Understanding the Basics of Real Estate Law

Whether you’re currently involved in the real estate market in the Frisco area, or you’re considering getting involved, it’s important to have a basic understanding of Texas real estate law. What’s important to consider anytime you get involved in real estate is not just the Texas laws surrounding the actual property itself, but also contract law, liability law, tax law, insurance law and more. If you’re invested in real estate right now, or if you’re planning to get invested in the future, here are some things to consider from the the attorneys at Lucé Law, PC:

1.) Get to Know Your Terms

As with any field of law, real estate law uses its own set of terms and definitions. If you haven’t spent a considerable amount of time studying these terms and definitions, you may have a harder time navigating the sometimes complex world of real estate law. Understanding real estate law terms and definitions can also help you to keep from breaking the law when it comes to tenant issues in rental properties, preparing leases for commercial properties and more.

2.) Know Where to Go

Another important step in understanding the basics of real estate law is knowing what governmental agencies or departments to file paperwork with. In many cases, you will need to have documentation on file with your city, county and state governments in order to make any real estate transactions official and sanctioned. In fact, failing to file the necessary paperwork may actually result in fines, citations and the forfeiture of your property.

3.) Proper Disclosure

In any type of real estate deal, it’s important that you or any other seller, buyer or renter asks questions. Texas real estate law requires that property owners disclose certain information before selling or renting their properties, and knowing what questions to ask or what information to disclose can be a great asset in getting a good deal. If you fail to disclose required information, such as the existence of structural defects in the property, before selling, you may end up in court.

You may also want to contact a real estate attorney in Frisco, such as Lucé Law, PC. The attorneys at Lucé Law, PC specialize in Frisco real estate law, and they can help you to work through land acquisition and development agreements, rental contracts, deed issues and more. To find out more information on how Lucé Law, PC can help you, please call 972-632-1300 today.