Real estate property has become one of the flourishing industries post-pandemic. With the low-interest rates, people are looking for new houses for their future generations. However, while handling properties, it is important that you have a good grasp of property law.
What Is Property Law?
Property law governs various aspects of real estate property and personal property. It also provides the relevant rules and regulations to handle property transactions.
The value of real estate and residential property has always been high. This is why the property industry has been on the low side in these past couple of years. Hence, we can say that this field is one of the most stable industries in the market.
If you are a property owner or thinking of owning property, you need to be aware of the state’s respective property law.
Commercial Property Law
Commercial property is referred to the business property or land that is meant to be used for business purposes. It is different from residential property in terms of designs, layout, and functions.
Most state laws have very specific property laws for handling the commercial property. For instance, commercial property has different rules for insurance.
Personal Property Law
Personal property under the ownership of an individual and will not be used for business purposes is considered personal property. The law implies personal property is quite different than that of commercial property law.
Important Acts In the Property Law
Property law is a vast field and has several acts that support this law. Here we have listed down some of the most used acts while handling properties.
Law Of Property Act 1925: LPA
This property act is the core law of the land. It was intended to modernize to suit the modern needs of the property requirements. In fact, Act 1925 highlighted the differences between leasehold and freehold of the property.
Law Of Property Act 1989: Miscellaneous Provisions
Law of property act 1989 is a law introduced in the old property law with new changes to meet the modern need in property law. For instance: delivery of deed.
Trust Of land And Appointment Trustees Act 1996: TOLATA
Act 1996 was introduced to take care of the trust. With the change of era, there was a need for an approach while handling the trust. The people came to solutions ith TOLATA. TOLATA redressed the difficulties by putting statutory consideration while dealing with the disposition of trusts.
Land Registration Act 2002
Land Registration Act 2002 completely replaced the Property Law Act 1925. The main purpose of replacing the old law was to simplify the whole process of handling properties.
What Is The Legal Description Of Property?
A legal description of a property is a description of the property that helps you to recognize its legal purposes. When you are preparing a deed, it is important that you provide a legal description of the property.
How To Locate The Legal Description Of Real Estate?
There are different legal descriptions (discussed below), but these legal descriptions often are irrelevant to the deed preparation process.
The best place to find the right legal description is the most recent deed of the property. Sometimes the legal description of the property is double indented, making it difficult to recognize the description. Sometimes, the legal description is attached to the deeds.
Types Of Legal Description
There are usually two types of legal descriptions. These legal descriptions are attached with the property documentation.
- Subdivision: It is also known as Lot and Block. If a property is located in a subdivision, its legal description will be very simple. Hence, you can say, it typically refers to one or more lots and blocks on which it is located.
- Survey: It is also known as Metes and Bounds. It is the property that is located within the public surveying system.
Different Aspects Of Property Law
Property is a guideline that outlines the rules and regulations for the ownership of the properties. It applies to both real and personal property.
Transfer Of Property
Transfer of property is one of the important aspects while dealing with properties. Hence, it is necessary that you know the right steps for safe and secure property transfer. No matter how trustworthy the other side is, taking steps cautiously is the best course of action. Try hiring a property attorney to help you out with all the legal work and smooth transfer of property.
A deed is a legal document of the property that states the right owner of the property. The deed is a prime example of gauzing a person’s legal knowledge. If a person has the latest deed documents, that means they have a deep understanding of how to securely deal with property law.
Deeds can be considered a warranty document that assures the purchaser and makes them feel secure about the property’s encumbrances and that there is free and clear ownership.
In property law, there is a scenario where you can claim the property without actually paying for it. To claim this kind of ownership, a person needs to stay or occupy the land for a long period of time.
Adverse possession is an issue when the neighbors use inaccurate measurements to claim the boundaries for far too long. The claim of adverse possession is to settle disputes over land.
Easement empowers an individual to use the property of another person. As we know that if the property is not yours, you cannot trespass it. An easement is given to the people to save them from prosecution.
Due to its complexity, many people find it hard to understand this law. Well, if you are a property owner, whether complex or simple, you need to have an idea of property law and acts related to it.
We hope that you were able to find what you were looking for. If there is anything you want to know from us, do let us know. We will be happy to help you out.