Real Estate Law

Lesson 1

The Law of Property

If you've ever considered becoming a real estate broker, buying or selling a home, investing in real estate, or getting into real estate law, this is the course for you! In this lesson, you'll learn about the key differences between real and personal property, as well as some of the unique characteristics of land. You'll also get an overview of all the varied classifications of real property—you may be surprised by all the possibilities!

All About Estates

If you own property, does that mean you can do anything you like with it? In this lesson, you'll learn about what kinds of titles carry which kinds of rights. There's one type of title you'll want above all others, and you need to know about it long before you ever think about buying any real estate. You'll also look at what happens when two or more people own property together. This can get complicated, so the lesson will untangle who has the right to do what.

The Importance of Property Boundaries

Most people don't know anything about property boundaries until they see someone knocking down their back fence. In this lesson, you'll discover how to read and understand the different types of property descriptions, how to avoid disputes about them, and how to make this inside knowledge work for you.

Sales and Foreclosures

In this lesson, you'll learn about the basic contract requirements involved in selling property. Don't worry, though—it's not just dry theory! The lesson will also introduce you to the typical people involved in a sale and walk you through the usual procedures. You'll then dive into a topic many people regard as a potential gold mine: foreclosures. The lesson will straighten out some common misconceptions and see just what's involved in bidding on foreclosed property.

Fixtures, Easements, Licenses, and Liens

When you sell property, what items can you take with you and what must remain? This issue involves the law of fixtures, and most buyers and sellers don't know anything about it. But you will! You'll learn how and why a seller can remove a refrigerator but not the antique doorknobs. You'll also look at the important issue of easements, which give a non-owner the right to use part of someone else's land. Both of these topics are absolutely essential for anyone considering buying or selling real estate.

What You Need to Know About Contracts

In this lesson, you'll track the negotiations that go on when you buy and sell real estate. You'll learn what a contract actually does and then explore two of the most common real estate contracts: the "listing agreement" and the "offer to purchase and contract of sale." Then, you'll follow a sale from the posting of the For Sale sign to the offers, counteroffers, rejections, and finally to the acceptance.

Landlord-Tenant Law

If you've ever been a tenant or plan to become a landlord, then you should pay particular attention to this lesson. Here, you'll examine landlord-tenant law, exploring what rights and obligations each has to the other. You'll see when and how a landlord can evict a tenant and how tenants can protect themselves. After that, you'll walk step-by-step through the terms of a typical lease.

The Ins and Outs of Deeds

Anyone who plans on owning real estate must know about deeds. A deed simply transfers ownership rights, but if you've ever tried to read one, you know just how confusing they can be. This lesson will decipher all the parts of the deed, clarifying what each clause means and how each part impacts your ownership rights. It will also discuss ways to make sure the owner transfers all of their legal rights in the property to you.

Demystifying Mortgages

Mortgages can be just as confusing as deeds! For that reason, this lesson will demystify them by discussing what a mortgage is, what "prequalification" and "preapproval" are, and what lenders look for before entering into a mortgage with a borrower (especially credit issues). You'll also see what types of mortgages you can choose from and understand the good and bad points of each.

What Happens at the Closing?

Real estate closings often seem overwhelming. So many papers are flying around, and if you're the buyer, you're signing things without really knowing what they are. And then there's the whole issue of closing costs, which can add several thousand dollars to the sale. In this lesson, you'll meet the people involved in a typical closing, see what documents the closing professional needs, learn about the ones a buyer must sign, and what the costs are and where they come from. By the time you finish this lesson, you'll feel much more comfortable with this process!

Zoning and Restrictive Covenants

Who creates zoning rules and how? What can a zoning ordinance regulate? How are they enforced? If you need to get around one, can you? These are just some of the questions you'll find answers to in this lesson. You'll also take a look at an area of law most people don't know about—restrictive covenants—that can have a huge impact on all types of property owners. Last, you'll learn what kind of action you can take if your neighbor becomes a big nuisance.

Real Estate Professions

In the final lesson, you'll survey the various types of professions tied to real estate. If you're interested in becoming a real estate agent, you'll learn about the process here. The lesson will also discuss the advantages and disadvantages of real estate investing to help you decide if this is something you'd like to do. You'll finish up by profiling other careers, such as surveyors, real estate paralegals, appraisers, inspectors, and more.