Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; (also) an item of real property; (more generally) buildings or housing in general. Also: the business of real estate; the profession of buying, selling, or renting land, buildings, or housing.
It is a legal term in some jurisdictions, such as the United Kingdom, Canada, Australia, United States of America, Dubai, Trinidad and Tobago and The Bahamas. ‘Real Estate Law’ is the body of regulations and legal codes which pertain to such matters under a particular jurisdiction and include things such as commercial and residential property ownership, development and transactions. Real estate is often considered synonymous with real property (sometimes called realty), in contrast with personal property (sometimes called ‘chattels’ or ‘personalty’ under ‘chattel law’ or ‘personal property law’). The terms ‘real estate’ and ‘real property’ are used primarily in common law, while civil law jurisdictions refer instead to immovable property. However, in some situations the term ‘real estate’ refers to the land and fixtures thereon together, as distinguished from ‘real property’, referring to the ownership of land and its appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof. Real property is typically considered to be immovable property
Real estate is increasingly an international business and many people are buying properties abroad to enlarge their portfolio. For travel overseas on real estate business, buy travel insurance.
You can find out a lot more about real estate law by clicking here. The Lexis Nexis Knowledge Centre also has a great deal of info.
Statistics of people opting to live in the rural areas is increasing. More and more people are moving from the cities. Cities have become less livable with pollution of all sort, crime and unemployment being on the rise. This is particularly so for the old and young people although the revisions vary. While young people are looking for jobs in the farms, the old want to live quietly in the ranches.
Whatever the case, it is still unfortunate that people buy land before researching and making right decisions. This becomes painful to find that things are not exactly what you expected. Now, the following are the things that you should consider when buying a farm.
Electricity and Water
For a successful farm as a business, you will definitely be needing electricity and more importantly water. Most farms are far off the road where you will need to drive or walk for a considerably long distance to get to the firm. If such is the case, electricity and water are most likely not connected. This can be expensive especially when you have uncooperative neighbors. Consider the cost of these things.
You have to understand that you are looking for a home and the seller in doing business. There will never be a shortage of unscrupulous business people. Make sure you are shown and know all the boundaries of your land.
This is when you will have to use someone else’s property to get to your place or vice versa. If this is the case, then the seller should let you know otherwise you will have problems with your neighbors.
This can be very devastating at the end when you find out that your land is a public property or is allocated for a public project. Make sure you are informed of any future plans by the authorities in that area. The best way of doing this is, knowing the reasons why the seller is selling their property.
Real estate is one of the emotive businesses. Although seriousness, caution and tact is needed in every business, I think real estate is more serious than any other business. I want to believe that it is because of the processes involved and volumes of money that is transacted. It is these and more reason that real estate law is enforced in all countries. In other businesses, there is a common law that govern their operations and guides transactions, but for real estate things are more particular.
If you are in or are interested in real estate business, it would be prudent for you to understand what goes on in your field of interest before you find yourself in trouble. This article is purposely designed for this purpose. Take a look:
This is a collective term. It has synonyms like, real estate, immovable property and realty. These refer to legally defined assets or property. Human effort is used to make improvements on these properties. Example of these include land, buildings, dams, roads, well etc.
This will be very handy for those who intend to lease their property instead of selling. A leasehold is a contact signed by two people, the lesser and the lessee. It binds the lessee to make payment of the property for an agreed duration on agreed terms in the contract.
This is has to do with the beneficiaries. In the contact between the owner of a property and the tenant, there is always a slot for beneficiaries. Upon the death of a tenant, the estate or property is transferred to the beneficiaries of the heir.
This is land that is held at once own right. There is no landlord in this property. The tenant has the right over everything on the land or property.
The previous article dealt with some of the considerations and things you should know before signing a real estate contract. But you should be aware of the type of contact you are signing. Now these are the contracts in real estate.
This is a contract that involves one party mostly the seller. Once the seller approaches the buyer, he makes a promise to sell a property. However, it is in the buyer’s transgression and consent to buy the property. The buyer is not bound to by the property but does so only when he feels like and he has the right not to buy.
This is a contract that involves two or more parties. Both parties sign the contract. For example Zic apartment decides to sell a property to Aplha Company. Both parties make written and signed promises. It is until Alpha Company settles the full amount agreed in the contract that Zic apartments will grant full ownership of the property to Alpha Company.
This is where both the buyer and the seller put their term in a written contact and proceed to sign them. In these contracts, it is the responsibility and the duty of the two parties to honor the conditions of each party once the contract has been signed.
These are the contracts that will never happen in serious real estate agreements, because they are never written. These contacts are verbal agreements that are made by people on the basis of their relationship, friendship, gifts and appreciation of other people. For example A seller or the owner of land might decide to offer some land to a friend or relative. The agreement may be that the receiver of the buyer should take the land after the next harvest.
Buying, owning and renting a house is a common thing in the modern world. More and more people are appreciating the need to own a home. Not only does it cut cost, but also provides privacy. With a lot of people on the rush to have their hands on a house, money is changing hands more frequently and this might be dangerous, bearing in mind that there are always unscrupulous business people. It is for security that contracts are signed by two parties involved in a real estate transaction.
You therefore need to have some basic knowledge about things that are involved in real estate before you get yourself in trouble. Some of this basic information includes:
This means that there is something of value that is given to the seller or buyer in order to fulfill a promise. In other words, real estate deals with valuable items, for example, money.
Concerned parties cannot meet to sign a contract that is based on an illegal trade. Whatever is signed must be a contract that is lawful.
Both parties must be of legal age when signing a real estate contrast. It is illegal in all countries to sell or buy land from a person of less than 18 year of age unless they have a guardian or a parent who will transact on their behalf.
Real estate contracts involve willing buyer and willing seller. The contract should not be signed under any influence of alcohol or involve people of questionable sanity. It should not be signed under coercion, threat or sly manipulation of facts.
All counteracts should be presented for signing to both parties in written form. This is for security and as evidence of a transaction in case you appear in a court of law.