Steps to becoming a real estate lawyer
Although a career in real estate law may seem exciting and lucrative, there are many steps to be taken before you consider real estate lawyer for a career.
- Step 1: Decision Making: Before you decide to become a real estate lawyer, it is important to research extensively about the profession. You should make the decision to pursue a career as a real estate lawyer starting at 10th grade. Then, decorate your career accordingly. A bachelor’s degree in law is required to complete a 3 year program in any stream. Then, you must pass the all India entrance exam. This can be extremely competitive and time-consuming.
- Step 2: Choose the Right Subjects: There are no set subjects to be a real estate lawyer. Any background or field is eligible to apply for the role of real estate lawyer. A graduation in any discipline is the minimum requirement to become a real estate attorney. Candidates who are interested in studying for an LLM must have a LLB degree. Candidates with valid CLAT/AILET scores or other law entrance exams scores will be preferred. It is therefore essential that you choose the right subjects, starting with 10th grade and continuing through graduation.
- Step 3: Prepare for the Entrance Exam It is highly recommended that you have passed any national law entrance exam, such as CLAT, AILET or LSAT India, in order to begin a career of real estate lawyers. To prepare for these examinations, it is important to be familiar with the syllabus and exam patterns. Although English, Quantitative Aptitude, and Current Affairs are all mandatory sections in most entrance examinations, each law entrance exam has separate sections that focus on subject knowledge. To pass all India-level entrance exams, you must have a solid understanding of the subjects Law of Contract, Constitutional and other law topics. Coaching institutes offer tips and tricks, as well as mock tests that can help you score well in these entrance examinations.
- Step 4: Get admitted to a great college. The majority of top law schools offer a variety of courses in real estate law. It is important to research the college’s ranking, faculty quality, alumni network, infrastructure, and placement opportunities before you make a decision about which college to choose. Government law colleges are a good choice because they have excellent faculty and strong alumni networks. These institutions are also preferred by employers. It is important to study well for entrance exams, and keep up-to-date with the latest announcements about admission to such colleges by regularly visiting their official website.
- Step 5: After the Qualifying Examination: Successful applicants in entrance examinations will be called for a Group Discussion and personal interview. Admission to college depends on the score of the entrance exam, performance in group discussion and personal interview. Successful candidates will be called for verification of documents, which is followed up by allocation of seats at the college. Achieving high scores in group discussions and personal interview, as well as passing the Entrance exams, will allow you to gain admission into that college.
Different types of real estate lawyers
Real estate lawyers manage property, including legal disputes and transferring property from one person to the next. This is why the job of a real property lawyer will never end regardless of industry downsizing.
A Real Estate Lawyer can have many different jobs. Some of these include Property Dispute Lawyer and Legal Advisor Real Estate.
These professionals work either as independent lawyers or are part of a commercial or non-commercial company. Property advocates are involved in the resolution of illegal possession, ancestral property settlements, delay in possession due to builder, division suits, family estate distribution issues, rent matters and stay on demolition matters. They also organize legal documentation for house moves. Property advocates can charge substantial amounts of compensation for each court hearing, depending on the complexity of the case. These advocates are often hired by landowners, property developers and individuals who buy their first home. They also work with governments and other public sector agencies. The starting salary for a property advocate is around INR 5 LPA, while experienced advocates can earn up to INR 25 LPA.
Property Dispute Lawyers
They are experts in all aspects of property, from transactions to resolving disputes between parties. Property Dispute Lawyers provide essential advice to potential clients regarding the purchase, lease, or license of property that is only for residential, commercial, or industrial purposes. It could include a vacant lot, manufactured home or deck, as well as other elements that are related to real estate. These may include the obtaining of pre- and post-construction permits, approvals, as well as permits for industrial or commercial construction. These lawyers have specialized knowledge in industrial or commercial real estate and can earn up to INR 40 LPA depending on their experience. Their starting salary is INR 6, which is roughly equivalent to a property advocate.
Assistant Manager (Legal)- Real Estate Division
As an Assistant Manager (Legal), you will coordinate with other law firms regarding court proceedings. You will also manage consumer litigations at RERA/NCDRC/High courts/NCLT, including civil litigations at High Courts, forums, and High Courts. These professionals are responsible for ensuring that the organization is not exposed to lawsuits and other claims by taking full control of its legal affairs. An Assistant Manager (Legal) can start his/her career as a fresh law graduate in Real Estate Division. However, an experienced person with 5-10 years’ experience and excellent problem solving skills, especially MS Office Applications, can earn up to INR 11 LPA.
RERA lawyers are exclusively focused on RERA (Real Estate (Regulation and Development) Act), 2016. They help in insurance, contract drafting, and protecting the client’s interests. RERA’s technical lack in how to register a property with a real estate regulatory authority is a significant aspect. This confusion has led to real estate developers seeking legal advice from these experts. These are highly skilled lawyers. The average salary for a new RERA lawyer is INR 5.5 LPA, while senior-level professionals can make up to INR 11.5 LPA.
Legal Advisor- Real Estate
These professionals assist in the preparation of formalities for settlement of disputes. They also provide legal advice, including bankruptcy, easement, foreclosure, and memoranda regarding real estate matters. They are responsible for preparing damage claims, providing arbitration, advising on the latest building standards to stakeholders and litigation support. A legal advisor can begin his/her career as a property advocate with an average salary package INR 5 LPA. However, depending on experience, his/her salary could reach INR 25 LPA. This is due to excellent communication skills and attention to detail, as well as the complexity of a legal matter.
The benefits of a career as a real estate lawyer
Here are some of the benefits to a career as an Real Estate Lawyer.
- Salaries: Real estate lawyers get decent salaries compared to other professions. A mid-level real estate lawyer earns INR 7.0 LPA, which is quite reasonable for a normal life. A real estate lawyer can earn as much as INR 40 per hour if they are hardworking and have years of experience. Both clients and the parent organization offer lucrative perks, such as holiday packages or other monetary benefits.
- Higher Study: Candidates who wish to become a real estate lawyer can take professional courses and an LLM to help them climb the ladder and gain a better understanding of the industry. A lawyer’s profession requires constant learning. Parliament and other government bodies create new rules and regulations and modify existing laws. It is important to keep up-to-date with the latest laws. Lawyers can also take relevant certificate courses and pursue a doctorate program in order to improve their skills and knowledge. This will allow them to continue studying case studies and gather relevant legal information.
- Dynamic work Environment: A Real Estate Lawyer’s job requires that they meet clients from diverse social strata with different needs and interests. It is challenging and exciting to deal with these clients, understand their problems, negotiate with them, and suggest possible solutions. Real estate lawyers don’t work 9 to 5 like other professionals. They need to be mobile and visit clients, see real estate sites, meet property owners, and visit the courthouse for legal proceedings. These professionals can use this opportunity to learn more about human psychology and resolve legal problems in a more logical way.
- Independence at work: Real estate lawyers are not subject to a traditional hierarchical work system. They don’t answer to anyone in every case and don’t have to justify their superiors for any detail. This allows them to work independently and to deal with the final work at the end. Real estate lawyers are able to work independently and expect minimal supervision from their superiors.