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The real estate market has grown tremendously in the last decade, and so does the law and regulations to run this sector of the economy in a proper way. The legal aspect of real estate has opened a new and respectable field for law aspirants to pursue their careers. Let’s start with what is Real Estate law? The area of law that concerns with buying, or selling of property and land is known as real estate law. This law is also known as real property law. Real estate law governs the way people obtain property and what can do they with the land they own. Real estate law is a remunerative and very fascinating field of law, which gives various opportunities to the professionals to develop several skills and knowledge in different sectors of Legal professionals.
The scope of a career in this field is very high as well as highly paid, much legal learning platforms are available which provide online law certification courses in Real estate law, to help learners acquire knowledge and insight into a career in real estate. But in order to make a career in real estate law, one has to have complete information about the skills required, laws and regulations related to real estate, what kind of property comes under real estate and most importantly the roles and responsibilities of a real estate law professional.
Real estate law works for the properties that are immovable including natural resources such as crops, minerals, water, buildings, empty land, or industry. Here is the list of types of the property that comes under Real Estate;
Residential real estate:
This type of property includes the single-family or joint family resides. This also includes the newly made home and houses or land for resale. People tend to invest in this type of property for the future and the market of this type of property is dynamic so this requires constant legal guidance.
Commercial real estate:
This real estate consists of a Shopping complex, Medical centre, corporate buildings, restaurants, schools, etcetera. This involves a very large amount of investments and so is the profit.
Industrial Property:
Warehouses, manufacturing buildings, factories and other properties used for industrial purposes come under this category of real estate. Investing in these properties is a lot trickier as the legal provisions for the establishment of these factories in India are very strict, so this requires a top-quality legal consultant for advice.
Land:
This land includes all vacant lands as well as working lands, farms or unused land. It is the least costly among all real estate properties also with correct legal measures these lands are easy to acquire also.
After understanding all the types of work areas a legal professional or law aspirant must also acquire all the types of rules and regulations made by the government. The best online law certification courses in India include all these regulations in their respective courses based on Real estate law. Some of them are:
Real Estate ( Regulation and Development) Act 2016:
This act was enacted with the aim to regulate and promote the sector of real estate by governing the transactions between buyers and sellers of residential as well as commercial projects. This act has significant features such as the registration of real estate agents, return of amount to the consumers, no diversions of funds and increasing domestic and foreign investments in real estate sectors. With this act, Real Estate Regulatory Authority(RERA) was established, which takes care of the process of the registration of properties and complaints.
The Transfer of Property Act:
This act deals with the transfer of a property. Also, this act classifies property in two categories i.e., movable and immovable. This transfer can be between two individuals, or companies or a person to more than one person and sometimes a person to themselves. This act states that this transfer must be between two living persons, with proper paperwork and by following guidelines provided by the real estate law. In order to help in this process, a real estate lawyer must be completely aware of every section of this act.
The Contract Act:
Every lawyer needs to be aware of the contract act as at some point of their career, they have to draft a contract or agreement or deal with some similar situation. The same goes for the real estate lawyers in order to make a deal or transfer successfully they must know how to draft an agreement and the agreement should be made under the provisions made under this Act. In order to make a good contract, they must consider the 4 conditions, i.e, free consent of parties, competent to contract, for a lawful consideration with a lawful objective. Many legal professionals in order to learn about contract drafting and this act opt for free online legal certification courses offered by legal learning platforms.
The Consumer Protection Act:
As much as law and order are followed, there are some persons who scam and fraud people in the real estate sector also, so in order to help the victims of such fraud a real estate lawyer must be versed with the laws enacted for the protection of consumers and right place and way to file a complaint to get early and right judgement and compensation. The Consumer Protection Act is made for the protection of consumers and saves them from any exploitation or fraud.
To make a career in the legal realm of real estate, a law aspirant must acquire some skills which will be beneficial for them in their career, some of the skills are communication skills, legal writing, contract drafting, negotiation skills, networking skills and many more, this skills are the basic necessity of every legal profession. Many online law certification courses organize webinars and Bootcamps in order to help learners acquire these legal skills. The work of a real estate lawyer is related to dispute resolution concerned with property matters, advising clients on property related matters and drafting lease agreements or licence agreements. In order to learn more about real estate law, one can find online courses based on Real estate Law and make a career in an aspiring field of Law.