Realty is another term for real estate and for real property. It consists of land and the buildings on the land. Realty can refer to commercial or residential property.
Realty law, or real property law, is the body of law that governs the buying, selling, and use of a home, land, or commercial property. Laws governing realty transactions protect sellers, buyers, real estate agents, builders, and land owners. Both states and the federal government have laws controlling realty and the transactions related to it. For example, state real estate laws regulate residential and commercial property transactions and landlord-tenant rental transactions. Federal realty law regulates things such as housing discrimination and environmental regulations.
Realty matters create common legal issues for each party involved in a real property transaction or dispute. These issues may involve:
- Fraud: Fraud occurs in many forms like an individual applying for a mortgage loan using fake documents to creating a fraudulent loan agreement.
- Appraisal Problems: Parties may disagree over the actual value of the property.
- Payment: One party fails to make mortgage payments.
- Zoning: The use of the property violates some zoning laws.
- Disclosure Issues: Property owners are legally required to provide all information about the property they are selling. Sometimes property owners either negligently or purposefully hide problems with the property such as roof leaks to structural damage.
The exact remedy available to a plaintiff in a realty dispute depends on the specifics of the case. However, some general remedies in realty cases are:
- Damages: Money for any economic losses the plaintiff suffered.
- Injunction: This is a court order by a judge stopping a party from taking certain actions like filing a property deed.
- Judicial Sale: This is another type of court order, but it requires the sale of a property. The money from the sale goes to the plaintiff, who is often a creditor seeking payment from the defendant for a loan such as a mortgage loan.
Yes, realty issues can quickly elevate to real estate lawsuits. Contact a real estate lawyer to understand more about your rights and how to proceed with your dispute.