Call us now
or use the form below.
Frequently Asked Questions about Real Estate Law
Q: What is real estate?
A: Real estate (also called real property) refers to land and things attached to land. For most consumers, real estate consists of their home and the lot surrounding it. Commercial real estate may include factories, equipment and other facilities. In addition to buildings and equipment, resources existing on or under the land, including minerals and gas, are part of real estate. Some of these components of real estate can be sold separately.
Q: What are deeds for?
A: Deeds indicate, and are generally required to transfer, ownership of real estate. A deed contains the names of the old and new owners and a legal description of the property and is signed by the person transferring the property. The different kinds of deeds, such as the warranty deed, quit claim deed and grant deed, transfer different interests in property.
Real estate transactions are governed by various federal statutes, state statutes, and common laws that address a wide variety of legal issues related to acquiring, financing, developing, managing, constructing, leasing, and selling commercial and residential real property. Buying and selling real estate is generally more complicated than buying or selling other expensive goods, such as cars or boats. With real estate, many different people can have an interest in the same property, tax consequences are more complicated, and possession is not necessarily indicative of ownership. An experienced real estate attorney can help you sort through all of the difficult decisions and negotiations involved in real estate transactions.
Texas Real Estate Lawyers:
Houston | Dallas | Woodlands
Attorneys at Michael P. Fleming, PC, provide clients involved in residential and commercial real estate transactions with sound advice and thorough representation. That is what our clients have come to expect; that is what our lawyers are committed to providing. When our clients become involved in contract disputes or other real estate litigation, we provide the aggressive and determined advocacy necessary to protect their interests. From offices in Houston, Woodlands (Conroe) and Dallas (Plano) our law firm serves clients throughout Texas.
Real Estate Law - An Overview
Real estate law includes both federal and state issues, with the state-level rules varying widely from jurisdiction to jurisdiction. These state and federal laws encompass everything from ownership of land and buildings to related issues such as financing, leasing, construction, taxes and environmental laws. A competent and experienced real estate attorney can protect a party's interests in both routine and complex transactions and disputes.
Glossary of Real Estate Terms
Real estate law includes lots of jargon and legalese that can be intimidating or at least confusing, especially to first-time homebuyers. An attorney with experience in real estate law can help a buyer or seller understand the terms and concepts pervasive in real estate transactions. Read on to learn more about the terminology of this specialized area.
Deeds
A deed is an unassuming and usually short piece of paper that has a big legal impact. A deed transfers an ownership interest in real property, and no real estate transaction where ownership transfers is finished until the deed is delivered to the buyer. A deed must include the names of the buyer and seller and the property's legal description. The deed is signed by the person transferring the property and may make that person responsible to the buyer for other claims against or conditions on the property. A knowledgeable real estate attorney can review the deed to ensure that it is accurate and properly executed.
Home Inspections
Buying a home can be stressful and time consuming. Obtaining a home inspection can take some of the worry out of the process. An independent home inspector will give a buyer a complete picture of the condition of the property he or she is considering buying. Most houses are not perfect, and the inspector's detailed report gives the buyer an unbiased evaluation letting him or her know what needs work now and what will probably need work in the near future. Obtaining a home inspection and reviewing the results with an experienced real estate attorney can put a home buyer in an informed position to negotiate his or her purchase.
What to Expect at Closing
A closing, or settlement, is the meeting during which ownership of the property is officially transferred from the seller to the buyer. The buyer and the seller, their attorneys, both real estate sales professionals, a representative of the lender and the closing agent typically attend the closing. The closing involves settling any open issues, balancing and verifying an often complex closing statement, and signing all documents necessary to complete the transaction. An attorney with experience in closing real estate transactions will advise you at closing to ensure that your rights are protected.
Real Estate Law Resource Links
U.S. Department of Housing
This general site for the U.S. Department of Housing and Urban Development contains information on homes and communities.
National Association of Realtors®
This website of the National Association of Realtors® contains information about the real estate industry, including a section on real estate law and policy.
Yahoo! Real Estate
This site includes numerous real estate related resources, including links to information about buying, selling, financing, and improving real property.
American Housing Survey
This resource contains a collection of data on U.S. housing from the Census Bureau.
National Housing Conference
This website from the National Housing Conference, a non-profit organization dedicated to advancing affordable housing for every American, contains housing news and articles and a Paycheck to Paycheck interactive database that allows visitors to select an occupation and a community to determine affordability of housing.
When the real estate matter you are facing is important, make sure you have an experienced real estate transactions and litigation lawyer who has the time to discuss your situation with you, explain your options, and represent you. Contact the litigation attorneys at the Michael P. Fleming law firm.
