Real estate is such a broad topic. This topic covers almost the whole world and every individual has concerns regarding this.
Like any other things in this world, certain laws govern real estate, the so called real estate law. Nevertheless, to fully understand what real estate law is, it is necessary to define real estate. What is real estate?
Real estate is a legal term that includes land along with anything permanently affixed to the land such as buildings, fences and things attached to the buildings, such as plumbing, heating, and light fixtures. The properties not affixed are regarded as personal property.
Just like real estate, the real estate law is such a broad topic as well. If you are going to discuss it in a very simple way, real estate law is only the law, rules, regulation and other legal matters that governed real estate.
Real estate law entails things like owning real property, the typical restrictions imposed on owning real property, the common forms of property ownership and many others. As said earlier, it is very broad.
In this article, real estate will be discussed through the basics of real estate law. The basics of real estate law include understanding real property, the ownership, the restrictions, and the forms of property ownership. The basics discuss the topic regarding ownership of real estate.
Understanding its basics, you will definitely have the right thought about real estate law.
One of the basics of real estate law is real property. What is real property? Real property is simply the real estate. The real property is used interchangeably with real estate.
However, for technical purposes, some people prefer to distinguish real estate, referring to the land and fixtures themselves, from the real property, referring to ownership rights over real estate.
Real estate also entails about owning real property. What is owning real property about? Owning real property allows you the right to do with the land as you please aside from those subject to restrictions imposed by real estate law.
Owning a real property means you can do anything with it such as use it; give it away; sell or transfer it; use it for a collateral for loan; bequeath it to intended beneficiaries or let it sit where it is without doing anything to it. In other words, owning real property is having total rights on a land and no one can ever question you for it is yours.
In owning a real estate, some typical restrictions are being imposed by law. There are countless laws that restrict what you can do with the real property. It may be federal, state, county and local laws. The enforcement of these laws resides with the various agencies.
The most common restrictions imposed by government are zoning. It is an environmental hazard, public easement, right of way.
If there are restrictions imposed, there are also forms of property ownership. These are joint tenancy; tenancy in the entirety; sole ownership; tenants in common and community property.
In joint tenancy, two or more people own the property at the same time in equal shares. In tenancy in the entirety, some estates have especial form of joint tenancy when the joints are husband and wife- with each owning one half.
In sole ownership, the property is owned entirely by one person. Two or more persons own common tenants’ property at the same time. Meanwhile, community property is only recognized in the estates. It is a special form of joint tenancy between husband and wife, each owning one-half of their properties. Upon death, the decedent’s interest passes in a manner similar to tenants in common.
The basics of real estate are the best information needed in order to understand real estate law. With this basics information, although real estate is very broad, you have the capabilities of understanding it into its deeper sense.