the property must be identified within the contract. A description of the property is often helpful and may be required in certain cases.
- The Parties Involved – The full names and, if necessary, legal name of the business they are representing must be stated on the contract. They should be listed as the “principals” of the contract and categorized as either the buyer or the seller.
- An Agreeable Price – The selling price of the property must be listed in both written and number format, to avoid confusion.
- Signatures – The contract is not valid unless both principal parties sign it. In most cases, a notary will not be needed however, it isn’t uncommon for someone to request it.
Thoroughness and knowledge are essential when dealing with real estate law. The Barbur Law Office has extensive experience with all types of real estate deals and can give advise, review contracts and act as legal counsel.