Real Property & Personal Property
Most of the legal concepts and rules associated with different types of property are derived from British common law. Back then, "real property," often shortened to just property, generally referred to land and fixtures upon land. In modern times, real estate has become an American umbrella term for buying, selling, renting, and using the land.
Real property is land and ordinarily anything erected on, growing on, or affixed to it, including buildings and crops. The term land, in its general usage, includes not only the face of the earth but everything of a permanent nature over or under it, including minerals, oil, and gases.
Personal property, meanwhile, is anything other than land that can be the subject of ownership, including stocks, money, notes, intellectual property as well as intangible property.
Real Estate Sales & Purchases
When a piece of property is sold, real estate brokers or agents are often hired by the seller to obtain a buyer for a property. Real estate brokers, agents, and salespeople are licensed and regulated by local and state laws.
A real estate agreement between a buyer and seller of real estate is governed by general principles of contract law and individual state laws. The sale or transfer of real property is almost always required to be in writing. It is often required in real estate contracts that the title to the property sold be "marketable." A real estate lawyer or a title insurance company is frequently employed to navigate real estate transactions.
In order to pass the title, a deed with a proper description of the land must be executed and delivered. Some states require that the deed be officially recorded to establish ownership of the property and/or provide notice of its transfer to subsequent purchasers.
Landlord / Tenant and Land Use Laws
In addition to the purchase and sale of lands, states typically regulate the renting or leasing of property for residential or commercial purposes. Such laws cover a range of practices, such as how security deposits are handled, evictions, and more.
State and local laws may also have a substantial effect on how owners use their property. Zoning and environmental laws affect development and construction projects. Further, community or homeowner association rules affect the use of property in many modern residential communities.
How a Lawyer Can Help You When Buying or Selling a Home
It isn't always necessary to hire an attorney when selling or buying a home, but they are really important at times. Real estate transactions involve numerous legal matters, including contracts and a multitude of regulations. Since one's home is typically the biggest purchase an individual will ever make, it's very important to get legal help when necessary.
Sometimes, for example, real estate agents will use stock forms downloaded from the Internet that may not address certain legal matters. The consequences of not fully understanding certain contractual language (or failing to address certain aspects of the transaction) can lead to potentially expensive surprises.
The main document in a real estate transaction is the purchase agreement, which contains all of the terms and costs associated with the sale. Even if you don't work with a lawyer in the early stages, you may want to have an attorney review the purchase agreement.
How a Lawyer Can Help You When Renting Property
As with purchasing or selling a home, renting a property also centers around the terms of a written contract. While landlords are prohibited by law to discriminate against prospective tenants and certain lease terms are illegal, it is generally up to the tenant to review and understand the agreement. While an attorney can provide valuable feedback about the terms of a lease, tenants typically do not hire lawyers when renting a property.
However, you may need to work with an attorney if you have an irreconcilable dispute with your landlord. This may include a disagreement over how much deposit is owed at the end of the lease; the meaning of certain contractual terms; or even an eviction. A real estate lawyer specializing in landlord-tenant law can review your lease agreement, assess the conflict, and suggest the proper course of action.
Working with an Attorney: Legal Fees and Agreements
Most initial consultations with attorneys are free. But eventually you will have to sign off on a fee arrangement. Lawyers may charge a fixed hourly fee, a contingency fee (based on collected damages), or even a flat fee. Different fee structures make sense for different situations. For instance, you may just want to pay the hourly fee if all you need is an hour or two of the lawyer's time. If it's a relatively simple and predicable process, you may consider entering into a flat fee arrangement.
Get Legal Help with Real Estate Transactions
Real estate transactions can come with their fair share of legal issues. A real estate attorney can help you navigate these difficult issues. Whether it be commercial real estate, residential real estate, estate planning, commercial leasing, liens, easements, or other property transaction issues, a real estate lawyer will provide legal advice and expertise tailored to your situation.
Contact a real estate attorney today.
