What is a Real Estate Paralegal
There are many different areas within the field of law that utilize the skills of a paralegal. The area of real estate law is no different. Like other specialized paralegals, those in the field of real estate law have extensive knowledge of the ins and outs of real estate. These professionals have specialized education and training that make them a valuable part of any real estate legal team. Some might even attend a paralegal class for real estate.
Serving in this role, a real estate paralegal works alongside an attorney and/or real estate agent and assists in real estate transactions. These individuals can work in the court room or at a real estate office or firm.
What Are the Job Duties of a Real Estate Paralegal?
A real estate paralegal works alongside real estate agents and/or attorneys in real estate transactions. This can include:
- Purchase of Property
- Sale of Property
- Short Sales
- Foreclosures
- Leases
While working in this type of position, real estate paralegals will perform a variety of tasks including drafting and filing contracts and leasing agreements and preparing closing and title insurance documentation.
What are the Educational and Certification Requirements?
To work as a real estate paralegal, you must first become a paralegal. This typically requires completing a formal training program approved by the American Bar Association. According to the U.S. Bureau of Labor Statistics (BLS), most paralegals earn an associate degree in paralegal studies. An education from a Paralegal school can be a vital part of a paralegal career. It is important to note that paralegal studies can also be part of a bachelor degree program.
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Some states require lawyers to perform all the legal transactions, but there are many other states which utilize real estate paralegals for all real estate transactions unless they are large commercial transactions or overly complicated. Because of this, real estate paralegals must have extensive knowledge of taxes and title insurance. They must also be prepared to conduct research and know how to explain real estate codes to clients. Some of this knowledge can be gained during your studies, but it can also be gained interning or working in the field of real estate law.
Real estate paralegals can find it very beneficial to have a real estate license. This is typically earned by completing some real estate classes or earning an associate degree in real estate. Certification is not required to become a real estate paralegal, however gaining certification can be beneficial to not only offer you more knowledge, but to set you apart during the job search. Certification can be earned by meeting educational requirements and passing a certification exam.
What is the Job Outlook for Real Estate Paralegals?
According to the BLS, paralegals and legal assistants can expect an employment growth of seventeen percent between 2012 and 2022. This is faster than the average, showing that this is a great field to get in to. The BLS predicts that there will be more than 46,000 job openings for paralegals from 2012-2022. In addition, the average annual wage across the nation for paralegals was $49,500.
Source: https://www.bls.gov/oes/current/oes232011.htm
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*In no way does Fremont University promise or guarantee employment or level of income/wages. Paralegals may not provide legal services directly to the public, except as permitted by law
