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Approximately 61% of Americans own their home, meaning that over half of Americans own real estate. Individuals who own property but don't fully understand the real estate market can find themselves in legal trouble. That's where a real estate lawyer comes in.
If you are interested in the real estate market and finance, you may want to consider a career in real estate law. Real estate lawyers enjoy stable job security and above-average salaries.
This guide will provide you with practical information on how to become a real estate lawyer.
What is Real Estate Law?
Real estate law is the branch of civil law that governs the ownership and use of land. This area of law determines who has the right to occupy land and buildings, and for how long they can occupy them. Some people refer to this specialty as “real estate law.”
Real estate law deals with ownership, deeds, zoning, estate planning, and property taxes. It governs property rights and limitations on those rights established by government or contract (lease, purchase agreement, etc.).
Real estate and land use laws vary from state to state, and in order for a real estate attorney to oversee transactions in one state, he or she must be licensed to practice in that state.
What does a real estate lawyer do?
responsibility
A real estate attorney’s primary job is to protect their clients’ interests under state law. This goal comes with a variety of responsibilities, including:
Providing legal advice on property management, property taxes, real estate regulations and state laws; preparing and reviewing legal documents such as purchase agreements, titles, mortgages and conveyancing documents; assessing the legal risks of real estate documents and advising clients accordingly; ensuring compliance with state laws during real estate transactions; overseeing the closing and transfer of title; negotiating settlements on behalf of clients during real estate disputes; and representing clients in court in real estate fraud cases.
A real estate lawyer should be skilled at negotiating and have a strong understanding of the real estate market.
salary
According to Payscale, the average salary for a real estate lawyer is about $97,000 per year. Compared to the average salary of $61,900 per year in the U.S., real estate lawyers are at the top of the income ladder. However, income can vary based on location, experience level, and clients.
The Bureau of Labor Statistics projects job growth for lawyers to be 8% from 2022 to 2032, indicating that the demand for real estate lawyers will remain stable in the coming years as more people invest in real estate.
Real Estate Law Skills
Practicing real estate law requires a strategic mindset as you must navigate the market, acquire clients, and resolve disputes with opposing parties. Below are some key skills that every real estate lawyer should have to be successful:
Analytical skills
Real estate lawyers need critical thinking skills to analyze legal provisions, detect potential risks, and advise their clients accordingly.
Communication and Speaking Skills
When it comes to legal terminology, most real estate investors have at best a superficial understanding. Therefore, real estate lawyers must know how to break down legal concepts and documents into language that their clients and other parties involved in the transaction can understand. These lawyers also need to be clear when stating their case in court.
Interpersonal skills
Real estate lawyers must earn their clients’ trust and respect by demonstrating legal expertise and empathy for their clients’ situations.
problem solving
Being able to objectively evaluate the agreements, legal restrictions, and clauses in real estate transactions is essential to an attorney's career. These skills enable attorneys to negotiate settlements and build persuasive cases in court.
the study
Legal research involves seeking out and obtaining the appropriate information to support a legal position. A real estate lawyer must be able to find case law relevant to the current situation and advise their client accordingly.
write
When preparing legal documents for a transaction, a real estate lawyer must ensure they are done precisely so there is no room for misunderstanding.
How to become a real estate lawyer
Law is one of the oldest professions, and the traditional path to becoming a lawyer is relatively standard across countries. However, real estate lawyers must go the extra mile to become experts in the law and the real estate market.
If you have decided that this profession is for you and would like to know how to become a real estate lawyer, then you will need to complete the following steps:
Earn a Bachelor's Degree
The first step to becoming a lawyer is to earn a bachelor's degree. While many law schools give preference to students with a law major, there are no strict restrictions on the degree you can choose at the undergraduate level. With a four-year bachelor's degree from an accredited university, you can apply to law school.
However, undergraduate students who want to specialize in real estate law should consider majoring in business, economics, or psychology.
Pass the LSAT
Once you have earned your bachelor’s degree, the next step is to attend law school. To gain admission to a law school accredited by the American Bar Association (ABA), you’ll need to pass the Law School Admission Test (LSAT)®.
The LSAT is an essential part of the law school admissions process and is used to determine how well applicants will perform in a law program. The exam tests a student's comprehension, analytical, and writing abilities.
Many ABA-accredited law schools now accept the GRE in place of the LSAT.
Get a Real Estate Lawyer Degree
Earning a Juris Doctor degree typically requires three years of full-time study at law school, although some schools offer part-time programs for students who have other commitments. Part-time degree programs usually take longer to complete.
The first year of law school focuses on the fundamentals of law. In the final year or two, learners can specialize in real estate law and gain experience through internships.
But how much does law school cost? The ABA publishes tuition data reported by law schools. According to this data, law school tuition averages $42,823 per year for in-state, full-time students. Over the course of three years of law school, excluding tuition and living expenses, the total comes to $128,469.
According to the National Center for Education Statistics, public graduate schools average less than $20,000 per year, and law school is relatively expensive. So is law school worth it? If you want to become a real estate lawyer, it's the path to go.
Learners who need help funding their degree can seek scholarships and student loans from government and private sources.
Pass the bar
Once you have completed your law school program, you will have to take the bar exam. This exam will determine if you are qualified to practice law in your state. Please note that each state has its own bar exam requirements.
Passing the bar exam will earn you the attorney's license you need to practice law in the U.S. Check out our list of the best law school loans to get started.