In this day and age, it is more important than ever to keep yourself educated about the law. Knowledge of the law can help you protect yourself from legal trouble and even save you a substantial amount of money in legal fees. Here is how you can easily educate yourself on real estate law.
1. Find out about property law
Property law refers to the rules and regulations that affect how a person’s property is managed. It determines who owns the property, what can be done with it and sets out various punishments for violations of those rules. There are three main forms of ownership for real estate: sole ownership, tenancy in common, and joint tenancy. In a sole ownership arrangement, one person owns an entire piece of property without any co-owners. There are websites that include www.attwoodmarshall.com.au, where you can find out about selling and buying properties. When two or more people own an asset together but have no other co-owners, they hold it as tenants in common. Finally, when two or more people own a piece of property together and each has equal rights to possess it at any given time, they hold it as joint tenants with the right of survivorship.
2. Familiarize yourself with contract law
Contract law is the set of rules that determine how the rights and responsibilities of the parties involved in a contract are enforced. There are many types of contracts, but each one contains two elements: an agreement and consideration. An agreement is simply the meeting of the minds on the terms of the contract. Consideration means that both parties involved in a contract must benefit from it to some degree or another. There are several types of contracts that involve real estate. For example, a rental contract is an agreement between the owner of a property and a tenant that grants the latter the right to use and occupy a property for a set period of time in exchange for money or other compensation.
3. Know about estate planning law
Estate planning law is the branch of civil law that deals with how property is distributed after an individual dies. Such laws are designed to protect the property of the deceased and ensure that it goes to the right people. There are numerous types of estate plans. For example, a will is a legal document that sets out how you want your property distributed once you die and who should be responsible for managing it until then. A trust is another way to set out your wishes for what should happen with your property after death, along with the management responsibilities. A living trust allows you to appoint someone to manage your affairs while you’re still alive and makes the process of transferring property after death smoother.
4. Know about landlord-tenant law and covenant law
Landlord-tenant law is the branch of civil law that covers all aspects of real estate leases and tenancies. A tenancy agreement grants one party possession of an asset in exchange for paying rent to the other party. One extremely important aspect of landlord-tenant law is the doctrine of warranty of habitability. This means that, if necessary repairs are not made to keep premises habitable, your rent payment can be withheld until those repairs are carried out. Covenant law is a set of rules governing real estate restrictions such as deed covenants, easements, equitable servitude, and restrictive covenants. Covenants limit what you can do with your property or grant others certain rights over it. For example: if you purchase land that has a restrictive covenant on it limiting development to single-family homes only, then you won’t be permitted to build anything different because the restriction still applies even though you own the land now.
Why is it significant to know real estate law?
When you buy and sell property, whether it’s a house, condo, land, or commercial property, the law is involved in every step of the transaction. When buying a home, before signing any contract or money exchanging hands, it is important to understand what you’re getting into. Legal issues arise from every aspect of real estate transactions, from contracts between buyer and seller to leases with tenants. The best way to ensure that your interests are protected during a real estate transaction is to be aware of the laws involving them so that any legal problems can be dealt with appropriately if they happen. By knowing these laws, you will be able to protect yourself and your interests. Of course, it is always best to consult with a licensed realtor and make sure the business goes smoothly.
Knowledge about real estate law will not only ensure that your rights as a buyer or seller are protected but also help avoid expensive lawsuits. Use these tips above to familiarize yourself with real estate laws and stay protected when doing business.