The practice area of real estate and property law deals with a variety of related issues, including the following: rights and interests in real estate and real property; sales, purchases and other transfers of real estate and real property; legal aspects of rental property and landlord issues; tenants’, renters’ and homeowners’ rights; title to real property; settlement of claims against property rights; property development; zoning and land use; related agriculture issues; home loans and foreclosures; and various other relevant topics. This is a complex practice area, further complicated by the significant inconsistency in the laws throughout different cities and states. Real estate attorneys are versed in many different activities, from the mundane drafting of deeds and filing of liens to handling boundary and zoning disputes and even assisting families in court when threatened with foreclosure.
The law recognizes three types of property. Personal property consists of moveable items, such as furniture. Intangible property refers to ownership that does not have a physical existence but that may be represented by a physical item, such as a stock certificate. Real estate refers to land, as well as anything permanently attached to the land, such as buildings and other structures. Some people use the term “real property” to refer to land without structures.
The legal definition of real estate or real property is land and the buildings on it. Real estate law governs who may own and use the land.
First, real estate may be either residential or commercial. It can be owned by one person but used by another through rental arrangements. Land can be bought or sold, and due to its high value, there are many local laws that ensure real estate transactions are properly performed and recorded. Land may also pass between family members through estate planning, or maybe owned by more than one person. Finally, state and local governments have rules concerning the purposes for which land may be used — for example, each plot of land must be used according to local zoning laws, and landowners may not damage the surrounding environment.
Terms to Know
- Title: A legal term describing who officially owns the land.
- Mortgage: A loan that covers the price of a house. The new homeowner must give the lender partial ownership of the house as collateral.
- Foreclosure: The process by which the lender takes control of a house if the owner fails to pay back the mortgage.
- Closing: The meeting in which ownership of real estate is officially transferred.
- Escrow: Money or property held by a third, disinterested party for safekeeping.
- Real Estate Agent: A professional licensed to negotiate and conduct real estate transactions.
Buying a Home
- Home Buyer Resources
- Home Buying Guide
- Home Buying Process
Selling Your Home
- Home Selling Basics
- Home Selling Process
Foreclosure
- Avoiding Foreclosure
- Foreclosure Process
- Foreclosure Scams
Land Use Laws
- Easements
- Eminent Domain
- Trespassing
- Zoning
Owning a Home
- Condominiums and Co-Ops
- Covenants, Conditions & Restrictions
- Home Improvement and Contractors
- Home Owners’ Associations
- Homeowner Liability and Safety
- Insuring Your Home
- Property Taxes and Deductions
- Timeshares
Mortgages and Equity Loans
- Borrowers’ Rights
- Home Equity Loans
- Mortgage Liability
- Mortgage Loan Scams
- Mortgage and Loan Basics
- Qualifying for a Mortgage
- Reverse Mortgages
Landlord-Tenant Law
- Eviction
- Landlord Rights
- Landlord-Tenant Disputes
- Rent and Security Deposits
- Rental and Lease Agreements
- Repairs and Maintenance
- State Resources
- Tenant Rights
- Amendment of Lease
- Assignment of Lease
- Cancellation of Lease
- Commercial Lease
- Equipment Lease Forms
- Farm Lease Forms
- Inspection/Inventory
- Landlord Closing Statement
- Lead Paint Disclosure Forms
- Lease Application
- Lease-Purchase Agreement
- Lease Subordination Forms
- Lease Termination – Notices
- Notice of Lease For Recording
- Option to Lease
- Residential Lease
- Residential Lease Package
- Residential Lease Extension
- Sub-Lease Forms
- Temporary Leases
Neighbors
- Neighbor Disputes
- Neighbors and Trees
- Property Boundaries
Litigation .
Litigation in the real estate area involves the representations of real estate owners, buyers, sellers, lessors, brokers, lenders, and developers in, among other things, contract disputes, mechanics lien and construction disputes, eminent domain proceedings, title disputes, loan service and foreclosure issues, and bankruptcy.
- Sales and Acquisitions. The representation of buyers and sellers in the acquisition and disposition of the various kinds of real estate including office buildings, retail centers, hotels, industrial properties, residential properties, and manufactured housing communities.
- The examination of title to real estate, evaluation of title exceptions, and negotiation of title insurance policies.
- Land Use and Environmental. Land use entitlements, due diligence investigations, Brownfield developments, and compliance with Environmental Laws and federal and state Endangered Species Acts.
- The negotiation and preparation of development and construction agreements and the other documents required to develop and construct office buildings, shopping centers, mixed-use projects, free-standing units, and industrial sites.
- The negotiation and preparation of office, retail, and industrial leases and long-term ground leases.
- The representation of lenders and borrowers in real estate secured loan originations, loan sales, and purchases and other debt arrangements, including permanent financings, construction loans, bridge loans, conduit loans, mezzanine loans, shared appreciation loans, and portfolios of non-performing loans.
- Joint Ventures. A very large proportion of real estate transactions involve joint ventures between capital sources and developers. Therefore, a real estate firm must be in a position to structure and negotiate partnership agreements, limited liability company operating agreements, shareholder agreements, and other forms of joint venture arrangements and advise on the tax aspects of the transactions.
- Restructuring and Workouts. Not all real estate transactions are successful. Real estate lawyers, therefore, must be in a position to advise lenders, borrowers, partners, landlords, tenants, and developers when a transaction goes bad. This will involve transactional, bankruptcy, tax, and litigation work. It will include loan modifications, foreclosures, deeds in lieu of foreclosure, discounted loan payoffs, loan forbearances, REO sales, joint venture modifications, buy/sells, forced sales, lease and development modifications, bankruptcies, receivership actions, and guarantee actions.
Related Practice Areas
- Tax Law: Having real estate, particularly real estate that is mortgaged, has a big impact on most family’s taxes. Understanding the tax code can prevent families from overpaying on their taxes.
- Accidents and Injuries: Homeowners may be liable for injuries sustained on their property.
- Estate Planning: Some people are very concerned about keeping real estate within the family. Estate planning attorneys can help them achieve that goal.
- Insurance Law: Most landowners have homeowner’s insurance, which protects their property against various types of damage.