Real estate lawyers are important players while sealing a property deal. How? You decided to buy a house. You have signed the contract and all the contingencies have been met. Now is the time for closing and you have to check the authenticity of all the legal documents but you have no clue or whatsoever about the legal terms. What will you do? Simple, hire a real estate lawyer. This will make you think how much they cost? And eventually how much does a real estate lawyer make? We will find it soon.
Now some people believe that hiring a real estate lawyer is a waste of money but I think it’s still better than being tricked. This is the importance of a real estate lawyer. Not only that it is also a lucrative career option. Job growth in the domain of real estate lawyers is directly proportional to the bloom in the real estate sector. So what exactly do real estate lawyers do?
A real estate lawyer is specialized in laws related to real estate, mortgage, subdivision and zonal law, land use, financial laws and others. Their work includes providing assistance to the seller and the buyer throughout the deal. They work through arduous language of contract and closing. They may also represent their clients in foreclosure proceedings if required. Tasks of a real estate agent can be summarized as:
- draft documents related to real estate that includes purchasing and selling agreement, leases and licensing
- Preparing title report
- Check the authenticity of the documents
- Maintain confidentiality of the client
- Represent the client in legal matters related to real estate
QUALIFICATIONS AND SKILLS
Just like any other lawyer a real estate lawyer also has to procure a law degree after completing his graduation. Integrated courses that include a graduation degree and law degree both are also popular these days. Clearing the bar exam and obtaining the license is a must in order to start the practice as a real estate lawyer. The lawyers may work in collaboration with a real estate firm or may choose to work independently.
Good interpersonal skills, outstanding oral and writing skills, communication skills and proper knowledge about contract, construction and other such concerning laws are some of the basic skills that a real estate lawyer should possess.
HOW MUCH DOES A REAL ESTATE LAWYER MAKE?
How much does a real estate lawyer make is very much affected by the type of lawyer you wish to be and the work experience. On the basis of your area of specialization you can be one of the following:
- Property dispute lawyer
- Property advocate
- Legal advisor
- Assistant manager (legal)
Among these the property dispute lawyers earn a little more than other lawyers. The average salary of a real estate lawyer may range from $132,000 to $168,000 in developed countries like the US and in developing countries like India this range falls between $55,000- $60,000.
How much does a real estate agent make also depends on the sector in which you are employed. Suppose if you are working with the central or state government or public departments you are most likely to get a symmetric salary throughout the year. Where as if you are employed with a real estate company your income will reflect the economic status of that very firm.
The job of a real estate lawyer is crucial, after all you are planning to spend a greater part of your fortune. The job of the real estate lawyer is to ensure the legitimate spending of your hard earned money into the house of your dreams.