Build your practice, stay out of trouble.

Ten Tips for Real Estate Attorneys

Read

Add bookmarks as you conduct internet searches to return to useful sources. Your law school library and the Trial Court libraries are great as sources of information Some of CATIC’s favorite sites are:

•http://www.masslandrecords.com/malr/index.htm

•http://www.fdic.gov/

•http://www.sec.gov/edgar.shtml

•http://www.mass.gov/legis/

•http://www.sec.state.ma.us/

•http://www.findlaw.com/

Legal resources are increasingly available online and often at no cost.

Write (or speak!)

If you have expertise in real estate, municipal, family, or elder law, or if you speak a second language and write well in it, write an article of general interest for a local newspaper or e-zine, or give a presentation to a community or practice group.

Develop a social networking page on Facebook or Linked In. Think about setting up a webpage or blog using your web browser’s webpage or blogger tools.

If you prefer to write for attorneys, submit an article to a legal newspaper or bar publication.

Do you draft collateral descriptions or lease clauses?

Did you just complete a clerkship? Are you a sole practitioner? A partner at your firm?

No matter what your skills or experience in the bar may be, there is an audience waiting for you to share what you know.

Your training requires you stay current and to communicate clearly; use that skill to communicate with the public and other practitioners.

Do the Math

If you work in a small firm or are a sole practitioner, managing your accounts and creating a simple cash flow analysis and business plan is critical for you.

If you are an associate seeking employment, know that potential employers may ask permission to obtain your credit report prior to hiring you.

Although this information should not be used to determine your compensation, you should know that your credit history may be a factor in whether or not you are offered employment.

Attorneys must manage client matters and funds competently. Balance your IOLTA account (and your checkbook) regularly.

Attorneys must add all of their individual client ledgers and compare the total of the ledgers to the balance in the check register in order to reconcile the total of client ledgers against monthly IOLTA account statements.

Rule 1.15 strongly recommends that real estate conveyancer’s reconcile accounts at least monthly, and more frequently if the account is a high-volume conveyancing account.

Comingling, misusing, or just failing to properly account for client funds can cost you your license to practice.

Mass. R. Prof. 1.15 (f)(1) (E) requires lawyers to balance bank statements using “three-way” reconciliation at least every 60 days.

Do your homework

Rules for preparing a HUD-1 Settlement Statement Regulation X : 24 C.F.R. 3500 et seq. issued by the Department of Housing and Urban Development to implement the federal Real Estate Settlement Procedures Act (“RESPA”), 12 U.S.C. §2601-2617.

Rules for Truth in Lending disclosure are contained in Regulation Z: Board of Governors of the Federal Reserve System to implement the federal Truth in Lending Act (“TILA”), Title I of the Consumer Credit Protection Act, as amended, 15 U.S.C. §1601 et seq.

Know the rules of the Board of Bar Overseers, federal law, state law, and practice standards generated by the courts and bar associations.

Every practice area has “rules of the road” that you are expected to know in order to practice professionally and reliably.

Participate--don’t just join.

Offer to host a committee meeting, assist with a seminar, or commit to a fundraising campaign once you have a feel for the organization. Bring in a new member or two.

Take a leadership role if the opportunity presents itself, if you have time to give and you are interested in the goals of the committee or organization.

Remember that even a small commitment can make an impact if your efforts are focused and sincere.

Joining a bar association is a way to connect with colleagues, showcase your skills, and learn from other attorneys. But don’t just join, participate.

Go to Lunch

Some bar associations or practice groups hold brown bag lunch meetings so that members can meet one another and get information on current legal topics. If you can, attend a meeting from time to time.

If there’s no group near you, invite a fellow attorney to lunch and start a group of your own. It doesn’t have to be an expensive or daily event, but it should become part of your routine.

Meet attorneys in other practice areas, and let them know who you are and what your area of expertise is.

Leave your office now and again to meet a friend or professional contact for lunch or coffee.

Cross-Train

Some people love it, some people loathe it, and eventually, it becomes a necessity whether we like it or not.

Find something that engages you, and make a habit of learning a new skill that is related to, and builds on, your core practice area.

If real estate is your core practice, cross-training may mean honing your understanding of foreclosure, bankruptcy, or contractor’s liens.

Reading, writing, networking, and volunteer service take time, energy, and commitment; it’s the equivalent of going to the gym to work out.

Say “Thank You”

A simple, appropriate token of appreciation such as a restaurant gift card or fruit basket is probably enough to say thank you. Often a note of thanks or even an e-mail will do. If you send a gift, know the rules: HUD regulations prohibit attorneys from giving gifts to brokers and lenders on a ''give-to-get" basis.

When someone helps you to move forward professionally (for example, reads or edits your article for you, gives you practice advice, or refers a good client to you) thank them.

Say “No, Thank You”

The conveyance of residential real estate where the homeowner maintains a legal or equitable interest in the property to avoid foreclosure is prohibited in Massachusetts under 940 C.M.R. 25.00 et. seq.

Not following written closing instructions can, or not disbursing funds in accordance with a signed HUD-1 Settlement Statement are indicia of fraud.

The REBA Title, Practice, and Ethical Standards in Volumes 28 and 28A of West Publications’ Massachusetts Practice series are the practice standards for Massachusetts residential and commercial real estate practice.

If a prospective client proposes a business opportunity that you do not fully understand, ask questions until you do.

If the transaction, in your professional judgment feels wrong, say “No, thank you”.

Safeguard client data

Having a “written information security program” is required under G.L.c. 93H and 201 C.M.R. 17.00 et. seq. and must be in place no later than January 1, 2010.

The “Gramm-Leach-Bliley Act” or GLB Act, includes provisions to protect consumers’ personal financial information held by financial institutions.

The Federal Trade Commission’s “Red Flags Rules” require creditors (including attorneys) to develop and implement written identity theft prevention programs, as part of the Fair and Accurate Credit Transactions (FACT) Act of 2003 to provide for the identification, detection, and response to “red flags” that could indicate identity theft.

Attorneys must comply with G.L.c. 93H, Massachusetts law that takes effect on January 1, 2010 which establishes minimum standards for private businesses in safeguarding personal information in paper and electronic records.

For more information, see “Keeping Client Data Safe” on the CATIC website.