The real estate business involves a lot, and if you are not careful either as a seller or a buyer, you might end up losing a lot of money. The real estate field is governed by different laws that vary from state to state, but there are also federal laws to guide the transactions. This article will discuss what you should know about Real Estate Law in Colleyville TX.
Real estate law covers the right to possess, enjoy and use property. The law guiding the real estate business impact on the lives of all citizens as renters, landlords or homeowners. It guides the relationship and interactions between the buyers and the sellers and ensures that all parties get the protection that they deserve.
Generally, the law classifies property into two categories, i.e. real and personal property. The real property is a description given to land and the fixtures upon land. Most real estate business transactions in the country revolve around real property. Personal property on the other hand is all other property that can form the subject of a sale other than land. This includes notes, intellectual property other intangible items.
The sale of real property use agreement set up in law to guide this kind of transactions. The seller of the property in most cases hires agents or brokers to look for a buyer of the property. These agents and brokers are protected by the law, and there are laws regulating their operations. The agreement between the buyer and the seller, and the agreement between the seller and the agent/broker form part of the Real Estate Law in Colleyville TX.
These agreements are guided by the general law of contract and the state laws regulating the sale of property. The requirement is that the contract of sale be in writing and that the title should be market. It is at this point that the real estate attorney comes in to investigate the marketability of the title. This can also be done by an insurance company.
For a clean business deal, you need the services of an attorney to investigate on the marketability of the title to the property.
