An Easy Guide To Understanding Property Law
By: John Garcia | Date Posted: November 5, 2021
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Property law is a complex subject, but with some understanding of the process, you can save yourself time and money.
This article will cover what you need to know about this branch of law so that you can protect your property without breaking any laws.
What is property law and how does it work?
Property law is the branch of law that deals with real estate. It involves legal procedures regarding land, pent-up structures, and personal property used for business purposes.
Property law covers several different issues including buying a house or other building contract disputes about the purchase, or termination rights when you sell your house.
It also covers how to resolve disagreements between neighbors, what happens if someone uses your property without your permission, and how to handle disputes between family members over the use of a family home.
Some of the most seasoned conveyancing experts suggest that you should first contact a lawyer to discuss your situation before you deal with the other party.
This will ensure that you understand what is happening and can make smart decisions about how to proceed.
The different types of ownership
Fee Simple
There are different types of ownership that you can have for your property. Fee simple is the most common form of ownership and gives an owner full rights to do whatever he or she wants with a piece of land.
This means they can build on it, sell it, and leave their personal items such as cars or boats on it as long as it is not getting in the way of the public.
Leasehold
On the other hand, leasehold ownership is when an individual owns a property for a specific time frame, usually 30 years or more.
A leaseholder cannot do anything that would permanently damage the property and they must pay rent to maintain it during this period.
These are common in apartment buildings where there are multiple tenancy agreements.
Tenancy
Meanwhile, a tenancy is when a person has the right to occupy and use anotherās property for a certain period in exchange for payment.
This type of occupancy arrangement works well for college students who need temporary housing or roommates that are on vacation from their own homes.
It can be a temporary or more permanent solution for those who cannot afford to buy property.
What are the legal procedures?
Determine the type of ownership
There are several steps that you must follow when buying and selling real estate as well as resolving any disputes from neighbors about their right of way on your land.
The first step is always to make sure you understand what type of ownership you have of the property. If you are not sure, then it is best to contact a lawyer before signing any contracts with buyers and sellers.
Once both parties understand what type of ownership they will be part of, each person must sign an agreement that sets out all the terms of the sale including the price, conditions surrounding payments, and details about the property.
Transfer of ownership
The next step is to sign over all legal rights in writing, which means that you are transferring your land or home into another personās name so they can legally control it.
This transfer of ownership must be done through a deed, which should include the full names of both parties as well as their addresses so there is no confusion about who is responsible for the property.
At this point, you must make sure that your signatures match those on file with government offices so there are no legal problems down the road when it comes time to sell or mortgage the land.
Once all parties have signed their agreements and deeds of ownership, they need to create a new address for the property.
This can include a mail forwarding service or PO boxes that are checked only every few weeks so you donāt have to worry about lost packages during your absence.
The final step is for all parties to hire lawyers who will help resolve any disputes once there are issues with how the house should be cared for, payments made, boundaries defined between properties, or any other potential problems.
What are the different types of disputes?
Disputes between family members
Disputes between family members can be especially challenging to resolve since they often involve emotional arguments about who should have what rights to a property that has been in the same family for generations.
While there is no guarantee you will avoid these kinds of conflicts altogether, it is possible to minimize them by creating a formal co-ownership agreement that clearly states how the property will be used, who is responsible for specific repairs and maintenance, or what happens if one person dies or wants to sell their share in it among others.
Disputes between neighbors
Family disputes are not the only problems you may encounter when buying land either. Neighbors can have disputes when it comes to dividing up property lines, trees that block solar panels or windows, and any other issues surrounding the use of your land such as easements for driveways.
These can take a long time in court to resolve if you do not have an agreement clearly stating how these problems will be handled before they happen.
Disputes with local government
When you buy property, it may be possible that there are laws in place preventing certain types of buildings from being erected on your land which can put restrictions on what type of repairs and renovations you can do to your home.
If you donāt know these laws beforehand and apply for a building permit, then the government may not allow construction on certain types of structures or demand changes before they agree to approve your project which can delay repairs by weeks if not months.
Understanding Property Law
The law surrounding property ownership is nuanced and complicated, which can make it difficult for people to understand. You must know your rights as an owner of a home or land before signing anything, so you are not taken advantage of by unscrupulous sellers or buyers.
You should always consult with a lawyer if you have any questions about the laws related to owning property in your area. Reach out to one today in case you need any help in managing your properties.
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Thank you for reading!
