Real Estate Law. What is it and what do I need to know?
Real estate is defined as, “property in buildings and land,” by Merriam-Webster, and real estate law address buying, selling, leasing, and renting both commercial and residential spaces. It can also address issues with property and boundary lines, disputes between landlords and tenants, zoning, and land use issues. Additionally, real estate law deals with financial aspects, such as liens and mortgages.
Terms to Know
When talking about real estate law, there are a few terms you’ll often hear. Here are a few you’ll want to know and what they mean.
- Broker: Brokers are the people that will assist you in the buying and selling process, and is another name for a real estate agent. They can help you find property, whether it be commercial or residential, sell property, and will help you understand and complete all required paperwork.
- Title: a title is a legal document that tells who officially owns the land.
- Mortgage: a mortgage is a loan that will cover the price of the property.
- Foreclosure: foreclosure happens when the owner can no longer pay the mortgage, and the lender takes control of the property.
- Buyer’s Duties: buyer’s duties refer to the obligations a potential buyer of property must fulfill and can include inspections to reveal zoning or structural defects, or to see if there are any liens on the property.
If you’re looking for help with these or another type of real estate law, the experienced professionals at Skinner & Associates can help. Give us a call today at 614-664-0200 to set up an appointment, or visit our website to learn more about our services and how we can help you.
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