Real Estate Law
The legal definition of real estate or real property is land and buildings. Real estate law affects the ownership of land and its sale and usage. Because property rights are some of our most important rights, there are federal, state, and local laws regarding real property. There are also more legal issues about the use and transfer of property than many other matters.
Real estate is an area of law that covers a wide range of legal disciplines. Real estate may be residential or commercial. It may be owned or rented. Zoning laws determine land use locally, but federal and state laws regulate environmental and natural resource use.
Not all real estate transactions require a real estate lawyer, but any property owner or renter should talk to an attorney before any decision about property.
Types of Property Law
Real estate law has its roots in English common law. In ancient times, kings granted their knights “fees,” and the knights could pass them on to their sons. Later, tenants won the right to pass estates to their families, a right still seen in the deed formula “tenants in common” or “tenants with right of survivorship.”
Today, property law includes other aspects of ownership and tenancy, including:
- Title Law: This area of law determines property ownership and includes title insurance, property liens, adverse possession, and other clouds on the title.
- Landlord-Tenant Law: Renting income property can be lucrative, but there are legal issues for both landlords and tenants. A property owner should know how to lease property before taking on tenants.
- Tax Law: Owning property can be a huge tax break. It's important to have someone who can explain how to take advantage of your property and ensure you don't do it wrong.
- Estate Law: Keeping property in the family is as important today as in medieval England. Today, laws determine how family members can inherit property and the legal documents that must be included with the will or trust to make that happen.
