Definition Of Common Law In Real Estate

Definition of "Common law"

Stephen Anteau, Real Estate Agent BetterHomes & Gardens Rand Realty

System of jurisprudence that is based on court decisions instead of statutes passed by a legislative body. It is based on the principles decided by the courts.

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Comments for Common Law

..... said:

i want to know why common law is relevant in real estate.

Aug 18, 2020 23:49:56

Hey! Common law is a body of unwritten law established by the court. Unusual cases that cannot be determined based on existing written laws will be influenced by common law in order to make a decision. For example, in real estate very often you will hear about the common law property system, which is a system used to determine ownership of property during marriage. This is fairly important in distributing wealth after one of the spouses passed away or during a divorce.

Sep 07, 2020 09:10:11