The Role of an Attorney in a Residential Real Estate Transaction
Buying or selling a home or piece of residential land can be an exciting prospect, regardless of whether you’re the buyer or the seller. To be sure, a real estate transaction is usually associated with a new beginning and adventure, an economic opportunity, and a chance to embrace something new and different.
But as exhilarating as buying or selling residential real estate can be, there are also complexities and legal requirements of which to be aware. When you work with a qualified Illinois real estate attorney, you can protect your best interests and avoid–and resolve–any common complications.
The Role of Your Attorney in Your Residential Real Estate Transaction
Whether you are buying or selling a home, the role of your attorney may prove essential. An attorney wears many different hats throughout the process, including:
Drafting, negotiating, and reviewing a buy-sell/purchase agreement;
Explaining real estate disclosure obligations and your duties as a seller or rights as a buyer;
Drafting contingency agreements;
Conducting a title search on your behalf;
Explaining, and helping you to obtain, title insurance;
Explaining various mortgage documents and your duty to repay a mortgage loan;
Preparing the Settlement Statement;
Representing you in the event of any conflicts or breach of contract issues;
Organizing a property inspection;
Representing you at the closing table.
Throughout the entire real estate transaction process, your attorney should be available to answer any questions you have related to the transaction. Further, an attorney is responsible for acting in your best interests, which means that your attorney will offer you counsel and advice when you enter a real estate agreement. Should a dispute arise, your attorney can guide you through various dispute resolution options, including mediation. In the event that litigation is necessary, your attorney will represent you throughout the process and manage the case on your behalf.
Is Working with an Illinois Real Estate Attorney Required?
The state of Illinois does not require buyers or sellers in residential real estate transactions to work with an attorney; however, doing so is always a wise idea. By working with an attorney, you can:
Ensure that you are getting a deal that is fair and that you understand;
Ensure that a proper title search is conducted (avoiding title issues later on);
Save time, and, potentially, money;
Improve chances that the title and the deed pass smoothly from the seller to the buyer;
Ensure that any defects with the property are properly disclosed/discovered; and
Give yourself peace of mind – when you hire an attorney, your attorney will handle the legal elements on your behalf, allowing you to focus on the enjoyment of buying or selling a home.
Call Our Libertyville, Illinois Residential Real Estate Lawyers Today
Attempting to represent yourself during a real estate transaction can cause undue stress and headache, and may result in the conclusion of a real estate deal that isn’t favorable. To reduce complications and make sense of complexities, contact our Libertyville, Illinois real estate lawyers at the office of Johnston Tomei Lenczycki & Goldberg LLC today. We serve clients through Libertyville, Lake County, and surrounding areas, and have years’ worth of combined legal experience.