The term real estate is one that we probably all associate with property, particularly buildings and houses, perhaps also land, but in everyday use it is much more common in the US than it is here in the UK. However, in the legal realm, the term is in standard usage in the area of ​​law known as real estate law, the law that applies to all matters related to the real estate market.

The value of the real estate market itself is enormous. In developed countries in 2002, The Economist estimated the market to be worth $68 billion (77% of which is the residential property market), thus also valuing it at 17% more than the total financial assets of these countries. Furthermore, for individuals or companies involved in the market, property often equates to their greatest individual asset and, in the case of residential property, most relevantly and emotionally, their home. Therefore, the laws surrounding real estate are often complex and the risks faced are high.

What is Real Estate?
As mentioned above, real estate in a broad sense is equivalent to what we call property in everyday language. More specifically, however, it refers to what is known as real property owned by a party as opposed to chattels that party may take with them. Actually, this definition covers objects such as land, buildings on it, and other static objects that are attached to the land (or buildings), including crops and other natural resources found on that land. By contrast, objects that are not static fall under the banner of possessions.

In addition to the physical elements of ownership, the term also covers the rights that come with owning that land, such as the right to access it (or the airspace above it), to mine it, fish it, etc.

In some legal contexts, and particularly in the UK, the term may be replaced by the term real property (or simply property) and real estate may be used instead, for example under probate law, more specifically to refer to a person’s interest in the property. or real property at the time of his death.

What does Real Estate Law deal with?
Real estate law is, therefore, the branch of law that deals with this real estate, the real estate that is attached to it, the interests in it and the rights that accompany it, although it can get a little out of this (real estate). object) brief when it comes to legal issues related to portable homes such as boats, RVs, and mobile homes.

It falls under the broader area of ​​law known as property law (although there is also much overlap with contract law in practice), which itself refers to the rights that people have over objects that belong to people. , and is governed mainly by customary law (law determined by the above). The other area(s) of property law not covered by real estate law relates to the (non-fixed) possessions listed above or as they may be known as personal property.

The law deals with the commercial and residential property sectors; that is, owned by commercial companies for commercial use and owned by individuals or commercial companies for residential use, respectively.

Within these two sectors, firms that practice real estate law will handle cases related to the following:

• Property transactions – including the purchase, sale and lease of property. The work done here by law firms to facilitate these transactions is called conveyancing.
• Development/construction, whether it is the construction of a new office building or the expansion of a residential property
• Ownership and Occupancy Disputes: The rights of tenants and landlords and issues related to public housing, squatting, cooperative housing or shared apartment buildings, etc.
• Planning: the rights of land and building owners in relation to land use
• Rights of way – rights of the public to access or traverse the land
• Real Estate Investing: Investment in property/real estate based funds or shares in investment syndicates.

The issues dealt with under the banner of real estate law are wide and diverse and, as mentioned above, the stakes are high for all parties involved, so as always with legal matters, it is critical that individuals seek professional advice. and experienced before embarking on real estate ventures.