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Real Estate Lawyer
Since the market collapse of 2008, the role of a real estate lawyer has changed dramatically. The traditional tasks of doing a title search and preparing closing documents have been expanded to include the review of new methods of financing a sale, landlord and tenant issues, and eminent domain questions. Understanding the nuances of state and federal laws as they apply to a particular jurisdiction is a critical part of the responsibilities that these legal professionals have in the representation of their clients.This changing landscape has expanded the duties of attorneys in this type of practice to include investigation, analysis, and negotiation at all phases of a transaction. Below are some of the major areas that have become increasingly important to practicing in this area of the law.
Financing
One of the most dramatic changes that a real estate lawyer has to deal with is the number of new financing options now available to both buyers and sellers. Traditional 15 and 30-year fixed mortgages are now joined by such exotic vehicles as 5-year ARMs (adjustable rate mortgages), land contracts, short sales, deeds in lieu of default, and many others.
Understanding the lending requirements as well as the legal provisions involved with each of these products has expanded the role of the attorney to have a working knowledge of such statutory programs as the Home Affordable Refinance Program, as well as more traditional approaches, such as FHA, VA, and conventional mortgages.
Changing Legal Landscape
The collapse of the real estate market in 2008-2009 created a wide variety of legal issues that a real estate lawyer could have to face in the course of the practice. The increase in foreclosures, short sales, and surrendering deeds in lieu of default all require the practitioner to be able to negotiate resolutions and assist clients in dealing with matters concerning buying and selling property in non-traditional settings.
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Litigation involving the liability of owners for damages sustained on their property has also increased dramatically. Violations of various safety and zoning codes can become an expensive proposition for all concerned. A law practice that specializes in real property matters has to be prepared to defend owners and occupiers from suits that seek to recover monetary sums for claims made against them.
The Traditional Roles Still Matter
Even as property law continues to move into the 21st century from its historical roots in English Common Law, the real estate lawyer still has the responsibility to ensure that titles are in good order, that settlement funds are dispersed properly and consistent with the agreement of the parties, and that the contractual language is both comprehensive and accurate.
For practitioners of this area of the law, the past is most certainly a prologue to the future. The role of these attorneys will also continue to change to meet the challenges that the legal evolution will present going forward.
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By: EzineArticles.com/expert/Abraham_Avotina
Article Source: EzineArticles.com
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