Whether you're investing in real estate overseas, renting an apartment, or selling land, knowing the legal aspects of real estate can help you protect your rights. In most real estate disputes, issues arise due to different interpretations of the laws. The problem can be resolved quickly by hiring an attorney practicing real estate law.
Transactions related to real estate can be quite complex and confusing. That's another reason you'll be better off working with a reliable real estate attorney.
Whether your dispute involves rented property, title defect, zoning violation, or something else, this guide covers some steps you can take to navigate most real estate problems.
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Understand the Basics of Real Estate Law
First, it is essential to learn what real estate law is.
It refers to laws that govern the purchase, sale, and inhabitation of real land. It covers legal issues surrounding the use of the property and the structures attached to it. It includes subtopics like property taxes, deeds, estate planning, zoning, titles, foreclosures, landlord-tenant relations, and more.
Real estate attorneys are often hired to supervise these transactions. However, knowing the basic legal aspects of real estate can help you make the best of your attorney's services. It can also help you avoid legal trouble when dealing with property.
If you want to learn more about real estate law, there are plenty of free and paid real estate courses available online. And to stay in the loop about real estate news and updates, these reliable sources will help:
Investing in offshore real estate is a lucrative option if you want to look at more secure opportunities to build your wealth. While properties abroad fall under their own specific real estate laws, stable economies will ensure that they maintain their value and even increase it.
The Middle East is one such region with some of the most prosperous economies in the world, like UAE, Saudia Arabia, and Qatar. Especially so in the UAE, where Dubai properties promise attractive yields and a stable real estate market for potential investors who are non-UAE nationals.
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Know the Federal, State, and Local Laws That Apply to Your Situation
Real estate laws vary depending on the location of the property. In the United States, state and local laws cover most zoning and tenancy regulations. Federal laws may also come into play in certain instances, such as the Fair Housing Act, the Dodd-Frank Act, the Real Estate Settlement Procedures Act (RESPA), or the Truth in Lending Act (TILA).
These laws change over time depending on changes in tax structures, rising development costs, if needed during a housing crisis, etc. If you're looking for updated laws regarding your property, the U.S. Department of Housing and Urban Development is your best source.
Another good source should be your local or state government's official website. You can also contact their offices directly if you have inquiries.
You will find that states have vastly different real estate laws and regulations for the same subject matter. Here are a few examples:
- States like Alabama and New York require a real estate attorney to be present for closing duties.
- Homestead protections are very different in Texas compared to New Jersey or Pennsylvania.
- In New York, only 15% of the land is dedicated to single-family housing. Whereas San Jose dedicates 94% of the city's land to single-family housing.
While learning the basics of legal aspects of real estate can help you make better investment decisions, it cannot be a substitute for the services of an experienced real estate attorney.
Hire a Reliable and Experienced Real Estate Attorney
Real estate attorneys specialize in the very strict laws governing property-related transactions. They work closely with real estate agents and can perform many different tasks and provide a wide range of services. They can consult and supervise the purchase or sale of a property, coordinate with the other party's attorney, prepare or review documents like purchase agreements, handle transactions, etc.
Their primary responsibilities are to ensure their client's interests are protected, and the final transaction is legal and binding. In dispute cases, an attorney's responsibilities include providing legal representation to get the best possible results for their client.
Since real estate laws differ by state and local government, the attorneys must be licensed to practice in a particular state.
Your real estate attorney must be reliable, ideally with relevant experience dealing with the issues you face. Below are the aspects you want to look into when searching for real estate attorneys.
- Ask for referrals and suggestions from the people you trust.
- Perform online searches.
- Get in touch with the local or state bar association and ask them for recommendations.
- Check client testimonials and reviews of attorneys from tools like Avvo, Justia, or Martindale-Hubbell.
- Check the attorneys' qualifications and confirm their expertise.
- Check with the attorney if they're available when you need them.
- Go through the legal services they offer and the corresponding fee structure.
- Arrange an interview with the attorneys you've shortlisted.
- Understand what their communication style is and if it works with yours.
Then again, even an excellent attorney won't be able to work in your best interests unless you help and support them. You must provide many documents/information on your end to ensure your lawyer can do their best when handling your real estate transaction or dispute.
Below are some examples of easy ways you can support your case by working with your real estate attorney.
- Use the first consultation with your attorney to discuss what results you're expecting.
- Make sure you're on the same page with your attorney by maintaining direct communication with them.
- Ask them for an explanation if you're confused about the elements of a law or certain legal terms.
- Share all the necessary information and documents for your case.
- Promptly acquire any documentation or information your attorney asks of you.
- Track every step of the legal process and share all the updates with your attorney.
- Let your attorney know immediately if any changes or problems occur at any point.
- Listen carefully and follow all the instructions.
- Respond clearly and follow up promptly to all communications.
- Before signing any document or contract, thoroughly review it and seek your attorney's advice on the same.
- Lastly, promptly pay your attorney the agreed-upon fees for their legal services.
Investing in real estate can be daunting - there are so many factors to consider. These legal aspects of real estate are much easier to navigate when you have a good understanding of the laws and regulations and the right attorney support.
You can continue studying the industry through the American Bar Association's real estate law forum.
