Top 5 Careers for Lawyers Planning to Venture the Real Estate

Indeed, the Philippines' Bar Exam is one of the most challenging licensure examinations, and earning a law degree is no easy feat. However, the February and November 2022 Bar Exams recorded some of the highest passing rates in history, which is excellent news for aspiring lawyers. 

Despite the impressive passing rates, the journey to becoming a lawyer is still challenging, with countless sleepless nights and failures in law school. Nonetheless, a career in law can be rewarding, and real estate law is an excellent option for lawyers interested in the field. When it comes to acquiring property, understanding legal concepts is crucial. And, having a real estate attorney simplifies real estate transactions and avoids legal issues.

If you're a lawyer looking for a change, becoming a real estate attorney might be a viable career option. It's a great way to apply your legal expertise to the real estate industry, which is always in need of legal professionals to protect their client's rights and resolve legal issues.

Understanding the Philippine Real Estate Law

Legally, the Constitution of the Philippines is a complex topic to discuss with a buyer. That is why it is critical to communicate with a real estate expert to break down the real property law for a smooth-sailing real estate transaction. The following Philippine real estate laws require an in-depth explanation from real estate attorneys so buyers can understand their rights and privileges.

1. Presidential Decree No. 1529. It is also known as the Property Registration Decree, which governs the registration of land titles in the Philippines. It established a Torrens system of Land Registration Authority, which provides a secure and reliable way to determine land ownership.

2. Presidential Decree No. 957. It is also called the Subdivision and Condominium Buyers’ Protective Decree, which aims to protect buyers' rights of subdivision lots and condominium units. It requires developers to obtain a license to sell, register their projects, and comply with various rules and regulations to ensure buyers are not deceived or misled.

3. Republic Act No. 6552. The Realty Installment Buyer Act or Maceda Law provides protection to buyers of real estate on installment payments. It states that buyers who have paid at least two years of installment payments have the right to continue with the payments or receive a refund of the total amount paid, depending on the situation.

4. Presidential Decree No. 464. It is known as the Real Estate Tax Code, a law that establishes a system for the assessment and collection of taxes on real estate properties in the Philippines. It imposes a real property tax on the fair market value, determined by the local assessors' offices.

How Real Estate Lawyers Can Help Home Buyers and Owners

Becoming a real estate lawyer is a good career choice since the industry is growing and lucrative. Although the work is intellectually challenging, you can help clients with complex legal processes and work with a diverse range of clients.

Drafting the Contract

As a real estate lawyer, you can draft contracts for buying, selling, or leasing properties, ensuring the agreement is legally binding and protects your client's interests.

Property Registration and Regulatory Compliance

You can assist clients with registering their properties and compliance with regulatory requirements. This includes acquiring the necessary licenses and permits.

Estate Planning

You can also help clients with estate planning, such as creating wills, trusts, and other legal documents. As such, properties are passed down according to their wishes and with minimal tax implications.

Settlement of Real Estate Issues

Most of all, you can help clients resolve disputes related to their properties, such as boundary disputes, title issues, and zoning problems. You can represent clients in negotiations, mediation, or litigation to reach a favorable outcome.

4 More Real Estate Career Paths for Lawyers

Besides real estate lawyers, you can also choose other paths in real estate.

Be a Real Estate Broker

For one, you can be a licensed real estate broker. Brokers help clients buy, sell, or lease properties and earn a commission based on the sale price. You only need to pass the Real Estate Broker Licensure Examination from the Professional Regulation Commission (PRC). You'll also need a bachelor's degree and at least 120 units of real estate subjects. But if you're already a licensed lawyer, you may not need to take some required subjects.

Be a Real Estate Appraiser

You can also be a real estate appraiser if you are interested in determining the value of real estate property. Your job is to evaluate a property's worth, such as reviewing the recent sales of similar properties and checking out the competition. You must also be able to analyze property records and assess its physical condition.

This career path also requires passing the Real Estate Appraiser Licensure Examination. 

Be a Real Estate Developer

If you have a strong grasp of real estate law and regulations, you can also be a real estate developer. You must also have excellent business skills to manage the project's finances, marketing, sales, and other operational concerns. 

As a real estate developer, you are responsible for designing, planning, and managing the construction of real estate properties. You'll work with a team of professionals, such as architects, contractors, and interior designers to ensure the project meets the client's requirements and complies with local laws and regulations.

Be a Real Estate Investor 

Lastly, you might want to explore becoming one of the real estate investors. Real estate investing includes buying properties, such as house and lot Philippines to earn income or appreciation over time. As an investor, you could rent out properties, sell them for profit, or hold onto them for long-term gains.

However, you'll need to have a solid understanding of the real estate market and trends. You should also have the financial resources to purchase properties or access financing to make an investment.

As you can see, lawyers have promising opportunities in real estate. With the right experience, determination, and knowledge, you can be one of the most successful professionals in the real estate business.

That is why Lumina Homes welcomes newly licensed lawyers with plenty of career jobs you can choose from. As the leading provider of affordable house and lot for sale properties in the Philippines, we need more workforce to cater to our growing home buyers and owners. Rest assured you will be getting a lot of benefits from Lumina Homes. 

Check our careers page for more details or visit the Lumina office near your area. Our affordable house and lot properties can be found in more than 50 locations nationwide.