Real Estate Law Homepage

Real Estate Law Homepage

Real Estate Law is the set of laws governing the transference of Real Estate Property. Real Estate Law is made up of many Federal and State Laws as well as parts of Tort and Contract Law.

A Real Estate Broker is contracted by a property owner. The Real Estate Broker is in charge of finding a buyer for the property and usually receives a commission on the sale. The contracts between broker and owner are legally binding and governed by Real Estate Law, laws of commerce and Contractual law.

In order for a piece of real estate to be sold there must be a legal, sellable title. This means that the sellers of the property must own the title of the property free and clear. Usually, an attorney or a title insurance company is hired to investigate the legality of the title before the sale of the property.

Another requirement for the sale of a piece of real estate is that the property has a clear, accurate and legal Deed. A property Deed is a detailed and unique description of the property. The specific functions of the Deed differ from State to State. In some cases, a Deed must be kept on file with the County or State.

Real Estate Brokers must be properly licensed in order to sell property. Their licensing is governed by local State Real Estate Laws. While the specific requirements for licensing differ from State to State, a broker must be licensed in every case.

Real Estate Law includes a Federal Law entitled "The Federal Fair Housing Act" which governs all Real Estate Brokers. This law ensures that no potential property buyer is discriminated against based on his or her race, color, religion, sex or National origin. All Brokers are held to this law across the country.

In order for a property to be sold it must be legally marketable. This means that the Real Estate in question must be deemed safe by local laws and standards. A piece of property may not be marketable if its ownership or building permits are under dispute. A Real Estate Attorney, prior to the sale of the property, may investigate this.

There is a contract between the buyer and the seller of the property in any real estate transaction. This aspect of Real Estate Law is generally covered by contractual law, as well as specific State and Federal Real Estate Laws. The contract must be written and must contain all necessary aspects of a legally binding contract.

Real Estate Law is actually a broad range of State and Federal Laws covering every aspect of the transference of Real Estate. There are many people and steps involved in Real Estate, and many laws to protect these people and their personal interests. Real Estate Laws are far reaching, detailed and, most importantly, valuable to consumer and seller alike.