Just when you thought you knew everything about real estate law, there comes along something that changes everything. Let me explain something that recently happened to a friend of mine that owns a coin op carwash and a mini storage unit does right by an airport. The new Department of Homeland Security laws requires that each Airport have a buffer zone between the airport fence and the rest of the world. This is to protect against so-called terrorists coming onto the airport property or firing a weapon over the fence.Despite what you might think about such a topic, or how you lean politically this can be a huge problem if you own a piece of property that is adjacent to the airport. In this case, my friend found that his properties were cut in half by imminent domain and the government bought the properties at the bottom of the market. When they cut off the back of his coin op carwash, it was no longer usable and therefore he had to tear down the facility because he couldn’t make money with it any longer.There simply was not enough room to turn around in vehicles and therefore no one came to get their cars washed anymore. He couldn’t sell the carwash equipment or the building to anyone else for the same reason. They didn’t give him enough to pay for his losses but he was stuck.He originally purposely put the carwash and the mini storage unit next to the airport because he knew someday that land would be worth more. So even though his businesses were barely making the payments as it was during the recession he figured that his investment was safe and he was going to use that money to retire someday when he sold the properties in 20-years.Just because you think you know real estate law, does not mean that your investments are safe. Please consider all this.
Real Estate Law is a lot more complicated than it has ever been in the past. Now when you sign a brokerage agreement with a realtor instead of 1 page or 2 pages it is 14 pages? That is just for the listing. Why is it so long? Well that is nothing compared to all the other forms involved and they just keep getting bigger due to all the laws, bureaucracy and lawyers. Everyone is so busy trying to cover themselves and their rear ends from every known or potential eventuality.It is a giant game of 100s of pages of What Ifs. How can you have time to read it all? Well you need to make the time and it also makes sense to not allow yourself to be forced into doing anything too fast out of social conditioning. Such as thinking you might look stupid if you read it all or that you are wasting the other person’s time. In Real Estate Law you have a right to knowing what you are signing and why.If you were a business person would you sign an agreement without reading it all the way through? I think not. And realize your home is probably the biggest personal investment you will ever make and it will take you years to pay it off. Is it worth rushing through if you still have questions? Read it, understand it and ask questions and you will be glad you did.Go buy the book Real Estate Law 4 Smarty Pants’ if you can find that title; if you have to, but please read and understand what you are signing. I certainly hope this article is of interest and that is has propelled thought. The goal is simple; to help you in your quest to be the best in 2007. I thank you for reading my many articles on diverse subjects, which interest you.
These laws legally force the seller of a home to disclose to the potential buyer any serious defects of the property. The laws were created to help protect the buyer from any defects that were not noticed until they closed on the house and become the owners. Many times it is hard to enforce real estate disclose laws because what is considered serious defects may be open to interpretation. Because of this, the laws are constantly changing resulting in many states not having effective disclosure laws. If the state does not have mandatory real estate disclosure laws, they will usually have a voluntary disclosure.These laws can cover many different subjects so you should consult with a qualified lawyer or real estate agent to find out the specifics of what they cover. In regards to real estate disclosure there are both state and federal laws regarding these laws. Some brokerages have additional regulations for listings they accept. In the United States, Federal law requires disclosure in regards to using lead paint in homes constructed before 1978. The disclosure laws generally cover toxic or hazardous materials and the presence of asbestos and radon gas.These laws are designed to help protect a potential buyer from buying a home that has known defects or issues. For example, if the home you are considering buying has suffered from earthquake or flood damage these laws will typically require the seller to provide you with this information. In addition to real estate disclosure law protection the buyer should also have a home inspection done by a professional. This inspection can possibly find other potential issues. Sometimes, the lender will require that a home inspection be done before they approve the loan.In some states, there are long questionnaires that the property owner has to fill out before they can sell the property. This questionnaire does ask about any potential issues or defects with the property. These questionnaires typically cover everything from issues with the land to the wiring and plumbing inside the home. Some of the things that the seller has to disclose include, but not limited to, are:• Water damage caused by a leaking roof
• Presence of wetlands on a part of the property
• Recent deaths on the premisesGenerally, these laws only require that the sell reveal issues that they are aware of. This means that they cannot be held responsible for any problems they were unaware of before putting their home on the market but not every state provides this protection. There have been some cases that the seller can be sued by the buyer after they buyer becomes the homeowner. This is why you need to have expert advice about real estate disclosure laws in your state.
Real estate business is nowadays getting fame and more and more people are getting involved in buying or selling property. Buying and selling a property is not as simple as it seems. There are so many complexities and legal work required to reach a successful deal. Real estate lawyers play an important role here. They help their clients in locating a right house, assisting them with price negotiations and much more.To keep all the things in order, it is important to keep an eye on the whole legal process involved in transactions. A real estate attorney needs to be well versed about the real estate law and business, have closer looks of the matter and should have strong organizational skills.1. The first step involve in becoming a lawyer is to obtain your Bachelor’s degree. Although, there is no mention of studying any particular course to become a lawyer, it is beneficial if you opt for business education. It is almost prerequisite to have a bachelor’s degree of most of the schools. Make sure your GPA must be above average.2. It is important to choose a law school that is approved by American Bar Association (ABA). There are almost 199 approved law schools and choosing from them often become confusing. It is better to shortlist few from that list and obtain information about their admission requirements, fees and curriculum. Take help from pre-law advisor for some quick advice.3. Another prerequisite to get into a law school is to clear the LSAT test with good score. You have to prepare well for securing good score in the test. There are LSAT preparation courses which you can take to ensure good results in the test.4. Make sure that you have all the required documents ready with you such as school records, LSAT scores, letter of recommendations, your resume etc. you have to submit them online at the School Administration Council’s website (wwwdotlsacdotorg/).5. Generally, schools have high tuition fees and it is not possible for everyone to manage the expenses of schools easily. Here you have to options to cope with this problem. Firstly, if you have a good educational background, you can go for financial aid in the form of grants or scholarships from your school. Secondly, you can get federal or private loan to pay the fees at your school.6. It will take three years to complete your school. In these three years, you have to work really hard. Law is not easy; it demands high level of commitment, hard work and devotion. Never take your law studies easy at any time of your school. If you want to become a good lawyer, take it seriously.7. Bar exam is the last step between you and your law practice. It is quite a tough exam and you have to prepare for it really well. Once you have passed the exam, you will get a license and ready to practice law as a real estate lawyer.