As the name suggests, real estate law applies to anything involving acquiring, selling, or using property or land. Of course, there's more to real estate than this, which is what we will cover in this article. Keep reading to find everything you need to know about real estate law.

What is Real Estate Law?

Real estate law is also referred to as real property law. It's so-called because it applies to land and all the buildings or structures on it, whether it's residential or commercial land. Real estate law applies to any processes where land is bought or sold. Typically, land is one of the largest assets people have, and when it's moving hands, there's a lot at stake. So it's necessary to have laws, rules, and regulations that govern real estate transactions. This ensures that all parties are protected, and the transactions are conducted and recorded properly. In addition, real estate law also governs how the land will be used.

Real Estate Terms You Need to Know

There are basic terms that help you understand real estate law better. The first one is "deed," which is a document that gives someone a legal right to a particular property. The next is "mortgage," which is a financial product or loan that's given out for the sole purpose of purchasing a property. The property being bought acts as collateral for the loan. However, if the loan can't be repaid, the lender will seize the property in a process known as foreclosure. Last but not least, escrow refers to money or property that's under the control of a third party for safekeeping purposes.

Who Practices Real Estate Law?

Real estate has become a hot topic in recent years. According to Roof Stock, U.S. home values have seen an increase of 7.2% since 2018. This is a good indicator that the demand for real estate is rising. Therefore, the demand for real estate lawyers is also rising. For those interested in real estate law, keep in mind that you'll need to be a top-notch writer and reader. That's because when it comes to property ownership, the smallest word can have a big impact on the outcome. Real estate lawyers provide an incredibly valuable service that's appreciated by many property buyers and sellers.

Hopefully, this article has filled in all the information gaps you had concerning real estate law. Please get in touch if you need to know more about real estate law or need representation.