Legal Research on Real Estate Law

Today, more so than ever before, non-lawyers have occasion to conduct legal research. A question involving real estate law may provide such an opportunity. The process can be quite daunting.

Interstate Land Sales Full Disclosure Act

In 1968, Congress enacted the Interstate Land Sales Full Disclosure Act, 15 U.S.C.S. § 1701 (1998). In enacting the law, it was Congress' purpose to eliminate fraud in interstate sales of land. Briefly stated, the law requires certain disclosures in connection with the sale of vacant land. Despite numerous challenges since its enactment, the Interstate Land Sales Full Disclosure Act has passed constitutional muster.

Subleases

A sublease is a tenant's agreement to allow a third party (sublessee) to take over the rent and occupancy of leased premises. In a sublease, the tenant remains obligated to the landlord under the original lease, and the sublessee becomes the tenant of the original tenant. The landlord may agree to accept rent payments directly from the sublessee, although he or she is not required to do so.

Lis Pendens

Emile and Ericka found their dream house. In examining the title to the property, the title company indicated that it found a "Notice of Lis Pendens." The notice indicated that a bank, the mortgage holder on the property, had initiated foreclosure proceedings.

Presentation of and Response to Offers to Buy Real Estate

All offers to buy real estate must be presented to the seller or his agent as soon as possible. That means that as soon as the buyer's offer is made available to the listing agent, that offer must be presented to the seller. The listing agent has no discretion in whether to present an offer to the seller. All offers must be presented, even if the listing agent believes that the seller will not accept the offer.