Duties and Responsibilities of a Real Estate Attorney
Anyone who intends to venture into real estate would be wise to retain the services of a real estate attorney. A real estate attorney prepares files for income and estate tax returns, helping the given client with the process of paying off debts and determining who owes the client money. Apart from that, the real estate attorney's job is to assess all income and estate tax liabilities. He or she should be able to file all necessary documents, such as lease agreements, with the relevant governmental bodies, while also accounting for all the expenses of administering of the estate until it is sold. Investing all of a client's assets until they can be distributed to his or her beneficiaries is another part of the real estate attorney's job. Real estate attorneys distribute inheritance to beneficiaries and manage any trust agreements. A real estate attorney's job is to administer the trust without partiality for the sake of the beneficiaries.
Job Opportunities
Because of the large number of law students graduating every year, only those students from reputable law schools with very high academic records have a real chance at securing jobs in the highly competitive field of real estate law. Most of the job opportunities are also affected by economic trends. When there is an economic downturn, the use of legal services for planning estates, drafting wills, and handling real estate transactions are likely to decline as well. This tends to last until there is a reverse in the economic trend.
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Qualifications
It takes seven years of nonstop studying once one is through with high school to become a lawyer. Applicants to law schools have to be holders of at least a bachelor's degree in order to be considered for admission. Anyone who wants to become a lawyer should be fluent in speaking and writing, logical thinking, researching, and analyzing. Other important subjects that are relevant to legal training include economics, foreign languages, philosophy, public speaking, and computer science. All are vital for any prospective lawyer. Of course, those wishing to become real estate attorneys must pursue specific subjects that are relevant to real estate.
Salaries for Real Estate Attorneys
Attorneys' salaries are not uniform. They are determined by the type, location, and size of the given attorney's employer. Attorneys who are self-employed typically earn less than those working in law firms. Generally speaking, however, a career in law is likely to pay very well.
