Real estate law has a very prominent place in the United States regardless of the economy. The nature of this type of law, however, does change according to the economic climate. During upward economic swings when the industry is filled with new development deals, sales, and loan applications, real estate attorneys are needed to write up contracts for new deals, demand payment for loans, draw up agreements for development plans, and more. During difficult economic times, these attorneys focus more on foreclosures, bankruptcy, and loan refinancing.
What Real Estate Lawyers Do
The demand for attorneys experienced in this area of law is extremely high at the current time, as most United States citizens have experienced some form of financial loss. These attorneys work with a variety of different individuals who are trying to take the best route concerning the losses they are experiencing. These clients include:
- Developers–many developers are stuck in high cost construction deals that were put in place before economic problems arose. They may be trying to find ways out of the contracts they are currently bound to regarding these deals.
- Private investors–investors who put large amounts of money into construction deals prior to the economic collapse likely lost large sums of money and want to find out about their options.
- Landlords–many tenants are now defaulting on rent and landlords want to know about their rights and options
- Commercial tenants–tenants defaulting on rent also want to know if they have any legal options that may allow them to stay in the space they are currently in
- Individual homeowners–many homeowners are now unable to pay mortgages and are fighting foreclosure
Real Estate law has a solid place in our society and understanding its function is important if you are working in the industry.