What Does Real Estate Cover

Real Estate law essentially relates to land ownership, land possession, land inhabitation or occupancy and every other legal issue that pertains to land. It also refers generally to the set of laws that cover the right to use and enjoy land and its appurtenances or fixtures. It is a law that directly affects us daily.

Real Estate Law is jurisdictional. For instance, Real Estate Law in the United States is based on the laws of the various states and territories. In the US, Real Estate Law addresses issues that touch on individuals’ day to day life such as landlord and tenancy rights, historic preservation, home buyers’ rights, homeowners’ rights, construction safety and accessibility to buildings for persons with disabilities, environmental protection, eviction proceedings and foreclosures, to name a few.

Moreover, Real Estate law in the United States can sometimes be restrictive. For instance, it can limit a landowners’ right to use their land howsoever they may please, where such choices could negatively affect their neighbors’ rights to safety such as emissions of toxic waste on land, or the right of the community to enjoy unobstructed views of natural beautiful scenery. Additionally, it is not uncommon to have Real Estate Law in the US address homeowners’ associations, rent-to-own, co-operative boards, and rent to own property contracts.

Putting it succinctly, Michael Whippler, a California – based attorney describes the essence of Real Estate Law. In his words, Real Estate Law “involves the streets you drive on, the shopping centers you go to, the home you live in – and in that sense, it’s very broad.”

Unlike the United States, there are various laws which dictate the acquisition, enjoyment, and disposition of real property in Nigeria. Based on specificities of each transaction, transfer of interest in property can occur in varying forms from lease, charity donations, gift, charge, mortgage, or assent.

Unlike the United States where property law is more streamlined by state law, except for property which falls under federal jurisdiction, property law in Nigeria is governed by various laws and statutes including case law, English Common Law, customary law, the Federal constitution, the Land Use Act 1978, Property and Conveyancing Law, 1959, the Constitution, Federal Republic of Nigeria, 1999 (as amended), the Land Use Act, 1978, he the Illiterate Protection Act, Registration of Titles Law 2004 of Lagos State, The Stamp Duties Act LFN 2004, Administration of Estate Laws of States, Wills Laws of States, Companies and Allied Matters Act Cap 2020. What’s more? There are additional laws applicable in various states which further govern the administration of property rights within those territories, including laws which limit foreign ownership of property rights within those jurisdictions.

References

• Kowarski, I. (2021). What Real Estate Law Is and Reasons to Study It. Retrieved from https://www.usnews.com/education/best-graduate-schools/top-law-schools/articles/what-real-estate-law-is-and-reasons-to-study-it
• Meyers, C (2023). Real Estate Law. Retrieved from https://www.findlaw.com/realestate.html
• https://legalcareerpath.com/real-estate-law/
• Resolution Law Firm (2022). Laws Regulating Real Estate in Nigeria. Retrieved from https://www.resolutionlawng.com/overview-of-the-laws-regulating-real-estate-in-nigeria/