Buying or selling a home can be one of the most important decisions that someone can make during the course of their lifetime -- particularly since real property is often the largest single asset that someone will own.
With so much at stake, it is important that the transaction be carried out correctly. A real estate attorney can help assist with the process.
Eleven Reasons to Hire A Real Estate Lawyer in Illinois
1.) A real estate attorney has duties and obligations to a client that far exceed those of other professionals, like real estate agents and home inspectors.
2.) A real estate lawyer typically doesn't just get paid when a deal closes. This practically means that there is no incentive to push a client into closing a deal that isn't in their best interest.
3.) There are many laws that pertain to the conveyance of real property, including those which pertain to transfers, disclosures, and even fair housing. A lawyer can help ensure that the law is followed during a real estate sale and purchase.
4.) Even the best real estate contracts cannot possibly contemplate every single issue which could arise. Having an attorney familiar with real property law can help to ensure that you preserve all of your rights and fulfill all of your obligations.
5.) A real estate attorney can help you determine how you should take title to property and ensure that the deed properly conveys the real property that is intended.
6.) A real estate lawyer can help to ensure that your lender (when obtaining a mortgage) has all of the required documents it needs to finance your transaction and close the transaction on time.
7.) A real estate attorney can read and review surveys, addressing issues of non-conformance.
8.) Title companies benefit from offering insurance with the least amount of protections, as this inherently limits their exposure to future liability if a claim is made. A real estate lawyer can help to ensure that you obtain the best coverage possible at a reasonable price.
9.) At the closing table, your attorney can help ensure that you receive all of the proper credits that you are entitled. These could pertain to taxes or assessments, but may also revolve around closing credits and settlements for defects.
10.) Your broker, no matter how knowledgable he or she is, cannot offer you legal advice unless he or she is an attorney. Even attorneys functioing as brokers are precluded from being the attorney and broker in the same transaction.
11.) If you are represented by an attorney in a real estate transaction and something goes awry, you may have protections afforded to you by way of the professional insurance that your attorney carries.
For more information on how we can help you with your real
estate-related matter, please call us at: (312) 488-1250.