Real estate is a dynamic and ever-growing industry that requires careful legal attention.
A real estate paralegal is a crucial part of the real estate team and plays an important role in ensuring that real estate transactions are executed smoothly and legally.
Real estate paralegals assist attorneys in various aspects of real estate law, including property acquisition, financing, leasing, and development.
In this article, we will delve deeper into the world of real estate paralegals, their responsibilities required qualifications, and how they contribute to the success of the real estate industry.
What is a Real Estate Paralegal?
If you’re interested in this career, the first question you might have is, What is a Paralegal? Real Estate Paralegals work alongside lawyers and are in charge of handling administrative tasks and assisting with real estate-related legal work.
Their responsibilities include helping lawyers with regulations and laws surrounding the buying, selling, and construction of properties.
Real Estate Paralegals are expected to perform a range of duties, such as drafting legal documents, investigating cases, and performing basic office tasks, like answering calls, scheduling appointments, and organizing files.
To become a Real Estate Paralegal, having an associate paralegal degree can be required by some firms, but having additional qualifications such as ABA certification would also be beneficial. (More: Paralegal qualifications)
Paralegals should have knowledge of legal terminology, documents, and practices. While some firms may require only a minimum level of education, on-the-job training is always beneficial in this field.
Skills of a Real Estate Paralegal
There are some in-demand skills needed for this role, let us take a look at some of them:-
- Communication Skills
As a Paralegal in real estate, you would be responsible for communicating with the clients over the phone, emails, or even in person. Therefore, as a Real Estate Paralegal, it’s necessary to have good communication skills.
- Organizational Skills
Real Estate Paralegals handle a lot of paperwork, files, schedules, and more, which is why they need to have top-notch organizational skills to prevent errors.
These skills allow them to manage appointments and perform their duties with proficiency.
- Problem-Solving Skills
Real estate deals can be complex, and problems may arise, so Real Estate Paralegals are expected to have strong problem-solving skills.
They must be able to handle different situations and find solutions quickly, often working under pressure and tight deadlines. Being able to think critically and creatively to resolve issues is an essential skill for a Real Estate Paralegal.
- Research Skills
Real estate paralegals are often tasked with conducting research related to compliance, deeds, ownership, and other legal matters. Thus, it is crucial for a real estate paralegal to possess strong research skills in order to compile and provide accurate information.
A paralegal’s skills can assist the team in making informed decisions and avoiding potential legal complications.
Duties and Job Responsibilities of a Real Estate Paralegal
The duties of a real estate paralegal differ across every company, but some of the common responsibilities include:-
- Preparing Real Estate Contracts
Real estate Paralegals can be often seen working on different types of documents, which can be purchase agreements, sales contracts, mortgages, and leases. They also need to make sure these documents are in accordance with federal and provincial regulations.
- Reviewing and Analyzing Property Titles
Working as a paralegal in real estate, you’re also responsible for title searches in some transactions so that they can avoid any liens. They actively work on solving any title issues as well. It’s crucial for a Real Estate Paralegal to review and analyze property titles so that they resolve before a transaction takes place.
- Handling Escrow Accounts
Escrow accounts are a necessary part of real estate transactions; paralegals maintain escrow accounts and hand out funds when the transaction is done.
More At: What do paralegals do?
Real Estate Paralegal Salary
The average paralegal salary is of $55,020, which can vary based on their experience, education, and skill sets. The top 10% of real estate paralegals can earn more than $82,500 per year.
How to Become a Real Estate Paralegal –
Here’s the five-step blueprint on how to become a paralegal.
Complete a Certification Program
Getting a paralegal certificate online, through an online paralegal program, is a great option for those who want to become a Real Estate Paralegal. Online certification programs are often affordable, easily accessible, and can be completed quickly.
Unlike traditional courses, which can take several years to complete, online courses can be completed in as little as 4-5 months. This gives you the flexibility to learn from anywhere and at your own pace. (Read More: How Long Does it Take to Become a Paralegal)
Apply for Externships
Externships are a great way to gain practical experience and network with professionals in the field. You can apply for externship programs offered by law firms, real estate agencies, or other related organizations.
These programs can provide you with hands-on training and give you a chance to work on real cases. Additionally, externships can also help you build connections with potential employers and colleagues, which can be helpful in your job search and career growth.
Get Certified as a Paralegal
Getting certified as a Real Estate Paralegal can provide you with a competitive edge in the job market and can showcase your proficiency in the field.
There are various paralegal certifications available such as the National Association of Legal Assistants (NALA) Certified Paralegal (CP) certification. This certification requires passing an exam and meeting certain education and experience requirements.
Apply to Jobs
The last step is to start applying to work with attorneys; you can also approach attorneys whom you’ve worked with during the externship. If you’re worried about your interview, here are answers to the top paralegal interview questions.
Here are a few Paralegal careers you can consider:
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