Real estate law
Real property, also called real property, includes the ownership and possession of land along with anything permanently affixed to that land, such as buildings, garages, improvements, and buildings. Substances found under the ground (such as gas, oil, minerals) are also considered permanently attached. However, other items, which may be attached to the land but are not permanent, such as mobile homes and tool sheds, are not considered real property.
Real property is often considered synonymous with immovable property as opposed to personal property, which includes all other property and is also called real property.
Real estate is one of the oldest areas of law and contains many archaic terms and concepts. Many consumers find the unfamiliar terms used in the real estate game a bit confusing when entering the real estate market. However, today we find that many of the rights and responsibilities regarding real estate have evolved and have been updated as society has changed.
Real Estate Ownership – Real estate law says that when you own property, you have the right to do what you want with the land, except what is restricted by real estate law. You have the right to use the land, rent or lease it, sell or transfer it, use it as collateral for a loan, bequeath it to a beneficiary, or simply give it away. You can also make it inactive, but in some cases, this may violate state-imposed laws.
There are some restrictions imposed by real estate law on the ownership of real property. Although, on the one hand, it is said that one can do what one wants if one owns the property, there are some restrictions imposed by the government: federal, state, national and local law enforcement agencies. Violation of real estate law can result in heavy fines, penalties, court orders, and in some cases, even criminal prosecution. The three most common restrictions are:
- zoning– Zoning laws restrict the use of the property with respect to residential, industrial, agricultural or commercial purposes. The size and height of improvements attached to the property are also subject to restrictions.
- environmental hazards– This tells you what materials can be stored on the real estate, as well as who is responsible for removing environmental hazards from the real estate. These would include government regulated materials such as asbestos, lead paint, petrochemicals, radon, and toxic waste.
- Public Easements and Right of Way– A part of the property will have to be left open for others to use. Easements and right of way are used to allow access to other properties to provide roads and sidewalks, as well as to allow installation of electric/gas/phone/sewer lines.
In addition to the restrictions listed above, there are also some non-government restrictions such as private individuals that may be placed on the use of your real estate. For example, a real estate developer will have to decide on lot sizes, architectural design, and vehicle parking subject to the conditions set forth in the purchase contract. Results for violating private party agreements include liquidated damages against the violator and injunctive relief.
In addition to the rights you obtain by owning real estate, there are also a number of potential responsibilities and obligations to others that result from ownership of real estate.
- You may own property subject to a mortgage. However, if you don’t pay the mortgage, the lender will repossess the property.
- A bond may be posted for the payment of a debt against your property.
- If someone is injured on your property, you may be liable to the injured person for all damages resulting from your negligence.