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Bob Schwartz
San Diego
real estate broker
Certified
Residential Specialist
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Considering Getting into Real Estate Law?
Real estate is in reality one of the least dangerous investments and a lot
of people use real estate as an investment avenue. Real estate law is not
the forte of real estate attorneys and real estate agents only. Every real
estate investor should understand at least the basics of real estate law. In
fact, a short course or a concise book on real estate law can sometimes be
of great help (and is generally sufficient for understanding the basics of
real estate law).
What you need to know is the real estate law with respect to the legal
procedures that you need to follow for ensuring a smooth transfer of title
to the property you buy/sell and other related procedures. You need to
understand the fee structure (e.g. stamp duty, etc) that you need to take
care of as per real estate law. You can also understand the classification
of properties and how the basic real estate law applies to them. How the
commercial and residential properties are treated differently by the real
estate law. The tax laws with respect to real estate are one of the things
that would be of most interest to you. So, your study on real estate law
should also cover all the aspects related to taxes. How mortgages are
treated in the perspective of real estate law is another thing that you
should know about. Then again, the real estate law with respect to tenancy
should also be well understood by people who wish to rent out their
property.
But, you should not exceed that i.e. you should not start becoming
hysterical about learning real estate law (lest you end up wasting a lot of
time in trying to learn everything about real estate law and be left with no
time to evaluate your real estate investment). Leave the intricacies of real
estate law with the real estate attorneys (and to some extent real estate
brokers who too are taught real estate law as part of their course for
obtaining broker license).
Understanding the variety of legal terms referred to in real estate laws can
help you in not only enhancing your understanding of real estate but also
help in making your conversations with real estate attorneys/agents really
fruitful. You should also note that though some of the basics remain the
same, the real estate laws vary across various states. Also, real estate
laws (especially the tax related real estate laws) can undergo a change over
a period of time, so you need to keep a tab on such changes. Any big changes
will anyhow appear prominently in news and you will get to know of them
anyhow. So knowing a little bit of real estate law can really be helpful
(and is, in fact, essential).
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