Owning property is one of the most fundamental components of the American Dream! While it might seem like a simple transaction to give someone a sum of money for a plot of land or a home, real estate is not so simple. There are many laws out there that deal with real estate, known as real estate law, for obvious reasons. Real estate law is the set of laws that determine who can own or use land. It’s as simple as that.
Real estate is usually split into two categories: residential and commercial. After that split, real estate law becomes a little more convoluted. You might have certain portions of real estate zoned only for certain types of commercial building or a residential plot that wants to be purchased or changed into business zoning. Real estate laws and real estate lawyers determine how plots of land and structures on them are to be used and when or if those uses can be altered.
While the average potential homebuyer might not need a real estate lawyer, some can benefit from the advice of a real estate lawyer. Especially in cases where the previous owner or tenant left the home with issues or wants to put a stake or lien on the property, real estate lawyers would certainly be required in those cases. A real estate lawyer can also be consulted with before the official closing to ensure that all parties and documentation is accounted for.
If you need help with real estate law or want to have your purchase agreement reviewed, contact our real estate law practiced attorneys here at Koontz & Smith, Attorneys at Law!