Real Estate Law Questions
What is real estate law?Real estate law is the law that governs all kinds of real property or realty. All transactions and contracts about the real property are governed by the real estate law. The real estate law covers a lot of aspects that the common individuals may not know. Given below are popular questions about the real estate law that are asked by individuals.
According to real estate law, what is the best way to terminate a residential real estate contract?As per the real estate law, the best way to terminate a real estate contract would be to terminate it during the inspection period. If the contract is terminated during this period, the buyer does not have to provide any kind of justification for the termination. He/she may only have to notify the seller of the termination before the end of the inspection.
According to real estate law, would the mortgage on a quit claim deed be illegal if the signature on the grantor and grantee line were not notarized on the same date?As per real estate law, a mortgage on a quit claim deed would not be considered illegal as long as the signatures of both the grantors were taken and notarized on the same day. In most situations, the signature of the grantee may not even be required legally.
According to real estate law, would the neighbor be held responsible for the flow of water into One’s Property?The provisions of the real estate law may differ from state to state in the USA. In some states like Alabama, the neighbor may not be held liable for any damage that may be caused to the real estate property by the natural flow of water. However, the neighbor is not allowed to direct water artificially towards the individual’s property. If the neighbor does so, the individual may file a case against the neighbor for the damage that is caused by the flow of water into the property. The individual may sue the neighbor even if the damage is not enough to get a monetary award and they could get an injunction to stop the neighbor from directing water toward their property.
What are the consequences of the breach of a real estate contract?The consequences of breach of real estate contract may be different for the different states of the USA. In some states like Kentucky, according to the real estate law, if an individual breaches a real estate contract, he/she would lose the earnest money for either liquidated damages or actual damages. The money lost for actual damages would be the difference between the contract price and the actual price at which the property is sold.
According to the Maryland real estate law, what would happen to a property if one of the joint tenants passed away?As per the real estate law of Maryland, if one of the joint tenants of a property passed away, and there was no reference to the right of survivorship in the deed, the property would automatically be transferred to the tenant who is still alive.
According to the real estate law, can a licensed real estate agent in Florida, secure a rental agreement for a vacation home in the Caribbean?According to the real estate law, a Florida based licensed real estate agent may not secure a rental agreement for a vacation home in the Caribbean. This is because the Florida real estate law only covers properties in Florida. If an individual wants to secure a rental agreement in the Caribbean, he/she may have to acquire a license to do so. The agent may also contact the respective country in the Caribbean where the property is located to know about their licensing rules. If the country has no rules, he/she may create the contract as a facilitator and not as an agent.
The real estate law could be different for the different states of the USA. There are many aspects and provisions of the real estate law that an individual needs to know about before dealing in any kind of transactions related to real estate property. Having information about the real estate law can help buyers and sellers carry out their real estate transactions smoothly.