If you are buying or selling real estate in northeast Illinois or southeast Wisconsin, you need an attorney to assist you in the process. Many people are curious as to the right time to contact our law firm.
The answer is that it is never too early. Once you decide you are in the market, feel fee to contact us with any questions you might have. If you prefer, we can provide you with referrals for realtors, loan officers, home inspectors, title companies and surveyors with whom we have had positive experiences. We will also work with any other professionals you select. Our firm will gladly review any contract for services presented to you by any of the above referenced professionals and will let you know what your rights and obligations are under those agreements.
If you are working with a realtor, they will typically negotiate the terms of a transaction and will prepare the contract using a standardized form. Those contracts most often have a 5 business day attorney review and modification provision. Make sure that type of contingency is included. Once the accepted contract is timely provided to us, we can correct any unusual or improper terms and can even cancel the contract on your behalf for any reason other than the purchase price.
If you are not working with a realtor, the attorneys for the parties will typically draft and finalize the contract. The usual process is for the buyer’s attorney to prepare the first draft and then present it to the seller’s attorney. Always included as part of the contract process is the seller’s obligation to make certain disclosures regarding the physical condition of the property and whether there are mold, lead paint or radon hazards present.
Our firm has closed thousands of real estate transactions and is very familiar with local laws, rules and customs. We charge a flat fee of $500 for most residential property closings. Feel free to contact us at (847) 599-9101 if you are planning to buy or sell real estate in the near future.