There are various rules and legal requirements within the law system of any country that govern the ownership and use of property or land.These rules are designed for purposes like buying and owning a home,selling a house or landlord tenant law.
House buying and home owning must be guided by certain rules that makes sure the building has no errors.Never should you buy land or property that has no legal documentation.There is landlord and tenant law that is necessary for the agreement to be reached.Landlords are typically allowed to exercise some rights that includes repairs,providing premises fit for purpose, increasing or decreasing real estate prices.
Tenants are supposed to perform many duties that are stipulated in the landlord and tenant law,these duties include payment of rent ,rates as agreed, reveal any material disclosure and reparation for any breach.We also have mortgage law that acts as security interest in land or property held by a person as a security for debt. With this law it is stated that if one defaults payment,the owner can take the property back .The law states that ,when the underlying terms are met, the land should be given back to its legal owner.Another law is the law of equitable interest that allows one to claim land on equitable grounds.The common law connotation is the source for law on equity in land and property.
It is a critical law that provided that if a mortgage borrower, fails to pay the loan ,the owner has the right and full authority to sell it so that he can get back his or her balances.Real estate law is very important for realtors because it is effective during the tax season.The land owners benefit a lot from real estate laws that provide for insurance,in the case where damages or injuries occurs the owners are compensated. Reduction in doubts of how much land or property owned,this is provided by the law of property boundaries.If your tree branches are hanging in your neighbors premises it is advisable to cut them,since the neighbor has the right to sue you of trespass.
It is vital for house buyers to ensure that they are knowledgeable of real estate laws,they are effective as they aid one to avoid buying property that is restricted or has complications.With the real estate laws in place,realtors are able to make legal agreements basing on the rules stipulated in the common law connotation.Landlords are guided by real estates laws to grant property for residential or commercial or community use.Real estate laws guide how one uses his or her property,they are also applied in addressing liens and title concerns.