5 Things To Know About Entering Real Estate Law

Real estate law is also referred to as real property law. Real estate laws govern the selling, buying, and ownership of land and buildings. Aside from acquiring and transferring property deeds, titles, and ownership, real estate law can also involve aspects of estate planning and taxes. 

Just like any other profession, anyone who wants to become a real estate lawyer should be ready to equip themselves with knowledge concerning the field.   

For starters, you need to know what the real estate laws in your state are since these could vary from one state to another. If you need help, you can also hire experienced professionals from the law firm of Ryan Gibbs, for example, if you need to settle deeds and taxes of various real properties that are located in two or more states. Also, You can check out this quicken willmaker & trust software through which you can manage your real estate without hiring an attorney.

If you’re curious about the basics of real estate law, below is a list of five things that you can start acquainting yourself with if you want to enter this field:

1. Real Estate Zoning 

As a real estate attorney, you need to know the general boundaries that spell out what property owners can do or can’t do with their property. Real estate laws place this restriction through zoning. Zoning classifies land into several categories—agricultural, industrial, commercial, or residential. Under them, there are subcategories detailing restrictions and requirements.  

Zoning is done from the local level. Not following zoning rules may result in huge penalties. So, as a real estate lawyer, you ought to work closely with your zoning board and local government to advance your client’s interests or challenge certain restrictions.  

2. Real Estate Taxes 

Like other properties, real estate is subject to taxes, and these don’t come cheap. Aside from the capital gains tax—which only issues when a property is sold—there are also property taxes that would accrue to the owner annually. 

As a real estate attorney, assisting your client with tax obligations, benefits, and exemptions is part of your work. You can also challenge levied taxes on your client’s real property through legal proceedings and tax appeal boards.  

3. Property Tenancy And Leasing 

The current occupant of a real estate property is not always the owner. Real estate laws also govern leasing contracts and landlord-tenant relationships. As a real estate lawyer, you need to know how to guide your clients on the proper leasing terms that are not contrary to the laws of your state. You need to assist your client in drafting, understanding, and negotiating lease agreements to avoid potential legal issues.   

4. Real Estate Short-Term Rentals 

Short-term rentals refer to house rentals and hotel stays that are also regulated by local residential restrictions and real estate laws. The terms governing this area are quickly transforming across the US because many real estate property owners are resorting to websites to find tenants and guests for their properties. 

As a real estate lawyer, you may represent home-sharing websites, governments, homeowners, or their neighbors in lawsuits to debate, enforce, or challenge home-sharing restrictions.  

5. Owning Title To A Property 

There are several types of ownership, and lawyers must help clients understand the difference, advantages, and disadvantages between these types. Aside from individual ownership, you can also own property along with others in an arrangement called tenancy in common. When you own a property in this type of ownership, you can sell or mortgage your share.  

 Another type of ownership is joint tenancy. This arrangement is usually recommended for married couples, but it can also be used by a group of people who want to own a property together. In this type of ownership, each owner enjoys the right to survivorship. In other words, when one of the co-owners dies, their share goes to the surviving co-owners. This right is not available in a tenancy in common where the share goes to the co-owner’s heirs upon death. 

Since types of ownership may vary, the words used in any contract or deed are very important. Your real estate lawyer ought to be good in the choice of words. One word can change the meaning of everything. A real estate lawyer must know how to draft ownership agreements in a clear and precise manner to avoid confusion, conflicts, and litigation.

Conclusion 

Real estate is considered a very valuable investment. Transactions in this sector are worth millions of dollars. If you’re planning to join the field of real estate law, know that clients will depend on you to help them transact legally and uphold their rights and obligations as property owners in their state.