Real estate plays a big role in society’s organization because it influences how and where people live, recreate, and work. The purchase of land and buildings is governed by specific rules depending on the property location.
Lawyers perform certain roles in aspects of finance, real estate development, transactions, investments, drafting and interpretation of legal rules, and so on. Law students can prepare for their careers by researching the real estate market. Let’s look at five real estate market aspects in research.
Lease property law
Residential and commercial properties are governed by the landlord-tenant law that constitutes common law and the state statutes. Several states have based their law of statutes on the Model Residential Landlord-tenant code or the Uniform Residential Landlord and Tenant Act (URLTA).
The law students can research the implications of the URLTA provisions in the property market. They can expound on how the land-lord-tenant relationship is grounded on the property and the contract law.
The tenancy types and their respective lengths are subject to the actual lease agreement and the state statutes. The students can find out how the tenancy length can influence the landlord-tenant relationship in commercial and residential properties.
Bankruptcy and insolvency
One of the roles of a property lawyer is to avoid the occurrence of unthinkable and cushion their clients against the negative consequences. Ordinarily, there are possibilities of future bankruptcy due to the inability of property owners to meet their financial obligations.
Students need to understand the application of bankruptcy law and they can do so by researching this area. Bankruptcy and insolvency law also requires an understanding of accounting policies and practices that some law students may not be familiar with.
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Real estate Ownership
For a long time, real estate ownership has been an objective of citizens and non-citizens in the United States. Real estate investments constitute the largest part of property acquisition for ordinary people and are great ways of wealth acquisition.
People need to understand how tax laws influence homeownership in terms of interest rates and capital gains benefits. Real estate ownership represents an aspect of research for law students. The students can research property ownership by various groups of customers including individuals, corporations, and individuals.
The most common types of property ownership are ground leasehold and fee simple title. A study can be done on the comparison between these two types of property ownership and the pros and cons of each.
Under the fee title ownership, an entity owns titles, interests, and rights in the property, including the free asset alienation right. Law students can attempt to find out why many entities prefer this holistic approach to ownership rights.
They can also research the issue of prioritization of encumbrances property rights and associated interests in real estate. Various industry players, including policymakers, could be interested in understanding whether real estate interests, transactions, and rights should be registered.
Buyers’ and sellers’ liabilities in the real estate market
Ordinarily, buyers and sellers enter into a contractual agreement during property sales. The contract highlights the terms and conditions of the sale agreement and the liabilities of both parties. Law students can study the area of liabilities into whether the seller is under an obligation to disclose any transactional matters.
There is also the question of whether the seller can be held liable to the buyer for any misrepresentation of facts. The students can research the scope of contractual warranties or title guarantees to the purchaser and the functions of such warranties or guarantees. Learners could even focus on the extent to which the seller can retail liabilities property post-sale.
The law students’ research in the real estate market is diverse because of the wide scope of the law and its relationship with other disciplines. Research on real property law, bankruptcy and insolvency, ownership, property rights, and liabilities is useful because these issues represent current trends in the real estate market. Research in these areas can enable students to understand various property market dynamics and provide recommendations into how specific issues can be addressed.