Why should I consult a real estate lawyer?
For an individual or a Small Business, the purchase or sale of real estate is one of the most important transactions in which you are likely to engage. It is also one of the most complex, with numerous variables that depend on specialized knowledge to evaluate. Mistakes or complications in these high-value transactions can lead to financial ruin for you or your business. To avoid problems, it is important to consult with a lawyer whose specialized knowledge can keep you from getting into a problem.
How can a real estate lawyer help me?
A real estate lawyer can do many things for you. For example, a lawyer can make sure the seller of a property you intend to purchase actually has a good and marketable title to that property. The lawyer can also order a survey of the property to make sure all structures and purported assets are actually within the property boundaries. The lawyer can make sure there's been a full disclosure on the part of the seller and prospective purchaser. A real estate lawyer also has a large body of general knowledge that can warn you of problems with buildings in a particular area, by a particular builder, or of a particular style of which you may otherwise have been unaware.
Even if there are no problems, a real estate lawyer can prepare most of your paperwork, saving you time and trouble, ensuring that it complies with the most recent real estate laws, and avoiding any unnecessary fees.
What if I have a contract that I must sign before I could consult with a lawyer, but am now feeling doubts about?
If necessary, you can sign "subject to attorney's approval," then consult with a real estate lawyer right away. If your lawyer identifies problems with the contract or the property, you can still back out of the contract or demand modifications within 3-5 days after signing.
Are there any times I should consult a real estate lawyer other than when purchasing or selling a property?
Yes. You should definitely consult a real estate lawyer immediately if you discover the property is other than it had been represented. You should also consult a real estate lawyer whenever you are considering serious construction or renovation on a property. The lawyer can review your contract and the builder's plans for any major flaws and make sure you have sufficient legal recourse under the terms of the contract.
What kinds of construction issues can a real estate lawyer help me with?
A real estate lawyer can help you with any issues that arise before, during, or following the construction, including:
- Plans not in accordance with agreement
- Construction not according to plans
- Failure to account for geologic hazards such as soil expansion or slope instability
- Damage to existing structures
- Poor workmanship
- Undue delays
- Improper interruption of utilities
In many cases, you can hold your builders, contractors, and subcontractors for breeches of contract.
Do real estate lawyers handle issues with rental properties?
Yes. If you are leasing a property and experience difficulty with your tenants, you should consult an attorney as soon as problems arise. If your tenants are giving you problems, whether they are chronically slow in paying rent or damaging the property, you should consult an attorney before you begin eviction proceedings to make sure you do not make yourself liable for civil damages or even criminal prosecution. If your tenants have left your property with serious damage, you will need a lawyer to recover your expenses in repairing and preparing the property for new tenants.
Real estate law is complex, and no two transactions are exactly identical. Whether you are seeking Commercial Real Estate or have Real Estate Litigation issues, a lawyer can protect you against undue financial liabilities. In order to make sure everything goes smoothly for the next transaction you're contemplating, contact the Law Firm of Thaddeus M. Bond & Associates, P.C. today to set up a free initial consultation with one of our experienced real estate lawyers.
Our Lake County area real estate lawyers serve clients throughout Illinois and Wisconsin including Libertyville, Vernon Hills, Gurnee, Grayslake, and Waukegan.