|
Real Estate
Real estate transactions are governed by a
wide body of federal statutes and state statutory and common law. The
requirements established by state law often differ significantly from
one state to the next. Real estate brokers are employed as the agent of
the seller in order to obtain a buyer for their property. The contract
between the broker and seller is called a listing agreement. The
agreement may be an open agreement whereby the broker earns a
commission only if he or she finds a buyer. A listing is exclusive if
the broker is the only agent entitled to a commission for finding a
buyer. Under an exclusive arrangement a broker may be entitled to a
payment even if the seller finds the buyer without the
broker’s
aid. Real estate brokers and salesperson are licensed and regulated by
local state laws. Professional organizations may also provide further
guidelines.
Real estate attorneys must be knowledgeable of federal, state and
common laws so that they can be well informed when supervising the
financing, acquisitions and managing of properties.
Real estate lawyers negotiate re financing, mortagages, purchases and
sale agreements of individual and commercial properties. They also must
be knowledgeable of tax laws and leases for buildings of individual and
professional use.
Real estae attorneys must, at times, litigate on behalf of their
clients. Wrongful possession, titles and land boundaries including
walls, fences and other landmarkings, condeming of property and fraud
are just a few of the reasons for court procedures.
Brokering issues such as defense of real estate agents including fraud,
misrepresentation, disclosure omissions and breach duty having to do
with fiduciary matters. Lawyers working in real estate also handle real
estate investment, sales, zoning, and landlord and tenant problems.
|
|
|
