Property plays a crucial role in organizing society. It influences where and how we live, work, and recreate. Historically, almost all wealth was in the form of land and real property. Today, property continues to be the largest asset class in the world. The property market includes everything from residential properties (homes, apartments, condos) and real estate investment trusts (REITs) to commercial real estate (office buildings, hotels, golf courses, shopping centers) and conservation lands. The importance of property—for both the economy and society—was made readily apparent during the recent mortgage and financial crisis.

What is an educational program in Property Law?

Property Law is the area of law that governs the rights and interests that people have in property. It covers everything from the acquisition and ownership of land, to the leasing and renting of property, to the enforcement of security interests over personal property. Property law delineates rights in things, primarily, but not exclusively, physical things and especially land. It includes the rules governing the initial allocation of those rights, the kinds of rights that are recognized, limitations on those rights, and the methods of transfer, both voluntary and involuntary. Competency in the law of property requires an understanding of the basic structure of the vast set of detailed rules relating to things, familiarity with the special language spoken in this area of practice, and knowledge of specific areas that pose traps for the unwary lawyer.

What does an educational program in Propety Law cover?

The presentation of property doctrine, theory, and practice starts with the first-year course in property. Building upon that foundation, students may choose among a number of upper-level elective courses. One branch of advanced courses focuses on the transfer, development, and uses of land. The other major branch of advanced property courses focuses on gratuitous transfers of wealth.

Property

The course deals with the nature of and justification for the ownership of property, including land, personal property, and intellectual property. It considers which things may be treated as property, how property is acquired and transferred, the rights included with property ownership, and actions to enforce property rights like trespass and nuisance. Much of the course considers the ownership and use of land, covering such topics as the estates system, leases and land transfers, easements, covenants, and servitudes, zoning, eminent domain, and takings law.

Contracts

This course presents a comprehensive study of the creation, transfer, and termination of contract rights and duties. Contract law is a critical component for understanding the transfer, division, and assembly of property interests in real estate.

Real Estate Transactions

Introduces students to the major legal issues that arise in the sale and purchase of real estate and to the fundamentals of real estate transactions. The commercial or residential real estate transaction will be used as the foundation for understanding how all real estate transactions work, from the offering contract negotiations, through financing, to the closing. Also explores issues in commercial and residential real estate development from both practical and policy perspectives, and examines current trends and issues in real estate such as anti-sprawl legislation, neo-traditional planning and sustainable development, and government manipulation of the market demand for real estate.

What types of jobs are available for Property Law graduates?

Law students who focus on real estate law are equipped with the skills to advise clients on residential, industrial and commercial properties. Land law, housing regulations and auction project management are just a few examples of possible avenues for individuals with a real estate law background. They also might specialize in branches of property law, like real estate transactions, tenant law or land use. While many real estate lawyers work for real estate firms, they might also find employment with construction firms, private companies or non-profit organizations. Many lawyers are self-employed and own their own law practices.