The term statute is a written law that is adopted by a legislative body from the country, federal, state, county, or city level. The statute definition can be a legislative written decree (rule) stipulating prescribed action and conduct designed to be in the public's best interest. Laws may cover civil and criminal matters. Statutes can command, prohibit actions, set governmental mechanisms to help society, or declare policies that courts in specific situations then apply.
What is a Statute?
The statute meaning is the development and elevation of a bill from a simple proposal to law. Before a statute is adopted, a legislator has to propose or sponsor a bill. Once the bill is approved by both houses of the legislature, it is signed by the president (federal) or governor (state) and becomes law. After a bill becomes law, the provisions within that law are called statutes. These are applied to the general public and must be adhered to under criminal and civil matters. This situation can be seen in what is happening with the proposal for Washington D.C. to become the 51st State.
Courts can impact statutes by creating laws that reverse the effect of that statute. If this happens, the court’s decision can be reversed by that court itself, by a higher court, or when another state or federal statute is passed overriding that decision. Courts also interpret the language of statutes as they are written in broad terms, based on the case they are judging. This can be done when the statute is too ambiguous, and courts have to interpret the context, grammar, and dictionary definitions of the words and phrases in the statutes.
Statute in Real Estate
Real estate transactions are ruled by federal, state, and local statutes and common law like any other transactions. State laws aren’t the same, and contracts used in the real estate industry, whether they are for purchasing a property, establishing a listing agreement between a seller and a real estate agent, follow these statutes and laws. State laws govern real estate agents and brokers. Still, the Federal Fair Housing Act prohibits real estate agents from discriminating based on race, color, religion, sex, or national origin in any real estate transaction.
Another example would be, the obligation for real estate property contracts to be in writing comes from the Statute of Frauds. Also, states impose special laws for an inheritance for real estate, meaning that in this case, the state is again the executive power responsible for the statutes that evolved in that law.
For more information, we suggest that you contact a real estate attorney or lawyer.
Popular Real Estate Terms
Provision in a lease agreement in which the lessee is given the right to buy the property at the end of lease term. In many cases, the option price is attractive to encourage acquisition. ...
Also known as “cap rate” or “income yield”, Capitalization Rate is a useful way to compute the rate of return on a real estate investment. It is commonly used in the ...
A proposal to buy property at a specified price. The seller of the property has the options of accepting the offer, rejecting it, or making a counteroffer. For example, John signs a listing ...
An individual's possessions at his residences, such as furniture. A listing of items and their costs is recommended to obtain proper insurance coverage and as support for insurance ...
The real and personal assets of a person at the date of death. The distribution of the assets to the heirs depends on the provision of the will. If no will exists, the distribution is based ...
model depicting on paper what a structure physically looks like. The dimensions are draw on a proportionate basis to the real thing. An example is a scale of an existing or proposed office ...
Small one story frame house or cottage. ...
Relationship between individuals or entities whereby rights given to one are returned in kind to the other. An example is where one person has the right to use facilities of another with ...
Unregistered stock or bond that pays the holder dividends (if stock) or interest (if bonds) as well as the selling price when sold (if stock) or principal (if bonds are held to maturity). ...
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