Legal Articles

Thursday, 5 February 2015

Real Estate Law Explained for Small Businesses

Real Estate Law Explained for Small Businesses

Real estate law is a common term used in many countries such as the United States, United Kingdom, Canada and New Zealand. It is used to define property that comprises of land and also the fixed structures constructed on it, such as houses, buildings, warehouses etc. It also includes all the natural resources on the land such as crops, minerals and water supplies.

Property law and real estate law covers a broad area of law, which is governed by federal and state governments as well as judges made by common law. Many aspects in this area of law are also overlapped with the laws of contract. Apart from the physical aspects of the land, this area of law also covers the benefits and interests on the land, as well as the rights that are legally considered as attached to the property. This can include rights of entering the air space of the land, using the underground land for various purposes such as drilling and piping. It also includes the rights to live on the property, either for a specific time or permanently.

The practicing area of property and real estate related laws often deal with different types of related issues. These can include the interests and rights present within a particular property, sale of the land and other type of transfers of the land; both monetary and nonmonetary. Legal aspects such as tenancies, rents, mortgages, licenses, foreclosures, development, zoning, land use and leases are also various issues that arise in the court of law.It is a complicated area of practice and further inconsistency arises with significant inconsistency in the laws of different countries, and more likely with different laws of cities and states within a country. The 
real estate lawyers and attorneys of land law are involved in various different activities such as the drafting of deeds for their clients, filing of security interests in relevant departments, handling zoning, boundary and foreclosure disputes in the court of law.

Many of the court cases involve problems of the leasehold estate. This is a relationship of a land owner and the tenant who has acquired the land on leasehold, for a contracted time and value. Issues that often arise regarding leaseholds are when a tenant fails to make rent payments on the property or refuses to vacate the property on the end of the contracted term. Further provisions that aid the tenants in this area of law is when he wishes to create a sub-lease on the land i.e. they wish to further give the land on a lease, which they themselves have acquired on a lease.

Mortgage issues mostly arise between landowners and banks whereby owners of the land acquire loans form the bank against their real estate property and fail to pay back the loan amount. Licenses are granted by landowners to exercise particular activity on the land as per contract. When the licensee exceeds his contractual authority and uses the real estate property for other purposes. Disputes and cases regarding sales of land and real estate are mostly very generic in nature.

 Real estate Attorney, Real estate Lawyer

1 comment:

  1. Thank you for the explanation, I've been trying to learn more about real estate as I've been looking to start my own business, but I have no idea what to do concerning the real estate part. I would love to make sure I have someone I can go to that understands all of the ins and outs of business real estate. It would help with the process.