Real Estate Law

Conveyance is the legal term for the transfer of ownership of real property from one person to another.

A deed is a written document that transfers ownership of real property from one person to another. A mortgage is a written document that creates a lien on real property to secure a loan.

The essential elements of a valid deed are the grantor, the grantee, the consideration, and the description of the property.

A title insurance policy is a contract that protects both the lender and the buyer against loss if the title to the property is defective.

A lease is a written document that gives the lessee exclusive possession of the property for a specific period of time. A license is a written or oral agreement that gives the licensee the right to use the property for a specific purpose.

The rights and responsibilities of a landlord and a tenant include the landlord's right to collect rent and the tenant's responsibility to pay rent, the landlord's right to enter the property to make repairs and the tenant's responsibility to keep the property clean and in good repair, and the landlord's right to evict the tenant if the tenant breaches the lease and the tenant's responsibility to give the landlord notice before moving out.

A zoning ordinance regulates the use of land, while a building code regulates the construction of buildings. A zoning ordinance is enacted by a local government, while a building code is enacted by a state government. A zoning ordinance is more restrictive than a building code.

The purpose of a homeowners association is to maintain common areas and enforce deed restrictions, to provide social and recreational activities for homeowners, and to represent the interests of homeowners in dealing with local government.

In a foreclosure, the lender sells the property to satisfy the debt, while in a short sale, the lender agrees to accept less than the amount owed on the loan. In a foreclosure, the borrower is evicted from the property, while in a short sale, the borrower remains in the property. In a foreclosure, the borrower's credit is damaged, while in a short sale, the borrower's credit is not damaged.

An easement is a right to use the property of another, while a right-of-way is a right to cross the property of another. An easement is created by a written document, while a right-of-way is created by a deed. An easement is for a specific purpose, while a right-of-way is for any purpose.

A lien is a claim against property to secure a debt, while a mortgage is a type of lien. A lien is created by a written document, while a mortgage is created by a deed. A lien can be enforced by foreclosure, while a mortgage can be enforced by a lawsuit.

A warranty deed conveys title to the property with a warranty of title, while a quitclaim deed conveys title to the property without a warranty of title. A warranty deed is more expensive than a quitclaim deed. A warranty deed is more common than a quitclaim deed.

A real estate agent is licensed to sell real estate, while a real estate broker is licensed to both sell and broker real estate. A real estate agent works for a real estate broker, while a real estate broker works for himself or herself. A real estate agent can only represent buyers, while a real estate broker can represent both buyers and sellers.

The purpose of a real estate closing is to transfer ownership of the property from the seller to the buyer, to pay off any liens against the property, and to distribute the proceeds of the sale to the seller and the buyer.

The duties of a real estate agent include representing the interests of their client, disclosing all material facts about the property, and negotiating the best possible price for their client.