What Would You Need to Know as a Paralegal in Real Estate Law?

Real Estate paralegal with new home owner

 

You know what’s super exciting about becoming a paralegal? You could specialize in the area of law that most appeals to you. There’s business, civil, criminal, family, finance, and more. And while there are many paralegal rules that apply to all branches of law, each division has its own specific rules. If you’re interested in Real Estate, here’s some of what you’d need to know:

 

Contracts

Contracts are legally-binding written agreements between the parties involved in a real estate deal. And there are plenty of them! Even before someone looks at a house, there’s usually been a listing agreement between the seller and the real estate agent. For the buyer, there may even be a seller agent; and that requires a contract too. Other real estate contracts include:

·         Offer to Purchase

·         Acceptance

·         Land Contracts

·         Purchase & Sales

 

Title Reports

Buying a house is a big deal. Which means you want the process to go as smoothly as possible. One of the most important parts of the process is conducting due diligence. As a paralegal, that means doing all you can to find out as much as you can about the property. Title reports are vital. They define the exact legal description of the real estate property and they also let you know who’s owned it before. They spell out covenants, conditions, restrictions and easements that might affect the property. Probably most importantly, they let you know if it has a clear title. Are there any liens or taxes owned that could come back to haunt the new owner.

 

Escrow

Real estate purchases involve sizable amounts of money and the process can take months. When a buyer puts down a deposit, the money doesn’t just go to the seller. Instead, an escrow account is set up until the sale is officially complete. As a paralegal, you may be required to draft escrow papers, open escrow accounts, and tabulate final numbers for the closing.

 

Closing Procedures

Paralegals are critical partners in the real estate transaction process. Details matter—a lot! Before the closing, it will be your job to make sure all the right documents are prepared and accurate. Does that name have a hyphen in it? Don’t forget it. Are there state environmental inspections required for title transfer? Make certain you have documentation in the file that they occurred. Other components to the closing include:

·         Final sales contract

·         Tax information

·         Loan payoffs

·         Inspection reports

·         Commission and fee computation

·         Funds settlement

·         Title transfer

·         Deed recording

 

Real estate is only one area of law you might work in as a paralegal. As you might guess from all its components, it requires a high level of detail. If you’re detail-oriented and thorough, you might have some of the natural abilities you’d need to enter the legal field. Find out how you could train for a career as a Legal Secretary or Paralegal at Career Quest Learning Centers. Give us a call in Lansing at 877-481-4930 or Jackson at 877-365-8144 to learn more now.

 

 

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