A real estate transaction lawyer is often needed when what is normally considered a basic real estate deal becomes more complex. There are several areas of real estate that are expected to change or increase in complexity in the upcoming year. The following are 4 things that real estate lawyers can expect to change in 2017.
- Rising Interest Rates
The time of extremely low interest rates is certainly coming to an end. Rising interest rates will mean that many people will want to rent instead of buying a home. Some people may want to rent for an extended time period before actually purchasing a home. These types of agreements usually require a real estate transaction attorney to draw up the lease. Rising interest rates will likely affect all aspects of real estate. Because of these changes in interest rates it may be necessary to hire a real estate attorney for things such as negotiating the terms of a loan. Real estate lawyers can expect to do more business regarding preparing and negotiating home loans.
- Watch for an Increase in Non-Bank Lending
Banks are under increasing pressure to hold more capital as a way of managing the risk. Investors as well as individual home buyers are therefore getting more creative with their lending options. With more alternative lenders comes the need for real estate lawyers to get involved to help buyers wade through a non-traditional process. A real estate transaction lawyer may find his or her services are required more often in these areas.
- Increase in the Need for More Senior Housing
As baby boomers continue to retire there will likely be an increased need in housing for all types of ages and needs. Everything from independent living communities to assisted and nursing facilities will be needed as Boomers continue to downsize and sell their homes. Many seniors will seek out the assistance of real estate attorneys as they maneuver their way through the process of making major changes in the way they live and where they live. The services of those who specialize in commercial real estate will also be needed as companies continue to plan and build senior housing and retirement centers.
- New Financial Legislation
While laws pertaining to statutes and regulations normally change every year, 2017 could present major changes due to the election of Donald Trump. President Trump is already attempting to decrease regulations across the board. What this means for real estate lawyers is that their services will be needed more than ever as businesses and individuals struggle to understand new laws regarding regulations. Even as there will likely be a decrease in regulations across the board, real estate lawyers will need to stay up to date on all the latest changes.
These are a few of the trends that can be expected in the field of real estate in 2017. A real estate transaction attorney may find their services are increasingly required in these specific areas.