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
An enticingly attractive initial rate below the market offered in an adjustable rate mortgage. For example, the teaser rate may be offered at 2% below market. A borrower who cannot qualify ...
Relationship between individuals or entities out of which exists a mutual interest. An example is a privity of contract among the contracting parties concerning the actions each are to take. ...
“What is Situs?”, you ask.Situs is a word in Latin that basically means the site or location where something exists or originates. Like most words in latin, situs is usually ...
Association of the owners of all condominium units in a building that is concerned with managing day-to-day matters in the building complex, including the surrounding and enforcing ...
A capitalized expenditure usually extending the useful life of a building or improving it in some manner over and above the original condition. In contrast, a maintenance or repair expense ...
Right to enter and start construction or furnishing property that is in the process of being purchased. ...
If escrow is the legal “moment” where assets are held by a third party (an escrow agent) hired by both the buyer and the seller of goods like real estate and insurance until the ...
People say, in real estate, there's a lot more than meets the eye. If you're connected to the housing market in any way, you've probably heard the term "implicit cost." It sounds fancy, but ...
Loan having the last payment either (1) more than twice the amount of any other payment, or (2) a payment arising from the lenders call provision. The term loan (or straight loan) is a form ...
Have a question or comment?
We're here to help.