Real estate is indeed one of the safest investments and a lot of people use real estate as an investment avenue. Real estate law is not the forte of real estate attorneys and real estate agents only. Every real estate investor should understand at least the basics of real estate law. In fact, a short course or a concise book on real estate law can sometimes be of great help (and is generally sufficient for understanding the basics of real estate law).

What you need to understand is the real estate law with respect to the legal procedures that you need to follow for ensuring a smooth transfer of title to the property you acquire/sell and other related procedures. You need to understand the fee structure (e.g. stamp duty, etc) that you need to take care of as per real estate law. You can also understand the classification of properties and how the basic real estate law applies to them. How the commercial and residential properties are treated differently by the real estate law. The tax laws with respect to real estate are one of the things that would be of most interest to you. So, your study on real estate law should also cover all the aspects related to taxes. How mortgages are treated in the perspective of real estate law is another thing that you should know about. Then again, the real estate law with respect to tenancy should also be well understood by people who wish to rent out their property.

What is real estate law?

Real estate law is the law governing the acquisition, use, and disposition of real property in Canada. “Real property” is best thought of as land, and anything permanently attached to the land, and includes empty parcels of land as well as houses, apartments, and any other type of permanent structure. The most common types of real estate transactions are the buying and selling of homes, as well as applications to re-zone a particular building or group of buildings (which also involves a great deal of municipal law). Landlord and tenant relationships are also considered under the heading of real estate law.

Real property in each province is handled in some form of a land titles system. The Land Titles Office acts as a permanent, government-certified and searchable registry for ownership of all real property in the province. An individual does not legally “own” real property unless that ownership is registered with the Land Titles Office and they are issued a Certificate of Title.

What laws govern real estate in Canada?

The Canadian Constitution gives the provinces jurisdiction over property, and as a result a vast majority of the legislation concerning real estate is made at the provincial (and municipal) level. Provinces will have statutes concerning a number of real property and real estate issues, such as the Land Stewardship Act, the Mines and Minerals Act, the Public Lands Act, the Land Titles Act, and the Law of Property Act. All provinces will also have a Residential Tenancies Act governing tenancy within the province.

What sort of work would a real estate lawyer be involved in?

The primary work of a real estate lawyer will be in the buying and selling of real property (a process known as a “conveyance”). To engage in conveyances, a lawyer must have a trust account (where they will hold money that legally belongs to one of their clients), and the work of conveyances is a specialized field for paralegals. Conveyancing paralegals will spend a great deal of their time filling out and filing documents with the province’s Land Titles Office.

Lawyers representing landlords and tenants can be involved in drafting tenancy agreements and negotiating tenancies. In residential tenancy situations, it is highly unusual for lawyers to be involved in the formation of the tenancy, except for perhaps drafting the initial documents for the landlord. However, if there is a dispute about the tenancy, such as an eviction without notice or damage to the property, lawyers may become involved. Provinces will have a Residential Tenancy Dispute Resolution Service that individuals can bring their claims through before having them heard in the court system.

Points of Interest

There exists a much greater degree of protection for tenants in residential tenancies than in commercial ones. In residential tenancies, the tenant is assumed to have a weaker bargaining position, and thus the Residential Tenancies Act affords the tenant a great deal of protection from abuses they might suffer from the landlord. In commercial tenancies, the parties are both assumed by the law to be on equal footing and have similar bargaining power, so no such protections are necessary.

However, you should not overdo that i.e. you should not start becoming hysterical about learning real estate law (lest you end up wasting a lot of time in trying to learn everything about real estate law and be left with no time to evaluate your real estate investment). Leave the intricacies of real estate law with the real estate attorneys (and to some extent real estate brokers who too are taught real estate law as part of their course for obtaining broker license).

Understanding the various legal terms referred to in real estate laws can help you in not only enhancing your understanding of real estate but also help in making your conversations with real estate attorneys/agents really fruitful. You should also note that though some of the basics remain the same, the real estate laws vary across various states. Also, real estate laws (especially the tax related real estate laws) can undergo a change over a period of time, so you need to keep a tab on such changes. Any big changes will anyhow appear prominently in news and you will get to know of them anyhow.

So knowing a little bit of real estate law can really be helpful (and is, in fact, essential).

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