The purchase of real estate will most likely be the largest, most important financial transaction of your life. In order to ensure the smooth and proper handling of such a transaction, the purchaser should consult with a Lake County real estate attorney prior to the signing of a contract.
A real estate attorney cares only about representing your interests. Your real estate lawyer will advise you of potential problems with the contract and is equipped to resolve many difficulties that can arise. If you are unable to consult with a real estate lawyer prior to signing the contract, you should sign subject to your real estate attorney’s approval within three to five days of contract acceptance.
You need someone on your side who understands all aspects of the proceedings. The following are some of the matters that your attorney will address to protect you.
Home Inspection
We recommend that all of our clients obtain a licensed home inspector shortly after contract acceptance to review the physical condition of the property. We will notify the sellers of any significant defects found by the inspector and will help negotiate resolution of those issues.
Title Examination and Title Insurance
The purchaser of real estate needs to make certain that the seller has good and marketable title to the property. Your real estate lawyer will review the title commitment and make sure any curable defects are removed prior to closing. Your lawyer will explain to you any limitations on your rights that cannot be removed so that you are fully informed as to the status of the property. Your lawyer will also make certain that you receive a policy of title insurance that protects both the purchaser and the seller in the event a party alleging an undisclosed interest in the property makes a claim. He will assure that the purchaser’s lender, if any, receives a title policy meeting its requirements.
Real Estate Survey
Your real estate lawyer will order and/or review a survey of the property prepared by a reputable licensed surveyor, unless the property involved is a condominium. He will ascertain whether the house and other structures are within the boundary lines and whether there might be any issues with neighboring property owners.
Attend Closing
Your real estate attorney will review all of the many documents required to close. He is intimately familiar with recent changes in the law and will make certain that the paper work complies. Your real estate lawyer will also explain what is happening with your money and assure that you do not pay any inappropriate charges.
Our firm’s fee to handle a residential real estate transaction is $500, payable at the time of closing. That fee includes review of the sales contract, modifying the contract as needed, negotiations on home inspection items, review of the title search and survey, review of the loan documents and closing documents and attendance at the closing. We promise prompt, courteous service.
For more information call us at 1-847-599-9101 or email us.
