Real estate, when literally defined means the property, mostly consisting of land, but also including the buildings on it, as well as the natural resources naturally found on the site. But most commonly, real estate is known as the profession of buying, selling, or renting land, buildings and even housing. Many people, especially businessmen consider the business of real estate as one of the safest investments in the trade.
But before getting acquainted with the whole real estate investment business, one must first familiarize his or herself with the laws surrounding the trade, known as real estate law. By studying real estate law, even just the basics of it, you have increased knowledge on the subject enabling for the fast and smooth transactions of your properties. With real estate, especially when you are selling or acquiring property, you need to familiarize yourself with its laws, and that includes the procedures and necessary paperwork involved.
Originally, real estate law is one of the more archaic or dated laws in existence. And hence, as mentioned, real estate law was a law that most people found difficult to immerse themselves in, but nowadays this does not hold true anymore, as the rights as well as the responsibilities involving the law have been updated.
Perhaps the most basic rule of real estate law is owning real property. Real estate law states that when you own a property, you have the absolute right to do what you want with it, as long as it does not violate some real estate laws. Selling the land, leasing it, renting it to some people, transferring its ownership, even using it as a collateral for loans, and just plain giving it away is legal under real estate law.
But with real estate law, when owning a property, you also face imposition of restrictions. There are different real estate laws that can vary from what state or part of the world you are in, but the most common are probably the ones listed below.
Zoning laws are an essential part of real estate law. The zone where your property is located plays a huge role when erecting a structure on said property. The different types of zones are residential, industrial, agricultural and commercial.
Another essential component of real estate law you need to keep an eye out for is the risk of environmental hazards. Environmental hazard in real estate law is concerned on what materials are allowed to be stored on a property, and when disposal is concerned, who is in charge of the process. Lastly, there is also the need for public easement and right of way in any property. You should always provide access to surrounding properties in the form of roads, pathways and sidewalks.