Real Estate is anything related to the construction and development of land and buildings either commercial or residential. This seems to be a very simple concept, but there are many legal disciplines included. Real Estate Law governs who may use an own the land or buildings.
Some terms to note in the Real Estate Law:
• The title is the official legal term which describes the owner of the property
• The mortgage is lending money at interest in exchange of title on the debtor’s property. After the successful completion of the debt payment, the conveyance of the title becomes void.
• Foreclosure is the term used if the lender takes control of the house or any property used for mortgage if the debtor fails to pay back the amount
• The official meeting for transferring the ownership of the land or property is termed as closing
• Escrow is … Read More