This article is written by Ramanuj Mukherjee, CEO, LawSikho.
Did you know that real estate law was a practice area?
Or did you think it was confined to the land law records you dreaded to study back in regulation academy?
I surely did think that there could be nothing more enduring than understand better the mutant of dimensions and moor records. Never ever even thought that one could make a career of it. More so, one would make a career in this field?
Real estate law practice is a niche area of law practice, that most law students aren’t even aware of. Yes, that is true.
A few days back we gathered a roster of real estate lawyers in Mumbai that might have given you a basic understanding of the practice. If you missed read it, check it out here .
How many real estate lawyers do you know of?
Do you know that most real estate developers such as Unitech, Assotech, Lodha Group and the likes have major in-house teams resolved with their miseries?
Do you know there were firms like Hariani& Co. that actually have a legacy of over 30 years of real estate properties rehearsal? A full-fledged team of lawyers that deal with litigation as well as deal and property due diligence?
Real estate is actually one of the most rewarding yet neglected areas to practice law, let’s talk about what real estate lawyers actually do.
We did a lot of research, spoke to real estate lawyers from reputed ordinance firms and companies and came up with a thorough take on it.
Here is what we learned:
Real estate solicitors do everything from entitlement hunting of a asset to dispute resolution. They have to conduct the due diligence for the owned is to determine whether the name is clear for growth or sale. Then they are required to build designation search reports or entitle search certificates as per their client’s requirements.
They too are searching for pending mortgages and prosecution on the owned, to find a reasonable and courteous answer for their clients. They advise their clients on various property-related matters. They draft MOUs, lease term, leave and license agreements, etc. They also manage territory or asset pertained disputes.
Their patrons range from characters investing in a flat to developers or promoters. So, if you’re a developer trying to get the land to develop a property, you have to go into contacts with a real estate lawyer.
What laws and regulations do they need to know?
While the reach of laws applicable to real estate laws is extensive ordinances, like The Real Estate( Regulation and Development) Act, Transfer of Property Act, Contracts Act, position laws and regulations like Maharashtra Regional and Town Planning Act, Development Control Rules, etc. are what real estate lawyers deal with on a daily basis.
#1 The Real Estate( Regulation and Development) Act
Recently, with the Real Estate( Regulation and Development) Act, 2016[ RERDA ], Real Estate Regulatory Authority( RERA) has entered into home. This statute was introduced to protect home-buyers as well as help boost investments in the real estate industry.
The Act proves the Real Estate Regulatory Authority( RERA) in each state for regulation of the real estate sector and likewise acts as an adjudicating body for speedy dispute redressal. Under RERDA, all developers and developers have a duty to register their new and ongoing projections with the Regulatory Authority in case they are planning to sell the property.
Under the law, RERA has to dispose off a complaint within 60 days of filing. With RERA in place in a state, one cannot file suits in civil courts or supreme court.
#2 Transfer of Property Act
The Transfer of Property Act settles the transfer of property in India and it classifies dimension into impassive and movable assets. The transfer of property may be to an individual, busines or association or figure of individuals. A real estate lawyer needs to be thorough in their knowledge of this act as it decides and settles the transfer of properties between parties.
#3 Contract Act
The knowledge of contract law is essential for all lawyers, most importantly the practical experience in the field. Even real estate lawyers have to know how to draft contracts and agreements. They regularly is working with consumers who need them to sketch the necessary agreements like MoU, lease agreement, leave and license agreement, sales agreement, dealer agreement, etc. Therefore, they need to be adept at these subjects.
#4 Consumer Protection Act
Prior to RERA, even in positions where RERA has not been established post-RERA, usually the lawyers approached consumer interests courtrooms whenever handover of a developing property was retarded, or if there was a dispute between the vendor and buyer of a quality. The real estate lawyers need to know the procedural aspects of the law, how to file a consumer complaint, etc.
#5 State Rules and Regulations
The rules and regulations for positions differ from one another in terms of procedure, stamp duty, registration, etc.
So, for example in Maharashtra, a real estate lawyer needs to know the Maharashtra Regional and Town Planning Act, Standardized Building Bye-laws, Development Control Rules, etc. along with the other laws.
