Here are legal terms pertaining to the real estate sector in Ghana:
Property law
It is the area of law that governs the various forms of ownership and tenancy in real property.
Real property
Real Property is any property that is fixed to the land. They include land, buildings etc. In business terms, property includes factories, offices, structures.They do not include properties that cannot be moved like machine, cars etc.
Contract
A contract is a series of promises made by one person to the other which is enforced by law.
Fiduciary
These are legally assigned duties for a real estate agent or broker acting in the capacity of a seller or buyer in a transaction. The agent or broker acts in the best interest of client.
Legal description
A legal description of property is a way of defining or pointing out the exact location of a piece of land. This can be done by using the physical location or address but in most cases, the physical description is not the same as it is in legal descriptions.
Foreclosure
It is the process whereby a bank seizes the property of debtor because he/she has defaulted in paying back a loan.
Real Estate Agency Law
It is a list of written and in very few cases verbal agreements created by an agency with a seller or or a buyer.
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