From a market fall of 2008, the role of the real estate lawyer has changed dramatically. Traditional project to do a title search and preparing closing documents have been expanded to include the review of new methods of financing sales, landlord and tenant issues, and eminent domain questions. Understanding the nuances of state and federal laws as they apply to a particular jurisdiction is an important part of the responsibility that these lawyers have in the representation of their clients.
This change of landscape has expanded the duties of lawyers in this type of practice to include research, analysis, and negotiations at all levels of trade. Below are some of the key areas that have become increasingly important to practice in this area of the law.
One of the most dramatic changes in the real estate lawyer has to deal with a number of new options now available to both buyers and sellers financing. Traditional 15 and 30-year fixed mortgages are now associated with such exotic vehicles 5 years arms (adjustable rate mortgages), land agreements, short sales, deeds in place arrears, and many others.
Understanding the requirements of the loan as well as legal provisions involved with all of these products has expanded the role mandated to have knowledge of such mandatory programs as the home Affordable Refinance Program, as well as more traditional methods, such as FHA, VA and conventional mortgages .
Changing Legal Landscape
collapse of the real estate market in 2008-2009 created a variety of legal issues that real estate attorney may have to face in the course of practice. The increase in foreclosures, short sales, and surrendering works instead of the default all require therapists to be able to draw conclusions and to assist customers in dealing with issues relating to the purchase and sale of property in unconventional settings.
litigation involving the liability of owners for damage sustained on their property have also increased significantly. Fragments of a variety of safety and structural codes can be an expensive proposition for all concerned. A law practice that specializes in real property matters to be ready to defend the owners and occupiers of suits seeking to recover monetary amounts for claims against them.
traditional roles matter Still
Even as property law continues to move into the 21st century historical its roots in English Common Law, a real estate lawyer still has the responsibility to ensure that titles are good OK, the settlement funds be distributed properly and in accordance with the agreement between the parties and the contractual language is both complete and accurate.
For those involved in this area of the law, the past is indeed a prologue to the future. The role of these lawyers will also continue to change to meet the challenges of legal development will present going forward.