Real Estate Law For Immovable Property Like Residential And Commercial

Real estate law is a branch of civil law that deals with the right to posses, use and enjoy the land and the manmade structures of permanent nature that are erected on it. These laws relating to transactions of real estate are governed by both Federal and State laws and often differ from state to state.

Real estate law covers a vast area like the holding of interest in real property and having permissible interest; relations between owners or owner and the community; relation between the landlord and the tenant; transfer of interests in real property and also matters relating to financing of real property like deeds and mortgages.

Real estate law relates to both residential and commercial real estate. Commercial real estate is defined as the immovable property that is used for profit. These can be any land and building that generates money. It can be a office, a restaurant, shopping mall, retail store or even industrial parks and factories. Though investment in such a type of real estate is much profitable it always carry the risk of non-payment of rent and depreciation of value.

In real estate law residential real estate is the land and immovable property that is used solely for the residential purpose. It requires a written land contract between the buyer and seller to buy or sell a home followed by a period to enable the buyer to conduct a title search of the premises and obtaining the necessary finance for the property. At the time of final payment for the property the deal is closed. Here the real estate deed passes form the owner to the buyer and the deed is recorded.

Real estate law relating to home owners association (HOA) governs a condominium, town-home development or any planned community. A membership to HOA is mandatory for residents of such areas and are usually run by a board and guided by its own by-laws. It is a platform for looking after the welfare of the home owners themselves. The tenants rights and landlords disputes are dealt with state property and contracts law. An agreement defines everything from the term of rental to the price paid and the fines on default, period of notice for cancellation of the lease. But overall the landlord has only a limited number of reasons to evict the tenant before expiry of the lease.

Unlike the residential leases under the real estate law, the commercial lease agreements do not have many safeguards. In fact there are no standard lease agreements for commercial leasing. So it is best to make sure in writing the key points of agreement like period of lease, the rent paying due dates and penalties for default, the provisions regarding lease renewal and the responsibility of maintenance of the premises. Laws are also there relating to neighbors and pets in a locality. Real Estate Law