Choosing A Law Speciality: Is Real Estate Right For You?
Since 2014, there have been a staggering 35,000 cases of loan fraud and real estate scams. Despite the massive effort to take initiative and raise awareness of the issue, homeowners are still falling victim to this, losing an average of $1,500 per scheme: This is where the attorneys come in.
Real estate practitioners must be aware of potential red signs, both new and old, that may signal fraudulent activity. Property law is about helping clients understand their legal rights and responsibilities as landowners as well as their property potential. So, is this a market worth investing your career in?
Rising Demand for Real Estate Law
This area of practice is influenced by general business trends and cycles in the economy. During periods when the finance market is growing and interest rates are low, the real estate market will also prosper. Property attorneys for the buyer and seller of a given property may not necessarily represent the bank if a mortgage is involved. However, a third attorney may protect the interests of the bank to ensure all loan documents are executed in an orderly fashion.
A great real estate attorney listens to a client’s description of their goals and evaluates how best to accomplish this. They must also adjust this goal to fit the framework of the state’s regulations, court interpretations of the common law, and status of the issue. Some states allow lawyers whose primary practice is real estate to pursue work in other areas with the focus of residential or commercial transactions.
A Speciality That Goes in Many Ways
Most property lawyers in this area will start out as associates to gain experience. The junior years are often spent managing and closing transactions by assisting senior lawyers. As their skills and experience begin to grow, it is common for attorneys to aim for partnership. However, those interested must be able to achieve transactions without guidance and focus on developing their own portfolio. In contrast, others will skip the partnership route and transition into private firm lawyers or practice within in-house positions at insurance or real estate companies or in banking.
Career Prospects in Real Estate Law
The American housing market has been on the rise for the past decade, with no signs of slowing down. As such, market fluctuations encourage potential owners and investors to rely on the expertise of property lawyers. Attorneys are imperative when it comes to dealing with the transfer of title or property, making this a stable area the specialise in. So, should you specialize in real estate law? Follow this area if you have:
- A thorough understanding of the current real estate, property law and regulations
- Strong communication skills – the ability to explain complex legal arguments to non-lawyers
- Attention to detail and precise drafting skills
- Firm analytical skills with an innovative approach to finding solutions to issues of the rights of way, boundary disputes, and contamination
For law students contemplating real estate law, consider connecting with seasoned attorneys in your bar association and look into pro-bono work for experience. The ability to juggle competing demands is also vital as many property lawyers find themselves working on multiple cases. Thus, the ideal real estate lawyer must effectively prioritize their workload to avoid missing critical deadlines.