To understand the concept of Real Estate Law, it is first important for us to know about Real Estate. So let us give you a brief introduction about Real Estate.
Real Estate is any property, movable and immovable, consisting of land and building for the purpose of buying, selling or renting land, house or a building. The term real estate is often interchangeably used with “realty”, and “real property” which also means encompassing more than tangible assets such as the houses, trees, bushes and other such things that are everlastingly associated and attached to the land. Besides including these, real estate also includes interests, rights and benefits that are legally attached to the property one is purchasing. Holding a property gives the owner the right to own not only the land but also the air above it, the permission to drill beneath the ground and other such benefits.
People who deal with selling of property to a buyer are real estate agents. Real estate agents are entrusted with handling the legal formalities of assisting the buyer, taking care of the taxes to be paid, paperwork to be done, handling the documents whilst ensuring a smooth exchange of money between the buyer and seller.
Real Estate Law in the U.S differs from country to country. For example; in Mexico, foreigners are not permitted to make a purchase of land or a home within a boundary of 50 km of the coast or 62 miles from the border until they hold a title in a Mexican trust. Other than these few differences, there are also some similarities between real estate laws in the U.S such as the paper and legal work to be taken care of.
In brief, the actual US Real Estate law consists of the following which the buyer, seller and the real estate agent should consider while sale and purchase;