5 Things You Need to Know About Real Estate Practice

Lawyer

We all want to invest in real estate and if you have the resources to do so, then I suggest that you do. But, what happens if, say, you are given real estate by way of inheritance but someone also wants to claim the same property as well?
Well, you will require a real estate attorney for that and in this article, I will talk about the law practice that governs the topic of real estate and properties.

What Usually Happens in a Day?

Well, the work of a real estate attorney is anything but typical. You see, each and every day presents different endeavors. The lawyers that are involved would either conduct surveys, review titles, looking at third-party reports, and just about anything that could help them with their client’s case.
There are also some days where we would spend the time reviewing and negotiating the documents that are essential for completing a particular transaction- which may include purchase and sale agreements, loan documents, leases, and other supporting documents.

Who Do You Work with?

Well, it really depends upon a number of factors. If we are talking about large law firms, then they would typically be filled with attorneys that specialize in a lot of things with varying degrees of experience.
It would also differ based on the degree of the transaction. For smaller transactions, it would just typically include just one law firm, an associate, and sometimes with a paralegal as well.
For larger transactions, it may include a law office partner, multiple senior and junior associates that will conduct timely visits to their clients to meet their expectations.

How Competitive is This Area?

The thing that aspiring real estate attorneys have to keep in mind that every day is going to be a challenge. There are new endeavors that you have to face and there are plenty of moving parts.
For example, if you were to close real estate transactions, you may have to talk with the opposing counsel (assuming that the previous owner would defend their claim), review loan documents and titles, among many other things.
Despite the many challenges that are quite common in this field, this is one of the only areas of law practice that will reward yourself handsomely after every project.

How Hard is It?

Being a real estate lawyer is actually quite hard as it is a very challenging practice and area of law. That being said, you’re looking at meeting your client’s expectations and there could be a lot of things that you need to think about just for you (and your client) to win.
That being said, depending on the complexity of the transaction, you’re looking to work long hours every day and sometimes even on the weekends as well.

What is the Usual Complaint About this Line of Work?

One of the most common complaints regarding this work relates to the number of hours that every practitioner must render in order to close the transaction.
In addition, some law firms (especially the larger ones) would often give unrelenting pressure to their lawyers to fulfill and maintain high billable hours in favor of higher collections.