What does a real estate lawyer do?
Real estate lawyers handle issues related to residential and commercial properties. They assist with the finalization of transactions and look out for potential risks and issues that other professionals might miss. They review offers and ensure all rights of buyers and sellers are protected. They review titles, contracts, purchase and sales agreements, appraisals, and a variety of other necessary forms. Real estate lawyers help buyers and sellers understand purchase contracts and clarify the paperwork that is required to be signed. They make sure there are no liens, prepare and register necessary documents, and handle title issues.
What kind of training does a real estate lawyer need?
Real estate lawyers must have a bachelor degree and a law degree from an accredited law school. All law schools require candidates to receive a satisfactory score on the Law School Admission Test (LSAT). Prospective real estate lawyers typically complete courses in legal writing, property law, tax law, commercial real estate, and residential real estate. Many aspiring real estate lawyers complete internships or clerkships at real estate law firms to gain practical experience and establish valuable contacts. All states require real estate lawyers to pass the written bar examination to become licensed to practice law. Many states also require real estate lawyers to pass a separate ethics examination. Real estate lawyers must complete regular continuing legal education to maintain their licenses, keep their skills current, and stay abreast with advancements and changes in the field.
What are the prospects for a career as a real estate lawyer?
Employment of all lawyers, including real estate lawyers is expected to grow about as fast as average for all professions, increasing 13% from 2008 to 2018 (1). The growing population and increase in real estate will drive job growth for real estate lawyers.
Job prospects are expected to be good with keen competition. Real estate lawyers with excellent academic records and extensive experience will have the best job opportunities.
How much do real estate lawyers make?
As of February 2010, the average annual salary for probate lawyers is $71,000; average annual real estate lawyer salaries vary greatly on location, employer, education, experience, and benefits (2).
A career as a real estate lawyer is a great choice for people with a strong interest in real estate law and handling issues related to a variety of properties. Real estate lawyers must have a solid understanding of the concepts, rules, and regulations related to residential and commercial properties. Analytical thinking, detail orientation, patience, and good problem solving skills are essential characteristics. Real estate lawyers must have excellent communication and interpersonal skills and ability to work with a variety of buyers and sellers.