Title: Real Estate Law 101: The Basics - Practice Area Commentary - Lexis® Hub - LexisNexis® Legal Newsroom
Headings: Real Estate Law 101: The Basics
Real Estate Law 101: The Basics
Content: Real Estate Law 101: The Basics - Practice Area Commentary - Lexis® Hub - LexisNexis® Legal Newsroom
Real Estate Law 101: The Basics
Real estate law, also referred to as real property law, involves rights to own, use, encumber, and transfer land and permanent additions (such as buildings) attached to the land. Due in part to the importance of real estate to our culture and economy, real estate is a major practice area, as evidenced by the fact that the real property law sections of state bars consistently rank in the top three in number of members. There are two basic types of real estate practice; typically, a real estate practitioner will be either transaction-oriented or involved chiefly in litigation. However, an attorney may do both, particularly in small firms, and a real estate practice group in a firm of any size is likely to be involved in both. State law governs most aspects of real estate practice, with two important caveats. First, some federal laws have a significant effect on real estate, including federal tax laws, environmental statutes, consumer protection laws, and bankruptcy laws. Second, the practice is increasingly going national to meet the demands of clients and their businesses.