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Real Estate Law
Buying or selling of real estate property is completely a different kind of transaction from buying or selling of personal property like cars, clothing, and home appliances. While all types of sales transactions involve transfer of ownership which may rise into some legal problems, a whole body of complex laws becomes involved in the simplest of real estate transactions.
Real estate has a unique nature, and this distinctive characteristic has induced the development of an equally unique body of laws and rights. While general property law is part of laws affecting real estate, it is only one of the many important areas of real estate law. Other laws that affect real estate transactions include contract law, environmental law, fair housing laws, real estate license laws, law of agency covering the responsibilities of real estate agents/salespersons to those who hire their services, and tax laws. Real estate transactions are not only regulated by federal and state statutes and regulations, but they are also affected by local land-use and zoning laws.
Since the real estate law is generally governed by state law, you will find some variations among different states. As a general rule, it is the law of the state where the property is situated that governs. For example, if a Pennsylvania couple own a vacation home in Kissimmee, the laws of the State of Florida control their ownership rights to the property; this also applies to the form and content of all legal documents and procedures governing transactions on the property, such as sale, lease, financing, inheritance, etc.
The complexity of real estate transactions increases in direct proportion to the complexity of the laws that affect them. Consulting an attorney who has expertise in real estate law before entering into any transactions relating to real property will help you protect your interests and avoid costly future litigation.