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What is common law in real estate?
When it comes to real estate, common law refers to a set of legal principles that develop incrementally over time as judges issue rulings in specific cases. These principles are not found in any written statute or regulation, but instead are based on the judge's interpretation of case law (previous court rulings).
The key advantage of common law is that it can adapt to changing circumstances. For example, if there's a new technology that affects how people use or occupy property, the common law system can take this into account and issue rulings accordingly. However, because common law is based on case-by-case decisions, it can also be quite unpredictable.
Published: Oct 14, 2022
Updated: May 26, 2023
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