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Laws for
Real Estate deal with matters relating to the purchase and sale of land,
including the contract for the sale of land, the deed, title insurance,
the recording system, mortgages, and mechanics' liens. Also includes laws
pertaining to easements, licenses, and other rights to go onto property
as well as the governments right of eminent domain.
- What
is Real Estate?
The term real estate, or "real property," refers to the ownership
of land and interests in land.
- Real
Property Law
The law of real property refers to:
- the
series of rights and duties accompanying interests in land, including
the rights and obligations pertaining to the purchase and sale of
real estate, such as a home, condominium, or office
- co-ownership
of land, easements, and other non-possessory entitlements to use
another's land for some narrow purpose (such as for parking or recreation),
zoning, and eminent domain
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The Purchase and Sale of Real Estate: From Contract to Deed
Every conveyance of real estate consists of a two-step process. First,
there must be a land contract. The land contract is short-lived and
endures only until step two, the closing of the transaction.
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Title and Title Insurance
Title to real property is best understood as ownership of land and the
right to use it, with all of its rights, privileges, and duties.
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Forms of Co-Ownership of Land
The law recognizes three principal forms of concurrent or co-ownership
of land.
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Condominiums and Cooperatives
Condominiums and cooperatives are forms of "common interest ownership"
in land.
- What
is Adverse Possession?
Adverse possession is a right which arises in property as a result of
continued use and occupancy over a period of time, generally 10 to 20
years depending upon the state.
- What
is a Lien?
A lien is a charge or encumbrance on property for the satisfaction of
a debt or other obligation.
- Mechanic’s
and Materialmen’s Liens
Mechanic’s and Materialmen’s liens are special rights given to individuals
and businesses making improvements to real property. Mechanics and materialmen
include any worker or business supplying building materials and supplies
for the construction or improvement of real property, or any services
such as contract, plumbing, painting, and the like. In some states,
professionals such as architects, engineers, and surveyors may also
be entitled to a lien for services rendered.
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Mortgages
A mortgage is the conveyance of an interest in land that is intended
by the parties to be security, or collateral, for the repayment of a
monetary obligation.
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Zoning and Variances
State and local governments have the power to enact statutes and ordinances,
known as zoning regulations, in order to reasonably control the use
of land for the protection of general health, safety, and welfare. The
power to zone land comes from the state's constitutional police powers.
- Eminent
Domain
Eminent domain is the power of government to take private property and
use it for public purposes. The power of eminent domain is recognized
in the United States Constitution, which prohibits the taking of private
property "without just compensation." Although the power of eminent
domain is usually used to acquire land, it may also be used by government
to acquire other forms of property.
Megs Group
email:law@megsgroup.com
803 Rohit House,3,Tolstoy Marg, New Delhi - 110001, India
Telephone: +91 11 23314117, Fax: +91 11 23739117
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