There is no typical day in real estate law. An attorney specializing in real estate transactions needs to be proficient in contract negotiation, due diligence, loan documents, leases and other ancillary documents to perfect a deal. Closing any real estate transaction involves the coordination between the client and the opposing attorney. The lawyers and the legal professionals want to educate their clients, current and new, on the importance of retaining an attorney proficient in real estate investments and transactions.
One Transaction, Many Issues
Often in a real estate transaction, there will be many issues that can arise outside of, but related to, the real estate. These issues can involve tax, title issues, land use and environmental regulations. An attorney experienced in real estate law will know whether another expert is needed to advise on a particular issue. As with anything in business, time is money and both need to be managed.
The Real Estate Practice
The closing of any real estate transaction involves many moving parts, and each deal has its own issues and complexities. An attorney in this area of practice needs to think, process and communicate thoughts quickly all from the prospect of the client’s best interests. In addition, the client needs the advice of choosing battles wisely and the guidance on negotiating points. The talents of a real estate attorney are needed whether the transaction is commercial or residential, and regardless of whether the attorney is representing the owner, the buyer, the tenant or the lender. Unlike attorneys practicing in other areas of law, real estate attorneys enjoy an intangible benefit. After closing a transaction, or refinancing a loan, the attorney is able to drive by the project and realize the contribution to the public in making the thriving project a reality. No property should be bought, sold or leased, nor should loans be closed, without the advice and the guidance of an attorney proficient in real estate law.
The practice of real estate law is high paced. Time is money in real estate deals so there is pressure to act and to close a transaction quickly. Transactional law has a defined beginning and end. Once a contract to buy and sell, or a lease to rent commercial space, is signed, the transaction can often close within a few months. Because this area of law is highly specialized, there is not a natural progression into another practice area. An experienced real estate attorney is proficient in contract and transactional law and this knowledge is highly regarded.
The real estate law practice is largely impacted by market trends and business cycles. When the economy is thriving and interest rates are low, acquisitions, loan refinances and commercial leases are abundant. When the economy slows and recessions hit, the practice of real estate law changes. Since banks are not as willing to lend or refinance, and property owners look to sell or to re-negotiate their loans or leases, the role of an experienced real estate attorney can offer these needed services. A person should never attempt to close a real estate transaction without the guidance and the advice of an attorney experienced in this field.