Real Estate Law

With any costly endeavor comes a lot of responsibility. Buying a home, investing in another piece of property, purchasing a lot, or even leasing a building can be an overwhelming process. The paperwork alone is daunting, and before opting to embark on such an endeavor alone, you had better be well acquainted with the term “fine print”.

Real estate law encompasses many areas, all pertaining to homes, property, etc. Sellers often employ real estate brokers to lure a buyer to their property. Legal issues come into play because of the various contracts that arise during the selling and buying processes. For instance, the contract between seller and broker is called a “listing agreement”. This specifies how or when a broker earns commission on the sale. Depending on the type of contract, the broker may receive commission if he finds the buyer (non-exclusive) or regardless of how the buyer finds the home (exclusive).

A multitude of laws govern real estate transactions. Some of these laws include The Federal Fair Housing Act which prohibits discrimination in real estate transactions. Real estate brokers can not show preference or discrimination because of color, race, origin, religion, or sex.

When a person chooses to purchase a home, it is very important, and required by real estate contracts, that the title is “marketable”. Proof must be provided (proof of title) to the buyer, assuring the buyer that there are no undisclosed interests to the title.

For this reason, a title insurance company or a lawyer who specializes in real estate law is employed at the buyer's cost to verify whether the title is marketable. As in any endeavor that includes costly, legally binding contracts, sometimes it's best to consult a professional to help you decipher the “fine print”.

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