For most people, the purchase and/or sale of real estate will most likely be the largest, most important financial transaction of their life. In order to ensure the smooth and proper handling of such a transaction, both the seller and 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 and does not work on commission. 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 five business days of contract acceptance.
Among things your attorney will address:
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 order a title search from a reputable title insurance agent with intimate knowledge of the land records for your area. He will review the title commitment and resolve any curable defects at or 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 the purchaser receives 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 the purchaser’s rights in the land are protected. He will advise the seller on how to resolve any encroachments that may be discovered.
Real Estate Closing
Your real estate attorney will prepare many of the documents required to close. He is intimately familiar with recent changes in the law and will make certain that the paper work complies. In addition, your real estate lawyer will review the numerous documents prepared by the purchaser’s lender and will explain those documents to you. Your real estate lawyer is also responsible for preparing and/or reviewing all closing figures. He will explain what is happening with your money and assure that you do not pay any inappropriate charges.
Choosing your Illinois real estate lawyer
Although there are some similarities, no two transactions are exactly alike. You need someone who can handle the nuances of your deal and who cares as much about your rights as you do. Our firm has a practice concentrated in real estate law. We are familiar with local rules and procedures and are equipped to make your transaction go as smoothly as possible.
Our firm’s fee to handle most residential real estate transactions is only $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. Our firm can also recommend a competitively priced title insurance and survey company. We promise prompt, courteous service. Feel free to contact us today.