There are some areas of law that affect you in your everyday life—such as traffic law—and other areas that only become relevant at certain times—for example, most people don’t need to know about real estate law except when preparing to buy or sell a home.
Our team at Jones, Childers, Donaldson & Webb, PLLC has extensive experience in real estate law, and we want to give you all the information you need to make wise decisions about buying or selling property. In this article, we’ll cover a few key facts you might not have known about real estate law.
- Real Estate Law Treats Rental Properties Differently – You probably already know renting a home is different from buying one from the tenant’s perspective, but you might not be aware it’s different from the owner’s perspective, too. If you invest in a second property with the intention of renting it out, then you’ll need to familiarize yourself with the list of things you can and can’t do with that property. You’ll also need to read up on how rental properties—and improvements to them—are taxed.
- Real Estate Agents Are Not Lawyers – Another thing you should know about real estate law concerns is who you can go to for advice. A real estate agent can help you find the right home to buy, but only a real estate lawyer can help you finalize the sale and attend to other legal matters.
- Real Estate Law is Connected to Estate Law – Lastly, you should understand that real estate law, which governs the sale of buildings and land, is deeply entwined with estate law, which governs inheritance. If you are planning your estate, you will need to work with your lawyer to decide who will inherit your home and other real estate holdings and to take steps to make sure your heirs will not be burdened with property taxes.