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Diane L. Drain | Arizona Bankruptcy Lawyer

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Real Estate Overview

Learn about Arizona real estate

Real Estate OverviewSite Producer2022-08-31T10:37:53-07:00

On this page you will find a general overview of what real estate is and some links and articles to Arizona real estate law.

Real Estate Overview

What is real estate?

Real Estate Overview - Aerial Neighborhood shotAccording to Investopedia Real estate, sometimes referred to as real property, is defined as “the land and any permanent structures, like a home, or improvements attached to the land, whether natural or man-made.  Real estate differs from personal property, which is not permanently attached to the land, such as vehicles, boats, jewelry, furniture, and farm equipment.

The terms land, real estate, and real property are often used interchangeably, but there are distinctions.

Land refers to the earth’s surface down to the center of the earth and upward to the airspace above, including the trees, minerals, and water. The physical characteristics of land include its immobility, indestructibility, and uniqueness, where each parcel of land differs geographically.

Real estate encompasses the land, plus any permanent man-made additions, such as houses and other buildings. Any additions or changes to the land that affects the property’s value are called an improvement.

Once land is improved, the total capital and labor used to build the improvement represent a sizable fixed investment. Though a building can be razed, improvements like drainage, electricity, water and sewer systems tend to be permanent.

Real property includes the land and additions to the land plus the rights inherent to its ownership and usage.”

If you’re like most people, your home and other real estate are your most valuable assets. Unfortunately, even if you’ve done everything possible to protect yourself, that asset can sometimes turn into a legal nightmare. If you own a business, real estate issues can spell the end of it. Having a real estate lawyer on your side can help you avoid potential problems or resolve existing disputes before the situation becomes hopeless.

Arizona Real Estate Law

What is the law of real estate or real property?

In the United States, every state has exclusive jurisdiction over the land within its borders. Each state has the power to determine the form and effect of a transfer of real property within its borders. Modern statutes have eliminated much traditional concern over the proper conveyancing of real property, the grantor, that the deed take effect as a conveyance. The deed must be recorded to give notice as to who legally holds title to the property. From Legal dictionary.

Thousands of frauds are perpetrated on unwary homeowners. Because they are unable to seek legal guidance, many prey on a certain population, such as the low-income or minorities. The best advise anyone can give is to never respond to someone who contacts you in a crisis and offers to “assist” you. Always reach out to well-established companies with a track record of providing high-quality services.

Here is just one example of such greed – “Campos Gets Prison in Arizona Housing Scheme“.

CREDITOR GENERAL QUESTIONS

Foreclosure is usually state law specific
Unless it is federal land, the law of the state where the property is located controls the judicial foreclosure or trustee sale process. A trustee’s sale or judicial foreclosure are two of the processes a lender can use when there is a default of the original loan agreement (e.g. not paying the mortgage).

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An Arizona Forcible Entry and Detainer is a legal action that can be taken by a landlord or property owner if an existing occupant refuses to leave after being given adequate notice. This occupier could be a tenant or the original owner of a home that was foreclosed or sold in a trustee’s sale. If the property is residential (ARS 33-1377) or non-residential (ARS 33-361), the laws regulating forcible entry and detainer actions are different (ARS 33-361).
Real Estate Overview - Home

For most of us, our home is our most valuable possession, and most expensive investment.

A real estate purchase—likely your home—represents a significant financial commitment. Before you decide to invest your hard-earned money, be certain that you are aware of your rights, obligations, and the rights of your creditors should you default on their debts.  This analysis may affect you choice, depending on your financial situation.

Real Estate Overview - chained to a mortgage and debt

As circumstances change it may become necessary for you to learn how to deal with the home that has now become a burden.

Most of the time, the laws of the state where the land is located set the rights and responsibilities of the land owner and the land owner’s creditors (except federal lands). In each state, the laws that govern the land are different. Talk to an experienced real estate lawyer to find out what your options are if your finances get scary and you need to get out of your real estate obligations. You might be surprised at what you can do.

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