Having some idea about property law should help buyers and sellers to create realistic contracts that abide by the law of the land. This is very important because the real estate laws can vary from state to state, and have more clarity you can consult a lawyer belonging to a law firm like Reich Law Calgary who is well conversant with real estate transactions. To own a property, you must first know about your eligibility for buying the property by knowing the provisions of the property law of the state of the city for which you must have some knowledge about property law. By knowing the property law, you can incorporate suitable conditions in the contract that is legally binding on the buyer and seller while protecting the interest of both parties.
Real property and personal property
The relevance of property law is most felt when preparing the legal documents related to a property transaction, and you must know the difference between real property and personal property. In legal parlance, real property refers to land all and all structures constructed upon it as well as the natural vegetation like trees and foliage that grow on it. On the other hand, personal property is any movable or immovable property that you own. It can include anything from a car to home furniture to electronic gadgets and equipment, jewelry, and anything other than land and building.
Property law encompasses different aspects of real estate transactions by addressing various topics described below.
Property transfer and ownership
To own a property, you must know the legal requirements that you must fulfill, and even to sell the property, you must know what to do to transfer the ownership lawfully through gifting or sale. Knowing the types of ownership, like sole ownership, joint tenancy with others, and other types of ownerships that underline the rights of owners permissible under the law, should help in the property transaction.
Writing a deed
A deed is a legal document written by lawyers that state the ownership of the real estate. A deed must protect the interest of the owner by incorporating suitable conditions that are lawfully valid like a warranty deed that guarantees the buyer free and clear title or ownership to the property. Having a quitclaim deed does not confer ownership of the property, but only the rights enjoyed by a person in the property law of the state stipulates how to create an effective deed and record it.
There can be some restrictions imposed by the government in the manner of dealing with some real estate by using the provisions of the zoning laws. Zoning restrictions might identify certain properties for residential use only or earmark it for exclusive industrial use. Knowing the zoning laws of the place should help to avoid targeting the wrong property.
Issues related to real estate arise from the property law of that state. Since real estate transaction is serious business, having legal clarity will help to avoid unwanted hardships and hurdles in real estate transaction.