Scope in Real Estate for Legal Professionals

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Scope in Real Estate for Legal Professionals The
real estate market has grown tremendously in the
last decade, and so does the law and regulations
to run this sector of the economy in a proper
way. The legal aspect of real estate has opened a
new and respectable field for law aspirants to
pursue their careers. Lets start with what is
Real Estate law? The area of law that concerns
with buying, or selling of property and land is
known as real estate law. This law is also known
as real property law. Real estate law governs the
way people obtain property and what can do they
with the land they own. Real estate law is a
remunerative and very fascinating field of law,
which gives various opportunities to the
professionals to develop several skills and
knowledge in different sectors of Legal
professionals. The scope of a career in this
field is very high as well as highly paid, much
legal learning platforms are available which
provide online law certification courses in Real
estate law, to help learners acquire knowledge
and insight into a career in real estate. But in
order to make a career in real estate law, one
has to have complete information about the
skills required, laws and regulations related to
real estate, what kind of property comes under
real estate and most importantly the roles and
responsibilities of a real estate law
professional. Real estate law works for the
properties that are immovable including natural
resources such as crops, minerals, water,
buildings, empty land, or industry. Here is the
list of types of the property that comes under
Real Estate
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Residential real estate This type of property
includes the single-family or joint family
resides. This also includes the newly made home
and houses or land for resale. People tend to
invest in this type of property for the future
and the market of this type of property is
dynamic so this requires constant legal
guidance. Commercial real estate This real
estate consists of a Shopping complex, Medical
centre, corporate buildings, restaurants,
schools, etcetera. This involves a very large
amount of investments and so is the
profit. Industrial Property Warehouses,
manufacturing buildings, factories and other
properties used for industrial purposes come
under this category of real estate. Investing in
these properties is a lot trickier as the legal
provisions for the establishment of these
factories in India are very strict, so this
requires a top-quality legal consultant for
advice. Land This land includes all vacant
lands as well as working lands, farms or unused
land. It is the least costly among all real
estate properties also with correct legal
measures these lands are easy to acquire
also. After understanding all the types of work
areas a legal professional or law aspirant must
also acquire all the types of rules and
regulations made by the government. The best
online law certification courses in India
include all these regulations in their respective
courses based on Real estate law. Some of them
are Real Estate ( Regulation and Development)
Act 2016 This act was enacted with the aim to
regulate and promote the sector of real estate
by governing the transactions between buyers and
sellers of residential as well as commercial
projects. This act has significant features such
as the registration of real estate agents, return
of amount to the consumers, no diversions of
funds and increasing domestic and foreign
investments in real estate sectors. With this
act, Real Estate
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Regulatory Authority(RERA) was established, which
takes care of the process of the registration of
properties and complaints.
The Transfer of Property Act This act deals with
the transfer of a property. Also, this act
classifies property in two categories i.e.,
movable and immovable. This transfer can be
between two individuals, or companies or a person
to more than one person and sometimes a person
to themselves. This act states that this
transfer must be between two living persons, with
proper paperwork and by following guidelines
provided by the real estate law. In order to
help in this process, a real estate lawyer must
be completely aware of every section of this act.
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The Contract Act Every lawyer needs to be aware
of the contract act as at some point of their
career, they have to draft a contract or
agreement or deal with some similar situation.
The same goes for the real estate lawyers in
order to make a deal or transfer successfully
they must know how to draft an agreement and the
agreement should be made under the provisions
made under this Act. In order to make a good
contract, they must consider the 4 conditions,
i.e, free consent of parties, competent to
contract, for a lawful consideration with a
lawful objective. Many legal professionals in
order to learn about contract drafting and this
act opt for free online legal certification
courses offered by legal learning
platforms. The Consumer Protection Act As much
as law and order are followed, there are some
persons who scam and fraud people in the real
estate sector also, so in order to help the
victims of such fraud a real estate lawyer must
be versed with the laws enacted for the
protection of consumers and right place and way
to file a complaint to get early and right
judgement and compensation. The Consumer
Protection Act is made for the protection of
consumers and saves them from any exploitation
or fraud. To make a career in the legal realm of
real estate, a law aspirant must acquire some
skills which will be beneficial for them in their
career, some of the skills are communication
skills, legal writing, contract drafting,
negotiation skills, networking skills and many
more, this skills are the basic necessity of
every legal profession. Many online law
certification courses organise webinars and
Bootcamps in order to help learners acquire
these legal skills. The work of a real estate
lawyer is related to dispute resolution
concerned with property matters, advising clients
on property related matters and drafting lease
agreements or licence agreements. In order to
learn more about real estate law, one can find
online courses based on Real estate Law and make
a career in an aspiring field of Law.