In today’s world, the importance of the legal aspect of buying and selling real estate properties cannot be overemphasized. Sometimes I wonder what the real estate business would look like without a real estate attorney. Imagine having to buy or sell a real estate property all by yourself. Not knowing if you are being duped or the necessary documents needed to acquire properties. Well, FYI, it is in the job description of a real estate lawyer to stop this from happening. This is the reason why real estate lawyers are being consulted and have a good salary in locations like New Jersey, New York, and Texas amongst other locations. Having said that, this will serve as a guide on becoming a real estate attorney.
As the popular saying goes, “the journey of a thousand miles begins with a step”. You just made the first step of becoming a real estate lawyer by clicking on this article.
So, shall we?
Real Estate Lawyer Meaning
You cannot become what you do not know, likewise, you cannot become a real estate lawyer without knowing its meaning.
A real estate lawyer is an attorney who handles the legal aspects of a real estate transaction. Attorneys in real estate law are those who are authorized to practice the practice of law in this area and who, as a result, are well-versed in advising parties involved in the sale or short sale of real estate.
So seeing that real estate properties are more often than not, categorized as the most important asset any individual or company may own, it’s no wonder why this category of lawyers are highly sorted after.
To get a further view on this let’s quickly take a look at what real estate law is.
What is Real Estate Law?
The real estate law governs how people buy, use, and sell properties. It also tries to regulate what they do with those lands. A real estate law can also be called a real property law.
The major reason why real estate law is also called real property law is that it’s all about properties. Mind you, these properties in question include lands, houses, buildings, and so on.
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Real Estate Lawyer Job Description
Just like every other job out there, real estate lawyers have his job descriptions and responsibilities for which they get paid for at the end of a successful deal. The list below gives insight in that respect;
- A real estate attorney prepares and takes a proper review of all the documents that are signed at the closing of a real estate transaction.
- He is to ensure that both parties’ interests are properly protected.
- He also double-checks every document to ensure that it is free from liens. That is trying to limits scenarios where properties up for sale it isn’t already titled to someone who may later come back and claim the property.
However, beyond your job descriptions as a real estate lawyer, you need to be more flexible. I mean being able to dish out favors or go an extra mile just keep your client happy.
More on that, later …
How can you Become a Real Estate Lawyer?
Becoming a real estate attorney is no easy feat. It involves tons of processes but first becoming a lawyer is a perquisite. However, a summarized version is listed below.
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Steps to becoming a real estate attorney
- First, students who want to become real estate attorneys must obtain a four-year undergraduate bachelor’s degree in business or economics.
- The student must then complete the LSAT (Law School Admission Test) in the state they wish to practicing. They must also obtain a Juris Doctorate degree from an accredited school along with a license obtained from passing the state bar examination.
Generally, it takes three years in obtaining a law degree. The first year of law school prepares the student with the fundamentals of the profession. To work in the state as an attorney, an individual must complete a state bar exam. After passing the state bar exam, lawyers may practice any type of law they choose.
Real Estate Lawyer Salary
Oftentimes people ask, do real estate attorneys make good money?
Well, the answer is a big YES, they do.
Basically, Real estate transactions are worth thousands and millions of dollars. So with that in place, it almost impossible to earn peanuts as a real estate attorney; that’s if you’re really good at what you do. But either ways, if you play your cards right, you just cant go bankrupt in this line of business.
Down to how much these dudes really make; As of 2014, the real estate lawyer’s salary annually was approximately US$ 90,125, according to details from PayScale. But, currently, the average real estate attorney salary in the United States is around US$ 151,364 as of February 26, 2021, though in the real sense of it, the range falls between US$131,992 and US$167,716.
However like I earlier mentioned, it has been observed that highly-skilled contract negotiators tend to be paid higher salaries in real estate business. Furthermore, the experience of an attorney as well as the location also influences their earning potential.
