Real estate law is law that governs the various forms of ownership ,tenancy or leasehold in property within the common law system.Real estate law dictates how a person buys a house,how one becomes a legal owner of a property and how one becomes a leased.
House buying and home owning must be guided by certain rules that makes sure the building has no errors.Never should you buy land or property that has no legal documentation.We also have laws governing landlords and tenants.Landlords are typically allowed to exercise some rights that includes repairs,providing premises fit for purpose, increasing or decreasing real estate prices.
Tenants are supposed to perform many duties that are stipulated in the landlord and tenant law,these duties include payment of rent ,rates as agreed, reveal any material disclosure and reparation for any breach.Mortgage law is contained in the real estate law which is used as a security or collateral for a debt that the borrower has to pay in full after some time. With this law it is stated that if one defaults payment,the owner can take the property back .Once the terms and conditions of the mortgage are fulfilled the land is returned to the legal owner.Real estate law provides for equity in land or property ownership,the equitable interest is based on equity on equitable grounds.Mostly equity laws are contained in the common law connotation.
Another important real estate law is the foreclosure law ,it allows the mortgage lender to take possession and sell a home,land or house when the borrower has defaulted the debt.Laws that govern real estate are quite useful since they govern how the tax system is going to be.Where landlords have insured their houses against fire and other things it may be easier for them to be compensated. With real estate laws one is able to understand and know that there property accumulates to certain amount, this is vital especially where people do not how much land they own or they just guess.If your tree branches are hanging in your neighbors premises it is advisable to cut them,since the neighbor has the right to sue you of trespass.
Real estate laws are required and one has to be throughout with them especially for new buildings ,they may have construction errors.Other benefits include dealing with drafting of contracts,when it comes to making agreements in real estate ,real estate laws may guide the process.Landlords are guided by real estates laws to grant property for residential or commercial or community use.Real estate laws guide how one uses his or her property,they are also applied in addressing liens and title concerns.