Real estate law

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REAL ESTATE LAW
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Table of content

• What is real estate?
• Forms of real estate ownership
• Role of real estate agent
• Purchasing real estate
• What is foreclosure?
• What is an escrow?

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What is real estate?

• Real Estate is property consisting of land and
  the building or buildings on it, along with the
  natural resources
• An item of real property real property
  referring to land not only on the face of the
  earth, but everything of a permanent nature.
  Including structures and minerals
• Also the profession of buying, selling, or
  renting land, buildings or houses
• The provinces have exclusive jurisdiction over
  the land within their borders, not the Federal
  Government

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Forms of real estate ownership

• Tenancy in Common when the concurrent owners
  own a
• fractional interest in the property, which may
  vary according to owner or,
• usually, it is divided equally
• Joint Tenancy same as tenancy in common, but
  the joint tenants
• have an undivided interest with rights of
  survivorship
• Tenancy by the Entirety is held by a husband
  and wife whereby
• each owns the undivided whole of
  the property, coupled with the rights of
• survivorship, so that upon the death of one, the s
  urvivor is entitled to the
• decedent's share.
• Community Property this a special form of joint
  tenancy exists
• between husband and wife, with each owning a
  one-half interest. Upon death,
• the decedent's interest passes in a manner
  similar to tenants in common.
• Sole Ownership Property is owned entirely by
  one person.

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Role of real estate agent

• acts as an agent of the seller or the buyer
• seller contracts with real estate agent in
  standard listing agreement
• tries to find a buyer that suits the needs of
  the seller in return for seller to pay a
  commission
• buyer can contract with real estate agent to
  find a property that suits them in return for a
  commission
• Duties
• act in the best interest of the principal,
  seller or buyer
• act honestly, exercise reasonable care and skill

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Purchasing Real Estate

• Offer must be in writing and will be made in a
• contract of purchase and sale
• If seller accepts and signs offer, this becomes
  a
• binding and enforceable contract by both
  parties
• If either party breaks any promises, the other
  party
• can sue for damages or specific performances
• Contract of purchase and sale will identify
  property,
• establish price and terms of purchase and sale,
• amount of deposit items included in the price
  and
• specific dates

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What is foreclosure?

• The process of taking possession of a mortgaged
  property
• as a result of the mortgagor's failure to keep up
  mortgage payments.
• Judicial Foreclosure is allowed in all states,
  and occurs
• when the lender files a civil lawsuit against
  the borrower,
• with the entire process being handled by the
  court. 
• Non-judicial foreclosure allows a lender to
  advertise and sell the property at a public
  auction, without court
• involvement, by following a process specified by
  the state.

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What is an escrow?

• Escrow is a deposit of funds, a deed or other
  instrument by one party for the
• delivery to another party upon completion of a
  particular condition or event.
• The duties of an escrow holder include
• following the instructions given by the
  principals and parties in a timely manner
• handling the funds and/or documents in accordance
  with the instruction
• paying all bills as authorized
• responding to authorized requests from the
  principals
• closing the escrow only when all terms funds in
  accordance with instructions
• provide an accounting for same the Closing or
  Settlement Statement.
•  

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