Unless you’re a real estate agent, the only part of real estate that you’re familiar with is probably the buying and selling of houses. But have you ever thought about real estate law? With all of the conflicts that come up in a real estate transaction, real estate law is an extremely important field. But what exactly happens at a real estate law practice behind the scenes? Tal Rappleyea provides a few facts you probably didn’t know about real estate practice.

1. 3 T H I N G S T O
K N O W A B O U T
R E A L E S T A T E
P R A C T I C E
B Y T A L R A P P L E Y E A

2. U N L E S S Y O U ’ R E A R E A L E S T A T E A G E N T ,
the only part of real estate that you’re familiar with is
probably the buying and selling of houses. But have you
ever thought about real estate law? With all of the conflicts
that come up in a real estate transaction, real estate law is
an extremely important field. But what exactly happens at
a real estate law practice behind the scenes? Here are a
few facts to know about real estate practice:

3. E A C H D A Y I S
D I F F E R E N T

4. When it comes to real estate practice, there is
no such thing as a “typical day in the office.”
Depending on the type and stage of the
transaction being worked on, each day has its
own tasks. There is a unique set of issues that
comes with each transaction, and how you
handle those issues affects the way a workday
will unfold. A work day may include drafting,
reviewing, and negotiating documents
necessary for a particular transaction, such as
sale agreements, loan documents, leases and
other ancillary documents. Otherwise, the day
could include performing extensive due
diligence, such as reviewing surveys, titles,
third-party reports and other items necessary
for developing a comprehensive legal
understanding of the project.

5. R E A L E S T A T E
I S I M P A C T E D
B Y B U S I N E S S
C Y C L E S A N D
E C O N O M I C
T R E N D S

6. Real estate practice is largely affected by
market trends, especially economic trends.
When the economy is growing and interest
rates are low, the real estate market often
prospers. There are usually a lot of real estate
acquisitions and refinancings during those
times. The growth in the real estate market is
also often fueled by the emergence of
commercial mortgage-backed securities
financing for real estate projects. During
recessionary periods, on the other hand,
retailers are often reluctant to open new stores
to expand their footprint. Lenders are cautious
about making new loans for real estate during
these times as well. These trends have an
impact on the pool of real estate transactions
that occur.

7. L A W F I R M S
T Y P I C A L L Y
H A V E
A T T O R N E Y S
W I T H V A R Y I N G
L E V E L S O F
E X P E R I E N C E

8. A small transaction usually consists of one
law firm partner, one associate and
sometimes a paralegal. A larger transaction
that involves multiple properties usually
includes multiple junior and senior associates
in addition to a law firm partner. This is so
that the firm can meet the client’s
expectations in a timely manner. During the
course of a deal, it is common for a junior
lawyer to work with a more senior attorney or
a law firm partner. The junior associate may
be asked to sit in on conference calls
between the partner and the client, or
between the partner and the opposing
counsel. In some cases, a junior associate
might be asked to reach out to third parties
in order to complete discrete tasks on a
transaction.

9. Real estate practice is a subset of law that is often
overlooked. However, there are a lot of legal issues that
come up in real estate, and without real estate practice,
none of them would be solved. I hope this information
about real estate practice has given you a bit more insight
into the importance of this field and what happens behind
the scenes.

10. Visit TalRappleyea.net