Have a look at the areas a real estate lawyer should specialise in and the skills they need to possess for good standing in their field.
Real estate was formerly a rapidly expanding business in India, providing jobs for a sizable number of people. There have been numerous profitable commercial endeavours in the real estate sector as a result of the expansion of large real estate firms like DLF, Emaar, Rustomji, and Lodha. A few years back, Indians thought real estate investing was the secret to achieving financial success. And they weren’t wrong said by expert Property Lawyers.
The Indian real estate market remained largely stable throughout the mortgage crisis, which led to a drop in the American real estate market. The other factor driving up real estate prices in India is that people are willing to invest all of their money on a single piece of property.
But during the past few years, there has been a noticeable change. The real estate sector was severely impacted by dropping demand as prices and costs rose, demonetisation, and the establishment of RERA (Real Estate Regulatory Authority) in 2016, which radically altered the regulations of doing business in the real estate industry in India.
These two things happened quite quickly one after the other. Consumer confidence in the real estate market has significantly declined as a result of some real estate brokers going out of business and failing to seal the deals. When it comes to anything related to property, doing all of it alone is a task, and this is where the role of professionals comes into play.
What Services Do Real Estate Attorneys Provide?
From investigating a property’s title to settling conflicts, real estate attorneys handle it all. To ascertain whether the title is free and clear for development or sale, they must conduct the requisite due diligence on the property. Following that, they are required to produce title search reports or title search certificates in accordance with the instructions given by their clients.
In addition to this, they investigate whether or not the property is currently involved in any litigation or mortgage proceedings to provide their customers with a solution that is both reasonable and amicable. They provide their customers with counsel on a variety of property-related issues. They write Memorandums of Understanding (MoU), lease agreements, agreements to leave, and licenses, among other legal documents. They also resolve disputes about land or property.
What Skills are Necessary For Someone To Work As A Real Estate Lawyer?
One of the questions posed to real estate attorneys is regarding the skills necessary for a successful career in real estate law. Another question raised is what prospective employers look for in applicants when hiring. get the Property and Land Registration Now!
In the case of employers, they look for applicants who have experience working with the regulations governing real estate transactions. It includes the nature and quality of any deals that the candidate may have closed, the number of transactions that have been completed, transaction-based advice, dispute resolution, and so on.
Familiarity with the Relevant Real Estate Laws
A real estate lawyer needs to have an in-depth understanding of the laws, rules, regulations, and bye-laws associated with the real estate industry. These attorneys need to be able to offer comprehensive services to anyone who might become a client.
They might get a customer who needs a straightforward title search certificate or leave and license agreement from them. They might also come across a builder for clarification on his contractual obligations to the customer or investigate whether the delay can be explained away due to unforeseen circumstances.
Creating Drafts of Contracts
Contract drafting is a skill that is required by all lawyers, and real estate lawyers are no exception to this rule. They need to be familiar with the laws in addition to being able to write the contracts that their customers require. For example, a property developer or promoter developing his land will first sign a memorandum of understanding (MoU) with the potential party before entering into the developer’s agreement.
Similarly, a house owner who enters into a leave and license agreement with licensees and a party leasing the property from another needs the assistance and advice of a real estate lawyer to draft the necessary arrangements to protect their legal rights.
Dispute Resolution
The court must hear any disputes arising from the ownership of immovable property. Before the implementation of RERA, the parties had to clear the disputes, depending on the nature of the conflict, the option of going to consumer forums, high courts, or civil courts.
Along with the appropriate payments, you are required to hand in copies of any applicable agreements, such as a memorandum of understanding or a developer’s agreement. After that, the matter is to be resolved by RERA within the next sixty days after it has been filed.
Due to such laws, a real estate attorney must find a peaceful solution to the conflict on behalf of his client. It requires an in-depth knowledge of the relevant laws, an understanding of the applicable agreements, knowledge of appropriate procedures, and so on.
Conclusion
Real estate law practise offers attorneys the chance to expand their knowledge and abilities in various legal areas, making it not only lucrative but also a good learning experience in the legal profession. Because of the constant shifts in the laws and regulations, attorneys must be on their toes at all times, enabling them to maintain their competitive edge. To be successful as a real estate attorney, you need to be able to advise your clients on the potential problems that could arise and protect them from those problems to the best of your ability.
As long as there is a need for legal advice and disagreements about the property, it is likely that the market for real estate will continue to grow, which is good news for real estate lawyers. Choosing a career path in this area will result in many gratifying experiences.
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