But generally, a real estate lawyer’s salary range usually vary depending on many important factors, like, education, certifications, additional skills, the number of years you have spent in your profession.
Real estate lawyer free consultation
I know you might be wondering, why would I become a real estate attorney just to give out free consultations considering the time and finances spent to obtain the degree in the first place.
One thing you should understand as a starter is that no one wants to give out jobs to newbies yet they love freebies. Basically, all they need is a capable hand who is really good at what they do but there’s no way of knowing for sure if you are that person. And the only way to build that confidence in you is to show what you are capable for free.
So it’s always advisable to start up with free consultations for the first few months. That way you build a reputation while creating a stream of potential clients.
Who practices Real Estate Law?
Obviously, only Real estate lawyers do. They exist in every part of the United States. Large cities like New Jersey and even small towns usually need a real estate attorney to serve the community. This is because most real estate laws are created by the local governments.
Meanwhile, it increases a real estate lawyer’s salary when he/she is fully acquainted with these laws.
Real Estate Lawyers In New York City
An average real estate attorney in New York City charges within the range of $2,500 and $3,000 for a single deal. However, attorney fees can be up to $5,000 for a bigger transaction.
And at least up to 39% of real estate transactions in New York City often involve legal representation for both parties (buyer and seller). So basically if you are in luck if you’re based in New York as a real estate attorney. Because for the most part 39% is a big deal and who says you can’t influence the numbers positively?
But just in case you’re new in the city, and probably wanted to get acquainted with how things work in the city, here is a directory to find just any kind of lawyers in the city. However this directory works both ways. In other words, it’s also a great tool for clients who need their services too.
Real Estate Lawyers in New Jersey
Like I earlier mentioned, locations play a major role in the career of a Real estate lawyer. So do not expect to find the same conditions in New Jersey as you did in New York City; as a lawyer or a client. But generally, there are tons of real estate Lawyers in New Jersey to pick from at cost-effective rates as a client and on the other hand tons of them to bring you up the speed as a newbie Real estate lawyer in New Jersey.
Because trust me when I say you do not want to be a loner in a new city or maybe an old one as the case may be. But, part of making it big in this line of business lies in your ability to source for and act on the pieces of information you get as fast as possible. However, on the flip side, shouldn’t you be trying to dominate your target market by researching and analyzing your competition?
Therefore, in the spirit of trying to dominate your market this directory of Real Estate Lawyers in New Jersey could prove useful.
Real Estate Lawyers In Texas
Texas could just easily be regarded as one of the cities with the largest landmass. Little wonder why it has loads of real estate opportunities; and consequently, the highest number of real estate lawyers in the US.
This could be an issue for most newbies but at the same time a gold mine if you play your cards right. This means at some point you may have to go beyond your job description as a real estate lawyer just to ensure you keep them coming back. Build quality relationships with them. Check up on them regularly and attend their functions. You just need to go the extra mile.
But either way, you would also need a directory because asides from keeping your competitions close, most cities make it mandatory to join regulatory bodies just to ensure uniformity in prices, and order of activities.
Conclusion
In the end, becoming a real estate lawyer begins with taking the action, irrespective of the hurdles and bubbles that come with it. After all, no profession is truly mastered on a platter of gold.
Hopefully, this post helped you come to terms with that with an idea of what you should expect moving forward.
Real Estate Lawyer FAQ
What does a property lawyer do?
The list below gives insight in that respect;
- A real estate attorney prepares and takes a proper review of all the documents that are signed at the closing of a real estate transaction.
- He is to ensure that both parties’ interests are properly protected.
- He also double-checks every document to ensure that it is free from liens. That is trying to limits scenarios where properties up for sale it isn’t already titled to someone who may later come back and claim the property.
What is a real estate lawyer called?
Attorneys in real estate law are those who are authorized to practice the practice of law in this area and who, as a result, are well-versed in advising parties involved in the sale or short sale of real estate.
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