Real estate law comprises different laws that regulate land and the improvements to land such as fences, buildings, wells, and other types of structures that are fixed in location. Real estate law is governed by the federal and state statutes and the common law.
Real estate law covers a wide range of related issues surrounding rights and interests in real estate purchases and sales, transfers of real estate, legal aspects of the rental property, landlords and tenants’ issues, and much more.
The real estate law uses certain terms, and they include:
- Title: The Person who owns the land
- Mortgage: A loan covering the price of a house.
- Foreclosure: The process by which the lender takes over the ownership of a home if the owner defaults in paying back the mortgage.
- Closing: The final meeting at which ownership of real estate is transferred officially.
- Real Estate Agent: A licensed professional that conducts and negotiate real estate transactions.
- Escrow: Money or property in the safekeeping of a disinterested third party.