Real estate law governs the buying, using, and selling of land and property. Also known as property law, it covers detailed aspects of how the acquisition and utilization of property are to be managed by its owners. Real property and the fixtures attached to the land, like buildings or other large immovable structures, come under the scope of real estate property. The various aspects of property law can include titles, deeds, purchase financing, taxes, zoning, and estate planning.
What is a deed in a real estate law?
In real estate law, a deed is a document that grants the legal right to the property to an individual. Therefore, it bestows an ownership interest of the land to its owner. Most states have laws that declare how to record, create, and execute a deed. However, it must be drafted cautiously, giving a clear description of the property, its rights, and the type of ownership that comes with the property. Typically, the following are two types of deeds:
- A deed that comes with a guarantee specifying that the owner has a valid title to the property. Such a deed is known as a warranty deed.
- When the property owner is willing to release any interest in the said property, including the ownership interest, it is known as a quitclaim deed.
Holding title to a property
For the title to a property, every word in the deed or contract of sale is crucial. Even a single word can bring a substantial impact on the ownership rights of an individual. Following are some options available for more than one owner for acquiring the ownership rights of property:
- Ownership by the entirety
- Joint tenants with the right of survivorship
- Tenancy in common
- Lifetime tenancy
Zoning in real estate
Real estate properties also come with restrictions on how the property owners can use their property. Significant restrictions on property usage are known as zoning. Large zoning categories for residential, commercial, and industrial properties are sub-categorized with detailed restrictions and requirements.
Taxes in real estate
Real estate is always conditioned with taxes. The tax amount levied by the government can often become an issue for real estate owners. However, with the expert knowledge of a real estate lawyer, property owners can claim for tax exemption through tax appeal boards and legal proceedings.
Homeowners associations in real estate
Some property restrictions are optional and private. Often, homeowners enter into association agreements to preserve the temperament of the neighborhood or the locality. In case of disputes or disagreements, seeking the expertise of professionals can serve as a great help.
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