Real estate law: What is It?
Real estate is truly one of the least dangerous investments and a
lot of people use real estate as an investment avenue. Real estate
law is not the forte of real estate attorneys and real estate agents
only. Every real estate investor should understand at least the
basics of real estate law. In fact, a short course or a concise book
on real estate law can sometimes be of great help (and is generally
sufficient for understanding the basics of real estate law).
What you need to comprehend is the real estate law with respect to
the legal procedures that you need to follow for ensuring a smooth
transfer of title to the property you acquire/sell and other related
procedures. You need to understand the fee structure (e.g. stamp
duty, etc) that you need to take care of as per real estate law. You
can also understand the classification of properties and how the
basic real estate law applies to them. How the commercial and
residential properties are treated differently by the real estate
law. The tax laws with respect to real estate are one of the things
that would be of most interest to you. So, your study on real estate
law should also cover all the aspects related to taxes. How
mortgages are treated in the perspective of real estate law is
another thing that you should know about. Then again, the real
estate law with respect to tenancy should also be well understood by
people who wish to rent out their property.
However, you should not go beyond that i.e. you should not start
becoming hysterical about learning real estate law (lest you end up
wasting a lot of time in trying to learn everything about real
estate law and be left with no time to evaluate your real estate
investment). Leave the intricacies of real estate law with the real
estate attorneys (and to some extent real estate brokers who too are
taught real estate law as part of their course for obtaining broker
license).
various legal terms referred to in real estate laws can help you in
not only enhancing your understanding of real estate but also help
in making your conversations with real estate attorneys/agents
really fruitful. You should also note that though some of the basics
remain the same, the real estate laws vary across various states.
Also, real estate laws (especially the tax related real estate laws)
can undergo a change over a period of time, so you need to keep a
tab on such changes. Any big changes will anyhow appear prominently
in news and you will get to know of them anyhow. So knowing a little
bit of real estate law can really be helpful (and is, in fact,
essential).
ABOUT THE AUTHOR
Bob Schwartz, is a Certified Residential
Specialist, CA licensed real estate broker with
www.Brokerforyou.com. Bob
has over 27 years of residential real estate experience, authored a
number of published articles and served as an expert witness for
San Diego lawyers. You can contact
Bob via e-mail at bob@brokerforyou.com or visit his highly popular
San Diego real estate website at:
http://www.brokerforyou.com
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