The Benefits of an Illinois Real Estate Attorney

 Posted on November 28, 2023 in Real Estate

Typically, buyers will only think of a real estate agent when looking to purchase a new home. However, real estate agents are less qualified to assess legal terms and processes than attorneys accurately. The benefits of having an attorney present when purchasing a home are varied but substantial. From contract negotiations and reviews to dealing with liens and title searches, not having a real estate attorney may be a big mistake.

Contract and Document Reviews

The amount of paperwork that comes with buying and selling new real estate is substantial. Most of what is written in these contracts can come off as legalese or muddled jargon that may be unfamiliar to anyone without a law degree. A real estate lawyer acting on the buyer’s behalf can help sort through the terms and provide a clear and concise contract, removing the complexity for the average layperson. The buyer will fully understand what is in the contract and what they will be endorsing with their signature. In addition to contract reviews, a real estate attorney can help draft the contract and any other necessary documents required for the transaction.

Liens and Title Searches

Lawyers are capable of moving lien and title searches along more quickly. A title search is required to ensure that the property being purchased does not have a prior claim on it that would prevent its sale. A real estate lawyer can also help sort out any problems accompanying a lien or title search, like obtaining proof that a lien has already been fulfilled.

Closings

Closings can often bring about disputes over costs that may come off as nothing more than legalese. Having a real estate attorney attend the closing can help secure your rights by dodging critical issues regarding receiving the property in question. A real estate lawyer can prepare your closing document, which may include things such as:

• Earnest money amount paid
• The time and date the money was paid
• If and when the escrow account receives funds
• When the seller received the final payment

Suppose a closing fails to occur. It will be up to a real estate lawyer to provide details on escrow holdings, down payments, and acceptable payment options so the buyer is aware of the situation.

Scam Avoidance

Getting a real estate lawyer involved in your dealing early can help prevent a seller from scamming you out of your funds. A novice buyer with an excellent real estate attorney can be steered away from bogus sellers hiding behind false identities and avoid being pulled into a complex real estate scheme.

Contact a Kane County, IL Real Estate Attorney

The world of real estate can be a complex and confusing situation to get into without the proper guidance and protections that a Geneva, IL real estate lawyer can provide. Contact the law firm of Serrano Hanson by calling 630-844-8781 before you decide on your next residential purchase.