Real estate is in fact one of the most harmless investments and a lot of people
use real estate as an investment avenue. Real estate law is not the forte of
real estate attorneys and real estate agents only. Every real estate investor
should understand at least the basics of real estate law. In fact, a short
course or a concise book on real estate law can sometimes be of great help (and
is generally sufficient for understanding the basics of real estate law).
What you need to recognize is the real estate law with respect to the legal
procedures that you need to follow for ensuring a smooth transfer of title to
the property you obtain/sell and other related procedures. You need to
understand the fee structure (e.g. stamp duty, etc) that you need to take care
of as per real estate law. You can also understand the classification of
properties and how the basic real estate law applies to them. How the commercial
and residential properties are treated differently by the real estate law. The
tax laws with respect to real estate are one of the things that would be of most
interest to you. So, your study on real estate law should also cover all the
aspects related to taxes. How mortgages are treated in the perspective of real
estate law is another thing that you should know about. Then again, the real
estate law with respect to tenancy should also be well understood by people who
wish to rent out their property.
still, you should not exceed that i.e. you should not start becoming hysterical
about learning real estate law (lest you end up wasting a lot of time in trying
to learn everything about real estate law and be left with no time to evaluate
your real estate investment). Leave the intricacies of real estate law with the
real estate attorneys (and to some extent real estate brokers who too are taught
real estate law as part of their course for obtaining broker license).
Comprehending legal terms referred to in real estate laws can help you in not
only enhancing your understanding of real estate but also help in making your
conversations with real estate attorneys/agents really fruitful. You should also
note that though some of the basics remain the same, the real estate laws vary
across various states. Also, real estate laws (especially the tax related real
estate laws) can undergo a change over a period of time, so you need to keep a
tab on such changes. Any big changes will anyhow appear prominently in news and
you will get to know of them anyhow. So knowing a little bit of real estate law
can really be helpful (and is, in fact, essential).
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