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Understanding Real Property in the US

Real Property

There are ultimately two systems which govern the United States, Federal and State law. The law of Real Property is controlled by state law due to the differences from state to state. You can say that Federal focuses on macro, while the state focuses on the micro, as far as real property is concerned.

Real property law varies from state to state, different regulations on zoning, and different procedures to purchase real property. Your home could be referred to as real property, everything beneath it down to the core of the earth, and above it, all the way up to the stars. While that is established, there are air space regulations in various areas which may take away from the enjoyment of your land. There are a lot of pros and cons comprised within real property law, the key is to know which may be beneficiary for you.

There are many statutes that govern real property law, each statute is vague enough for an even argument. Property can be conveyed through various ways, a gift, a will, or even if there is no will. There are also various kinds of ownerships to property, each one has its benefits, but at the end of the day, for the most part, they are balanced out. There are many different forms of ownerships within a business, the same goes for real property.

Real property law is more intense than you would think. For the amount of investments which go into real property, and the amount of loans taken out for it, comes to show the amount of interests circulating within this one section of law alone. A mortgage is a loan taken out against the property decreasing your liquidity within the property.

From the time you are looking to purchase property, until the time of closing, there are a lot of middle men involved, which means a lot of fees. The acquiring of property may also take a long time depending on various defaults or judgments against the seller of the property, if there are any. A lot of details need to be looked into, the perk of that is, you hire an attorney to oversee the procedures, but the fees involved will not be small.

Each piece of property is given a title, the title is possessed by the owner of the property. Ultimately, no one can come in the way of a property owner and his or her property, other than authorities, who are there to keep an eye out for any unethical conducts that may be committed. Whether it has to do with the deed or with zoning ordinances, one is constantly dealing with the government as far as the property is concerned, because of the contact it holds with its surroundings.

Real property is unique, there is nothing of its kind. Since all real property is located on land, we all know that land is also scarce, so if you need to be foreclosed, it is only a matter of time before someone else gets to reside on that “unique” piece of land.

NEXT: What You Must Know About Purchasing Real Estate

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