Book review: Getting Started as a Real Estate Attorney, by Joseph R. Fortunato

A small, tight little book crossed my desk the other day that truly amazed me. Frankly, I didn’t know how or why I found this book on my desk that morning, but I was so impressed with it that I want to tell every young lawyer I know, every lawyer in transition, any one of us who wants to know what a “real estate lawyer” is and how he or she goes about doing it: Get this book. I’ve known Joe for over 40 years and know the esteem in which he is held in the Illinois legal community. I am not surprised at the quality of this “manual.”

This 130-page volume contains “everything-one-could-possibly-want-to-know” about practicing in the real estate transaction field, written by a recognized authority.

Joe leaves little to the imagination. He even covers matters you might not think important but which are indispensable if you want a true picture of what a “real estate attorney” is and does. Demonstrating the practicality of this book, I include here an excerpt from Chapter 3 “Why would I want to do this work? Why not?”

On the plus side, transactional practice allows the attorney to practice law in a less formal setting. Court visits are rare. Casual dress is permissible (although I believe that the level of professionalism in real estate closings suffers when lawyers fail to dress for business). The lawyer often can set his or her own schedule. Client contact is maintained primarily by telephone or via e-mail or text. Elaborate and expensive office space is unnecessary. Office space in the pricier downtown locations can be relinquished in favor of less expensive space in neighborhood or suburban locations where the majority of the residential clients and properties that the attorney will handle are located.

Many lawyers who have family responsibilities and therefore want to restrict the number of hours devoted to work each week can still maintain a transactional practice, albeit on a limited scale. This work can be seen as an alternative to abandoning the practice of law altogether, due to the extreme demands of a litigation practice on one’s time and quality of life.

Much of the work required of the attorney can be standardized and compartmentalized, lessening the level of stress associated with the handling of unfamiliar matters. Communication by e-mail or facsimile can be accomplished by the lawyer without the assistance of staff…. Much of the documentation and written communication is form-driven, especially with regard to standardized correspondence, closing documents, closing statements, powers of attorney, contracts, leases, etc.

Recognizing how practical, insightful and helpful the book was prompted me to write this book review. I suggest it as an excellent resource for those who receive the ISBA Young Lawyer’s Section Council and Real Estate Section Council newsletters.

Author Fortunato suggests how to begin: Chapter 4’s “Sources of Business: Where Should I Begin?” He talks about the early need for training and where to get it (real estate committees of the various national, statewide and local bar associations, by name.) He explains how that initial approach is also the forerunner of marketing in this area: the networking opportunities with other lawyers in this field. He suggests contacting a firm with this concentration and perhaps an overflow of real estate business transactions. It is in these contacts that you may find a mentor, a seasoned real estate practitioner.

There are chapters dealing with “Becoming Familiar with Contracts” (5), “The Listing Contract” (6), “The Residential Real Estate Sales Contract” (7). There are chapters dealing with the closing (10), The Consumer Financial Protection Bureau (11), and The Interplay of Real Estate Law with other areas of law (12).

Joe even provides 6 appendixes on such subjects as the CFPB Three-Day Closing Disclosure Rule (Appendix 3), the ALTA Combined Settlement Statement (Appendix 4), the Residential Real Property Disclosure Report and Salient Provisions of the Disclosure Act (Appendix 5) and more.

Joe’s chapter 13, “Marketing and Mentoring,” is a must read for every lawyer; his intelligent perspectives and insightful suggestions are especially useful for a lawyer in transition or a new or newish lawyer

As a real estate transactional attorney myself, I was most impressed with the quality and utilitarian application of this book.

I asked my career pal Joe Fortunato what was his motivation for writing this outstanding practical publication. He responded:

I hoped to be able to compile in one place all the ideas I had about handling residential transactions, and handling them correctly. I hoped to share my passion for the work, and how important it is to individuals whom we represent. I wanted to enhance the profession by suggesting to transactional practitioners that they are professionals, just as litigators are. In order to do the job correctly it is necessary to study other areas of the law, to go beyond the basics, to maintain the position as trusted advisor that many lawyers have ceded to real estate brokers. Finally, just as a certain young law student at The John Marshall Law School compiled and disseminated for the use of his peers a set of notes on Property Law as taught by the late professor Edward Brodkey, I wanted to provide useful information for my peers to use, whether they were experienced practitioners or simply freshly minted attorneys.

[Author’s Note: The ABA sells this publication at www.shopABA.org.] 