AMERICA’S BEST REAL ESTATE LAWYERS

DID YOU KNOW?

At-Will Employment: In most U.S. states, employment is considered “at-will,” meaning employers can terminate employees for any reason (with some exceptions), and employees can leave their jobs without notice for any reason.

Varied State Laws: Real estate law is primarily governed by state laws, which can vary significantly from one state to another. It’s crucial to understand the specific regulations in your jurisdiction.

Dual Agency: In some states, real estate agents can represent both the buyer and seller in a transaction, known as dual agency. However, this practice comes with strict disclosure requirements.

Eminent Domain: Eminent domain allows the government to take private property for public use, but the property owner must receive just compensation under the Fifth Amendment to the U.S. Constitution.

Property Taxes: Property taxes can vary widely based on location and property value. Local governments rely on these taxes to fund public services such as schools and infrastructure.

Escrow Accounts: In many real estate transactions, funds are held in an escrow account until all conditions of the sale are met, providing security for both the buyer and seller.

Fair Housing Act: The Fair Housing Act prohibits discrimination in housing based on race, color, religion, sex, national origin, disability, and familial status.

Zoning Regulations: Zoning laws dictate how land can be used and developed within a specific area. Understanding zoning regulations is critical for property owners and developers.

Real Estate Disclosures: Sellers are typically required to disclose known defects or issues with a property to potential buyers. Failure to disclose can lead to legal repercussions.

Real Estate Agents’ Commissions: In most cases, real estate agents are compensated through commissions based on the sale price of a property, with the seller typically responsible for paying for these fees.

Adverse Possession: Adverse possession laws allow individuals to gain ownership of another person’s property if they openly, notoriously, and continuously use it without the owner’s permission for a specified period, usually several years.

Condominium Ownership: Condominiums are a unique form of property ownership, where individuals own their units and share ownership of common areas and amenities with other unit owners.

Real Estate Investment Trusts (REITs): REITs are investment vehicles that allow individuals to invest in real estate assets, similar to how stocks are traded on an exchange.

Lease Agreements: Commercial and residential lease agreements can vary widely in terms, including rent, lease duration, and maintenance responsibilities.

1031 Exchange: Section 1031 of the Internal Revenue Code allows for tax-deferred exchanges of certain like-kind properties, often used in real estate investment strategies.

Covenants, Conditions, and Restrictions (CC&Rs): CC&Rs are commonly found in planned communities and govern the use, maintenance, and appearance of properties within the community.

Foreclosure Process: The process of foreclosure, which allows lenders to repossess and sell a property due to nonpayment of the mortgage, varies by state and can involve court proceedings.

Real Estate Appraisals: Appraisals are crucial in determining the fair market value of a property, often required by lenders during the mortgage approval process.