Real estate paralegals or legal assistants work for real estate brokers, law firms, banks, government agencies, or title companies in various matters that involve real property. In general, this includes selling, buying, transferring, and leasing real state, drafting home loan and closing documents, addressing zoning issues, performing title searches, and defending foreclosures. It’s vital to note that as a paralegal, you can’t practice law, but could aid licensed lawyers in various real estate issues.
What Does a Real Estate Paralegal Do?
A real estate paralegal has the same duties as any other paralegal. However, as paralegal schools noted, they might also have specific responsibilities that other kinds of paralegals don’t have. These duties include the following:
- Prepare contracts such as sale or lease agreements as well as closing contracts
- Negotiate various real estate contracts
- Facilitate communication between attorneys for sellers and buyers
- Review title reports
- Prepare legal descriptions of real property
- Monitor foreclosures and financial transactions
- Prepare paperwork for eviction proceedings
As a real estate paralegal, you also need to have knowledge of funding options, negotiating leases, bankruptcy, real property use, as well as lending requirements and paperwork. It’s vital to note that depending on who your employer is, your specific job responsibilities would vary.
For instance, if you work for a law firm that mainly handles lenders, you should be knowledgeable about lending requirements and foreclosures. If you work for a firm that handles property developers, you need to know how to prepare subdivision, timeshare, and condominium registrations.
Regardless of your work environment, you need to have excellent verbal and written communication skills. You also need to be organized and proficient at monitoring cases from initial communication all through closing.
Real estate paralegals work on many different real estate issues under the guidance of a licensed lawyer who deals with various matters regarding real property. Lawyers depend on real estate paralegals to help them with all kinds of paperwork and transactions, to complete their job within the bounds of ethical and legal regulations.
Common duties include preparing initial drafts of various documents related to real estate transactions, performing title searches, and reviewing paperwork. The specific job description would, however, depend on the paralegal’s specific work setting.