Real estate law deals with the regulation of property or everything related to real estate transactions. A truly important area if we take into account the relevance of the real estate sector today, and of all the procedures and actions that must be carried out for the sale or acquisition of a home.
Transfers, sale of homes, leases, inheritance management, review of charges in real estate, property registration, building management, and a long list of actions for which a real estate lawyer is fully trained.
At VBB Abogados, we are lawyers specializing in real estate law, and we would like to take advantage of our experience in the sector to explain, in detail, what real estate law consists of.
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What is real estate?
Real estate assets are those, which by their nature are fixed in space and cannot be moved, as buildings, farms, land, premises, plots, garages, commercial premises, etc. And all of them should be registered in the Property Registry, in order to guarantee their owner the enjoyment of the rights derived from their possession.
Rights derived from the possession of a real estate
The owner of any of a real estate or properties mentioned above has the following rights:
- Right of use: you can occupy or use the property whenever you want.
- Right for the development of activities: the owner can use the property for the development of private or business activities allowed by law.
- Right of lease: you can also rent said property to earn income.
- Right of assignment: the owner has the right to donate or assign the real estate, either temporarily or permanently.
Types of real estate
Spanish Civil Code also establishes a classification of real estate, based on four criteria: by nature, by destination, by incorporation and by analogy.
- By nature: refers to land, buildings, roads and constructions attached to the ground.
- By incorporation: real estate are considered to be those assets attached to ground as well as any other attached to the property in such a way that they cannot be separated from it without causing damage to the property or the element itself
- By destination: assets belonging to the owner of the property, as well as its annexes, which serve and are necessary to carry out the work or exploitation activities carried out in the latter.
- By analogy: It refers to administrative concessions of public works, easements and other real rights over real estate.
However, real estate law does not address all of them, but only real estate by nature and incorporation, and some real estate by analogy, such as administrative concessions for public works.
Legal framework of real estate law
Real estate law is composed of rules including different legal bodies
On the one hand, its legal framework is established in the Spanish Constitution, it includes the right to property.
On the other hand, the Civil Code and regional laws contain rules relating to contracts that regulate the transfer of property (sale, deposit, exchange, purchase option, inheritances, donations, etc.); the constitution and transfer of charges (mortgages, censuses, easements, usufructs); and the leasing of real estate.
Finally, there are other rules that regulate specific aspects related to real estate law, such as: tax laws, mortgage law, the Building Planning Law, the Urban Leasing Law, or the Real Estate Cadastre Law, among others.
Buying and selling of real estate
In a sale, a real estate lawyer is in charge of checking all the legal and technical aspects of a real estate, from the verification of charges and encumbrances in the registry and their elimination, the review of its urban situation, the investigation of possible debts that affect the property, advising his client so that the transaction is carried out with the full legal guarantee.
Faced with the leasing of a property, various scenarios can arise, and in them a real estate lawyer will be of great help. For example: for the preparation of the contract, also, in case of claims or other breaches derived from the lease contract.
Claims for constructive defects
In some cases the buyer, after acquiring ownership of a property, encounters construction problems, being necessary to claim compensation in court for the defects that appear.
Thus, the real estate lawyer can defend any of the parties involved in court, analyzing the legal scenario they are facing, developing the most appropriate strategy to defend the interests of their client.
Ultimately, a real estate lawyer can help ensure legal security for real estate transactions, conducting a due diligence analysis and properly drafting contracts.
It is also necessary or, at least, advisable to go to a real estate lawyer when the property is the subject of a judicial process (divorce, inheritance, eviction, compensation, etc.).
Are you in any of these situations? If so, to try to help, please contact with our team and tell us your situation. We guarantee that we will handle your case with the greatest involvement. And if you want more information on real estate law, we have a specialized blog, where you will find many more articles.