Real estate encompasses land along with anything permanently affixed to the land, such as buildings. Real estate is often considered synonymous with real property (also sometimes called realty), in contrast with personal property (also sometimes called chattel or personalty).

In most societies, a significant fraction of the total wealth is in the form of land and buildings. In most advanced economies, the main source of capital used by individuals and small companies to purchase and improve land and buildings are mortgages – bank loans for which the real property itself constitutes collateral. Banks are willing to make such loans at favorable rates in large part because if the borrower does not make payments the lender can foreclose, that is, file a court action that lets them take the property and sell it to get their money back.

Real estate law includes the sale and purchase of land. Attorneys draft and review Offers to Purchase along with the documents needed to close a sale. Whether you are working with a real estate agent or not, an attorney should be consulted as part of your sale or purchase transaction. Real estate law also includes the rules which govern landlords and tenants. For example, a landlord in Wisconsin must provide the tenant with a written accounting of their security deposit within 21 days of the tenant vacating the premises or the landlord may be subject to double the amount of the security deposit, costs and reasonable attorney fees.

If you need assistance with a real estate transaction, or have questions, please call Martinson Law Offices.