At some point, you may decide to buy a house. However, most people do not know the steps involved when buying a house, and that is where the real estate lawyer comes in. The real estate lawyer helps you negotiate contracts on your behalf, ensures the land has no disputes and ensures that the seller’s contract follows the state’s laws. It is expensive to hire one, so some people buy a house without a lawyer. According to Investopedia, the real estate agent can play the role of the lawyer, but it is not recommended. You are probably thinking about how real estate lawyers are overpaid. According to Camp Hiking, their average annual salary is $105,559 or $50.75 per hour in the United States. Truthfully, that is the salary they deserve, and you will find out why. Let us now consider five factors that make them deserve a high salary.
Generally, people get paid according to their level of education. For instance, someone with a Master’s degree will generally be paid more than the one with only a Bachelor’s degree in the same organization. Real estate lawyers are required to enroll for a Juris doctorate after completing their Bachelor’s. Since they pursue further learning after completing their Bachelor’s, it makes sense why they get paid more. It is not enough to learn real estate law theories; the aspiring lawyer also gets a chance to practice what they have learned in the real world. They participate in internships where they perfect their contract negotiation skills which are important when negotiating for better real estate offers. Furthermore, they perfect their skills by joining associations like The American Bar Association. The association has many divisions depending on the area of law you are specializing in. According to Lawyer Edu, the division for real estate lawyers is the Real Property, Trust and Estate Law division. Through the division, the aspiring lawyer meets other lawyers and learns from them about how to be an excellent real estate lawyer.
When purchasing a house, there are a lot of registrations you will have to pay for. By hiring a real estate lawyer, you will indirectly be paying for the registrations. These registrations are crucial since they facilitate the process of house ownership and hence eliminate any future land dispute that may arise. Therefore, the lawyer will buy the necessary registration documents from the Land Titles Office. Typically, people think the only disbursement is the title deed. However, there are other crucial disbursements that the lawyer gets, such as postage, relaxation permits, title insurance, titles for condominium parking and storage units, photocopy charges, etc.
Sometimes a real estate lawyer may need to travel outside the country to represent an international client. In some countries, real estate lawyers may be hard to find, and so the clients may decide to hire an international real estate lawyer. If an American real estate lawyer has to represent an Indian client, they have to fly to the country. Knowing how expensive it is to fly, it is justifiable for real estate lawyers to be paid more.
Generally, lawyers spend much of their time on the phone. You have to remember that their services are highly sought. That means they are likely to talk to at least 20 potential clients in a day. Since they spend time talking to clients, they have to tolerate the different temperaments of their clients. For instance, some people may describe their problem in so many words, yet there is a succinct way of relaying their message. Remember, the more time you spend on the phone, the more you are charged. So, part of their salary goes to buying calling minutes. Real estate lawyers do not only talk to clients. Sometimes, they have to consult other real estate lawyers. This is especially in a case for a first-time lawyer who may need counsel from experienced real estate lawyers.
Their Work is Stressful
Have you ever wondered why people do not leave their job, despite complaining about how stressful it is? The number one reason they persevere in their job is money. It is not about paying them money, but a high amount too. Few people know this, but a real estate lawyer’s job is very stressful. For instance, there are deadlines they must meet. They have to ensure that you get the right documents to acquire the house that you want to buy. If they delay in processing the paperwork, the buyer may sell their house to the person who is ready. Think of the money you would have wasted on the lawyer if you did not buy the house. However, real estate lawyers deal with many clients hence the reason they may not meet deadlines. Since the real estate lawyer must beat your deadline, they must subject themselves to long hours. They believe that if they rest, time will elapse before they can cater to you. However, if the pay is good, the lawyer will not find a problem with that. Not only does the money motivate them to work harder, but it can go towards therapy. Burnout is a common phenomenon among lawyers. If they consistently get burnout, they may end up getting depressed. Before they can get depression, the real estate lawyer will have sufficient money to save themselves by going for counseling. Also, counseling fees tend to be expensive, so their high salary makes sense.
Do you think real estate lawyers deserve to be paid $50.75 per hour? If you have read this article up to this point, you may even feel that they should be paid more than $50.75 per hour. However, it is understandable why clients do not want to hire real estate lawyers since they are expensive. After all, it is a principle in economics that you have to spend as little as possible. However, if you want better services from real estate lawyers and want a house, you must be willing to make some sacrifices. The salary they get is not just for them to live a lavish lifestyle. Instead, their average salary is for them to be able to serve you better.