Information Center: Real Estate
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Frequently Asked Questions About Real Estate Law
Q: What is real estate?
A: Real estate (also called real property) refers to land and things attached to land. For most consumers, real estate consists of their home and the lot surrounding it. Commercial real estate may include factories, equipment and other facilities. In addition to buildings and equipment, resources existing on or under the land, including minerals and gas, are part of real estate. Some of these components of real estate can be sold separately.
Q: What is a deed?
A: Deeds indicate, and are generally required to transfer, ownership of real estate. A deed contains the names of the old and new owners and a legal description of the property and is signed by the person transferring the property. The different kinds of deeds, such as the warranty deed, quit claim deed and grant deed, transfer different interests in property.
In real estate transactions, many different people can have an interest in the same property, the tax consequences are more complicated and possession is not necessarily indicative of ownership. If you have questions about purchasing or selling real estate, contact our firm to schedule a consultation with an experienced real estate attorney for straightforward solutions that will work for you.
Southern California Real Estate Information
The southern California law firm of Virginia H. Gaburo & Associates strives to provide you with the information necessary to make informed decisions about your real estate matter. Toward this end, we are providing you with the following general information about real estate law.
If you have any questions about the information contained below, or if you would like to discuss your transaction or property issue with an experienced real estate attorney, please schedule a confidential consultation by calling us at 858-546-0183, or filling out our intake form.
Real Estate Law - An Overview
Real estate law includes both federal and state issues, with the state-level rules varying widely from state to state. These state and federal laws encompass everything from ownership of land and buildings to related issues such as financing, leasing, construction, taxes and environmental laws. A competent and experienced real estate attorney, like those at Virginia H. Gaburo & Associates in San Diego, California, can protect a party's interests in both routine and complex transactions and disputes.
Glossary of Real Estate Terms
Real estate law includes lots of jargon and legalese that can be intimidating or at least confusing, especially to first-time homebuyers. An attorney with experience in real estate law can help a buyer or seller understand the terms and concepts pervasive in real estate transactions. Read on to learn more about the terminology of this specialized area.
A deed is an unassuming and usually short piece of paper that has a big legal impact. A deed transfers an ownership interest in real property, and no real estate transaction where ownership transfers is finished until the deed is delivered to the buyer. A deed must include the names of the buyer and seller and the property's legal description. The deed is signed by the person transferring the property and may make that person responsible to the buyer for other claims against or conditions on the property.
Buying a home can be stressful and time consuming. Obtaining a home inspection can take some of the worry out of the process. An independent home inspector will give a buyer a complete picture of the condition of the property he or she is considering buying. Most houses are not perfect, and the inspector's detailed report gives the buyer an unbiased evaluation letting him or her know what needs work now and what will probably need work in the near future.
What to Expect at Closing
A closing, or settlement, is the meeting during which ownership of the property is officially transferred from the seller to the buyer. The buyer and the seller, their attorneys, both real estate sales professionals, a representative of the lender and the closing agent typically attend the closing. The closing involves settling any open issues, balancing and verifying an often complex closing statement, and signing all documents necessary to complete the transaction.