The legal aspects of any business are too important to be ignorant about. In real estate, it is necessary to understand the laws guiding your business and your industry so you do not unknowingly falter on any of them.
As the saying goes, “Ignorance is not an excuse”. This post would be educating you on what real estate Laws are all about so that we can help you make sure your transactions are legal and legitimate
What is Real Estate Law?
Also known as property law, real estate law is the segment of law that guides the various processes involved in buying and selling of land and property. These set of laws determine how properties are to be acquired, their usage and so on.
Real estate laws include different sections such as titles, taxes, property rentals, estate planning and so on. Having a good understanding of these aspects as a real estate investor would save you from a lot of hassles while conducting various real estate transactions.
Read more on Land Titles in Nigeria
Importance of Real Estate Law
Real estate laws are also referred to as state laws in that the state has the jurisdiction to determine the legal requirements for conducting real estate transactions. These laws affect a number of people such as homeowners, property buyers and sellers, landlords, property managers, realtors and so on. Some of the importance of real estate law include;
- Real Estate laws ensure that transactions are properly conducted and documented. This provides a safer environment for real investors to thrive without fear of being defrauded.
- These laws ensure that the legal rights of the parties involved in the transaction are upheld and protected.
- Real Estate laws help you decipher foul play. It helps you determine whether a transaction is legitimate or not.
- Real estate laws ensure that binding documents are provided to validate the authenticity of the transaction. With these relevant documents, ownership of property cannot easily be contested as there is adequate proof on paper.
Check out how to protect yourself from real estate fraud here
Laws in Real Estate
Different laws exist in real estate. Some of them are;
Tenancy Agreement: The laws guiding this agreement covers processes such as renting and eviction of tenants, tenancy fee, property use whether residential or commercial and so on. You can also find out more about tenancy agreements here.
Home Insurance Laws: Home insurance laws protect homeowners from different types of damage. You can read more about home insurance here.
Tax laws: These guide the payment of taxes and mortgages. Different properties have taxes placed on them and defaulting on payment could hold serious sanctions.
Although you are not expected to be a guru in your understanding of real estate laws, having preliminary knowledge would help you make good decisions. It is also advisable to contact the services of a real estate lawyer who can uphold your legal rights and ensure you are not cheated when carrying out a real estate business transaction.
At MKH, we help you invest in profitable real estate properties. All our properties have their titles and are uniquely located in notable areas. You can come for free inspection as we are always available to take you to the site for proper scrutiny. Please contact us by clicking here for more information.