An attorney practicing real estate law is a qualified expert who forms the contracts for the sales made when purchasing or selling real estate. An LLB degree is a prerequisite for becoming a real estate lawyer and is held by all practicing real estate attorneys. They are skilled in communication, writing, conflict resolution, examining and producing legal papers, and research. There are many different kinds of real estate lawyers, including property advocates, property conflict lawyers, assistant managers (legal) in the real estate division, RERA lawyers, and legal advisers specializing in real estate.
What rules and legislation must they be familiar with?
The land lawyer deals with state laws and regulations like the Maharashtra Regional and Town Planning Act, Development Control Rules, etc. daily. The list of laws that apply to real estate is extensive and includes The Real Estate (Regulation and Development) Act, Transfer of Property Act, Contracts Act, and others.
Act governing the development and regulation of real estate: Relatively recently, the Real Estate Regulatory Authority (RERA) was established by The Real Estate (Regulation and Development) Act, 2016 [RERDA]. This law was introduced to safeguard prospective homeowners and to encourage financial investment in the real estate sector. The Real Estate Regulatory Authority (RERA) is an organization that the Act creates in each state to regulate the real estate industry and serve as a tribunal for swift dispute resolution. By RERDA, all developers and builders are required to register their new and continuing projects with the Regulatory Authority if they intend to sell the property. According to the law, RERA must resolve a complaint within 60 days of its filing.
Federal, State, and Local Laws: In terms of procedure, stamp duty, registration, etc., the laws and regulations of each state vary from one another. In Maharashtra, for example, a real estate lawyer must be familiar with the Maharashtra Regional and Town Planning Act, Standardized Building Bye-laws, Development Control Rules, and other laws. The West Bengal Housing Industry Regulation Act (WBHIRA), a piece of state government legislation that appears to be an attempt to weaken RERA, was a response to the RERA in West Bengal.
Act Protecting Consumers: When the handover of a developing property was delayed or there was a dispute between the seller and the buyer of a property before RERA, lawyers frequently went to the consumer courts, even in states where RERA has not yet been created. The procedural requirements of the legislation, how to submit a consumer complaint, and other such matters must be known by real estate attorneys.
Contract Law: All lawyers must be knowledgeable about contract law, but experience in the area is more crucial. Even real estate attorneys are required to have writing skills. They frequently work with clients who require their assistance in drafting important agreements such as Memorandums of Understanding, Lease Agreements, Leave and License Agreements, Sale Agreements, Broker Agreements, etc. Consequently, they must be knowledgeable about the issue.
Property Transfer Act: India's Transfer of Property Act governs property transfers and divides property into moveable and immovable categories. A person, business, organization, or group of people may receive the property transfer. Since this legislation oversees and regulates the transfer of properties between parties, a real estate lawyer must possess a full understanding of it.
Due to the chance it provides for lawyers to gain knowledge and competence in a wide range of legislation, real estate law is both a lucrative and fascinating area of law. The constantly evolving laws and regulations assist in keeping lawyers on their toes and help them stay at the top of their game. Since there is always a need for legal counsel and disputes involving property, the real estate lawyer market is constantly expanding. It will be quite satisfying to pursue a career in this area. real estate attorney cost would also vary.
If you are searching for the best real estate lawyer near me in Delhi, you can contact Lead India. Legal help, online tools, and free legal advice are all offered by Lead India. As soon as you have Lila, you can talk to a lawyer immediately away. Ask a legal question for advice.
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