In West Bengal, RERA was met with pushback from the position government’s legislation West Bengal Housing Industry Regulation Act( WBHIRA) which looks like an is trying to dilute RERA.
There are two major divergences in the WBHIRA from RERA. It computes “…or any other circumstances as may be prescribed”, under the provision of unforeseen circumstances that avoid a make from fulfilling his contract, ” which meets it ambiguous.
Also, a garage is described as any parking zone sanctioned by the government authority, that is different from the RERA’s definition of garage compelling a roof and walls on three features. The real estate lawyers need to know and be able to apply the government laws, governs, regulations, bye-laws, etc. related to real estate.
What are the skills required for real estate lawyers?
So, one of the issue I posed to the real estate lawyers was what kind of skill sets are required for a successful career in real estate law. Another question was what do possible supervisors “ve been looking for” in a candidate while hiring.
In the case of the employers, they look for candidates with knowledge in the real estate laws. This includes the number of bargains the candidate may have closed, the nature and quality of said batches, the number of transactions closed, transaction-based advice, dispute resolution, etc.
#1 Knowledge of real estate laws
A real estate lawyer has to possess a careful knowledge of the various rules, principles, regulations, bye-laws involved in real estate. These advocates need to be able to provide expiration to end service a potential client.
A client may come to them for a simple title search certificate or a leave and license agreement. Or a make may come for understanding his contractual obligations to the client or whether the adjournment can be justified as unforeseen circumstances.
The thorough knowledge of relevant laws like RERDA, Transfer of Property Act, regime rules and regulations like Maharashtra Regional and Town Planning Act, Standardized Building Bye-laws, Development Control Rules, West Bengal Housing Industry Regulation Act( WBHIRA ), etc. is essential for real estate lawyers.
#2 Contract Drafting
Every lawyer must know how to sketch contracts, real estate lawyers are no exception. They need to know the laws as well as how to sketch the contracts needed by their clients. For speciman, a developer or promoter developing his property enters into an MoU with the potential party before registering the developer’s agreement.
Similarly, a live proprietor incorporated into a leave and license arrangements with licensees, defendant leasing the belonging from another, all need a real estate lawyer to help them sketch the necessary agreements and advise them.
#3 Dispute Resolution
The quarrels arising from immovable property have to go to the right court. Prior to RERA, defendants had the option of going to civil fields, high court or consumer gatherings depending on the nature of the dispute. The real estate lawyers need to know the dispute resolution mechanism, the procedures of each forum, etc.
For instance, if the developer has failed to grant possession of the dimension for more than a year, a complaint can be filed against the defaulting party, i.e ., private developers with RERA. The copies of relevant agreement like MoU, developers agreement, etc. has to be submitted along with the applicable costs. Thereafter within 60 days of filing, the matter is to be disposed off by RERA.
With such regulations in place, a real estate lawyer has to find an brotherly settlement of the dispute for his consumer. This is in need of thorough knowledge of the laws involved, analysis of agreements involved, procedural lore, etc.
A real estate lawyer must be able to clearly advise his purchasers on potential editions pasturing up and safeguard them against the same to the best of their abilities.
Real estate ordinance is advantageous, as well as an interesting field of ordinance as it throws the chances of solicitors to develop skills and expertise in a varied assortment of laws. With the changes in the legislation and regulations, it keeps the lawyers on their toes and cures them stay on top of their game.
You can check out our Certificate Course in Real Estate Laws, a 3-months credential track with engraved study substance at your disposal, 1 online live class/ week( 12 weeks ), 2 practical or drafting practises per week and a lot more.
You will be able to guide and advise the builders and developers in their assignment requirements for registration with RERA. You will too learn about filing an appeal with the Real Estate Appellate Tribunal. There is a massive inventory of opportunities in this field. Go through the course page to improve understanding.
The market of real estate is always on the rise for real estate lawyers, as the need for legal advice and disputes with respect to property scarcely seems to slow down! Making a vocation in this field will be highly rewarding. The enrolments for such courses results on January 30 th!
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Certificate Course in Real Estate Laws
Certificate Course in Insolvency and Bankruptcy Code
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