REAL ESTATE - CASE STUDY

Real Estate - Case Study

Real Estate - Case Study

Introduction

Real estate law is the term applied for the division of civil law which encompasses the rights to own, utilize, and benefit from the property and the enduring synthetic accompaniments attached to it. This counts in the capability for holding the interests in the real estate property, real estate financing counting in the mortgages and deeds, transfer of interests in the real estate property, relations between the tenants and landlord, relations between the community and the owners, relations amongst the owners and the acceptable interests in the real estate property. The transactions of the real estate like the leases, sales and purchases are administered by a varied unit off state and federal law, and the terms and conditions set out by the state law frequently diverge from state to state.

Case Highlights

The paper presents a case study regarding the selling and purchasing of real estate property and the ethical and legal issues allied to it. The case is about this person Noris who had decided form some time that he wanted to purchase a hotel. After looking at several different areas, he settled in New South Wales as offering him both the potential for business and the lifestyle he was seeking. He rang a number of real estate agents and finally found a hotel and general business listed with an estate agent called Evatt. Evatt told Norris that once he got going in this business it would be a gold mine. Norris sought an accountant's advice and then proceeded to buy the business. Within six months of buying the hotel and general business Norris failed because there were neither the tourist numbers nor local population to sustain business. Now looking at this case, I would give my opinion on that whether or not Norris would be legally and logically able to sue the estate agent for his statement regarding the business, in the light of the ethics and law for the sales/purchase of real estate property.

Australian Business Law

Foreign Investment

Foreign investment in Australia is normally backed but endorsement is needed for particular sorts of investments. In Australia, foreign investment is governed by the Federal Government's Foreign Investment Policy and the Foreign Acquisitions and Takeovers Act 1975 (Cth) (FATA). The proposals for foreign investments are examined by the Foreign Investment Review Board (FIRB) and the recommendations are sent to the Federal Government regarding those proposals. The Australian Treasurer is the minister of the federal government accountable for making the decisions regarding foreign investment (Andrew & Irene, pp. 90-103). The legislation of foreign investment in Australia is applicable to the proposals of investment by the foreign interests. A foreign interest refers to a person who is not an ordinary occupant in Australia and any trust or corporation wherein there is a significant foreign interest like up to fifteen percent or wherein many foreign residents have a cumulative interest of up to forty percent (William, pp. 17-21).

Contract Law

The Australian law for contracts of ...