Property law is a set of rules that governs the acquisition, use, sale, purchase, and transfer of properties. It is a body of laws regulating every activity around property use. Property law is meant to protect both properties and property owners. Without the application of property law, our society would be unstable in property transactions.
For example, suppose there will be a sale of real property Law. In that case, both parties involved must know the basic demands of property law as it applies to the local community to have a smooth discussion and avoid disputes.
Australia’s legal system is solid enough to prevent members of society from violating property rights or trespassing on other people’s property. Hence. A clear understanding of property law will prevent you from going to different courts to settle legal issues and give you pride in ownership.
Mind you; property law is not all about landed properties as many people usually assume. It involves other types of property, from tangible to intangible. Moreover, property law is in kinds, meaning each specializes in each type of property.
Having established that fact, it will be easy to work with legal practitioners and obey restrictions where necessary. Property law protects your interest and expresses the power of government on environmental issues regarding lease, sale, tenant duties, mortgages, and other forms of practice that needs legal attention.
Meanwhile, it is not as straightforward as it sounds. You will unfold more details as you read on. So, what are the three types of property law? Let’s explain in detail.
The 3 Types of Property Law
Intellectual Property
Intellectual property law applies to creative works of the mind. It protects the works of writers, visual designers, graphic designers, and other creative work owners to ensure they have the full rights of their entitlement. Meanwhile, you need to get familiar with the region where you operate to understand and maximize your intellectual property rights.
According to the demands of western legal systems, intellectual properties are more valuable than any other type of property. Indeed, the law society upholds legal practice in respect of promoting and securing owners of intellectual works.
When you understand your intellectual property rights, it will be difficult for other persons to take advantage of your work to use it for profit. Whenever you have a clue that someone is trying to trespass on your intellectual property, you have the right to file a civil claim against the person(s) for intellectual property infringement.
In some cases, infringement of intellectual property may involve substantial damages. If you experience such, it is best to contact experienced property lawyers who understand intellectual property law to help you retrieve your ownership.
Intellectual property law also has a crucial role in business law, as companies must protect their copyrights, trade secrets, and other intellectual properties to sustain operations and maximize profitability.
Personal Property law
Personal properties are the movable items you can own alongside real properties. For example, your lands, home, and other kinds of buildings are real property. In contrast, other properties in the home, such as furniture, cars, appliances, artwork, electronics, and decorations, are categorized as personal properties.
Also, other properties you can take along with you as you move around every day are personal properties.
Personal property law gives you the legal rights to purchase properties for personal use in your home, office, and even vehicle at your discretion, best property lawyers are always there to help you. In addition, according to the provisions of intellectual property law established by the local government, you have the right to sell or transfer your personal properties to whomever you want. But first, you must comply with your area’s demands of personal property law.
More so, property ownership rights extend to personal properties in terms of buying, selling, and transferring ownership of properties. So, for example, if other persons want to buy your personal property, you have the legal right to sell it at reasonable pricing.
Legal issues concerning personal properties fall within the grip of criminal law. For instance, any act of fraud is a property crime that involves personal property law. If armed robbers attack a person, they have been robbed of their personal property. If anyone burgles your home, that’s an example of violating real and personal property ownership rights.
Real Property law
Real properties include buildings, structures, and real estate. Real properties comprise residential buildings such as condominiums, apartment buildings, and single-family. Commercial properties used for business activities are also among real properties.
Real property law is seemingly the most complex among the other types of property law. First, however, real property owners need to understand the nitty-gritty of real property ownership rights as provided by federal, state, and local governments.
The cheapest SMSF setup requires a comprehensive understanding of real property law. Compared to other branches of property law, real property law is renowned for its complexity. To ensure a cost-effective SMSF setup, it is vital to familiarize yourself with the intricate details of real property ownership rights dictated by federal, state, and local governments. By gaining insight into the legal frameworks surrounding real property, SMSF trustees can make informed decisions that minimize setup costs. Equipping oneself with knowledge in real property law is an integral part of achieving the cheapest SMSF setup possible.
The essence of a property lawyer in real estate transaction
As much as property owners need to understand property law, hiring a competent property lawyer is also advisable to be safer. Real estate attorneys are great assets to residential and commercial property owners.
Property lawyers are the ones to help you out in case of complications in a given transaction process. They will prevent you from possible problems by giving you detailed insights ahead of the transaction. For instance, if you want to buy a piece of property, lawyers can help you decide accurately and profitably.
It is also part of their responsibility to verify the seller’s credentials on your behalf to ensure you are free from fraud or scams. Without any shadow of a doubt, you can rely on the expertise of an experienced real estate attorney to draft land review legally binding contracts, streamline and help you complete the transaction process efficiently.
A real estate attorney can also help you sell your property, offering valuable services to aid things up and help you secure the best possible deal for the property.
Conclusion
You may encounter some complications at some real estate investment stages. At that juncture, the best thing is to seek the aid of a competent property lawyer to help you out.
Meanwhile, your knowledge of property law governing the sales, acquisition, use, and transfer of intellectual, personal, and real properties will help you understand your legal rights in any given situation and make it easier for you to work with your real estate attorney.
It is worth noting to ensure you hire a property lawyer specializing in the type of property issues you face. Remember, this article has exposed you to the three types of property law available. So, it would be an error to hire a property lawyer specializing in intellectual property to handle real estate properties and vice versa.
Countless attorneys in Australia specialize in a specific type of property law. Make sure you are curious enough to know the attorney’s area of specialization before you hire.