When it comes to real estate, most people only care enough about the practice to secure a home for themselves and their families. Some developers and speculators rely on real estate for income, between flipping properties for resale value or renting out strategically located apartments and houses. Both groups need the help of real estate law to protect their purchases.
There is more to real estate law than title transfers and fees for the courthouse. The popularity of mixed-use developments in Nashville and other cities has brought a variety of restrictions and guidelines for large construction projects. Some of these can affect tenants and purchasers with zoning ordinances and other limits.
It's not all bad news for home buyers, however. Real estate law also includes tax breaks for people who buy new housing in previously distressed areas like parts of Memphis and Knoxville. Historic properties may also garner tax credits in return for the maintenance of registered structures and grounds.
Some recent changes to federal law may also affect the decision of what or when to buy. Deducting interest for certain types of home loans is no longer as generous as it was before the 2017 tax changes. The new laws also affect estate planning, which can affect how homes get passed to other owners.
It is always a good idea to consult an attorney when it is time to buy or sell real estate. Legal representation may protect buyers and sellers from the possibilities of getting parts of the process out of order, missing a vital step or some other real estate mistake.