Chicago IL Real Estate Attorney
Real estate contracts in Chicago, IL exist in many forms, including leases, purchase agreements, and rentals for commercial or residential property. These documents govern the working relationship between the property owner and another party and if either breaches the contract, the other party can sue for damages.
If you are conducting a real estate transaction in Chicago, IL, you must have a legal and valid contract to protect you, the property, and the transaction. The contract sets forth the rights and obligations of the buyer and the seller. Once the buyer and seller settled the contract they are both legally bound by its terms. It can be detrimental to either party if they did not understand all of the terms or if the terms are not what they intended before signing. This is why it is so important to have an experienced real estate attorney review any real estate contract before you sign.
A real estate attorney can draft or review a contract for a real estate transaction. Even if you are working with a real estate broker or agent, it is still important to have an attorney review the contract. He or she can make sure your legal rights are protected and that you understand the terms of the contract. Remember, a realtor is not legally allowed to give legal advice and cannot represent your legal rights.
All real estate contracts in Chicago, IL should include:
- Names of both parties involved in the contract (the buyer and the seller)
- Address of the property, as well as a brief description
- Agreed upon purchase price
- Contingencies or conditions of the contract
- Closing date and possession
- Any additional important information related to that specific transaction
- Signatures of parties involved in the transaction
What are the Benefits of Working with a real Estate Attorney?
There are many benefits you will enjoy when you hire a real estate attorney. For example:
Professional Review of All of Your Real Estate Documents
Real estate transactions require a seemingly endless amount of paperwork. And many of these documents are written in complicated legal language. An experienced real estate attorney will help you understand these forms, ensure they offer the protection you need, and assist you with completing them.
Support for FSBO Transactions
Is your goal to sell your home without working with a real estate agent? Then a real estate attorney is imperative to your success.
Many homeowners want to go it alone when they sell their homes. Under the right circumstances, this can work and save you money, but it is not for everyone. If it is the right choice for you, a real estate attorney will be a vital resource for you. For some things, you are legally required to have an attorney. For example, an attorney will need to prepare a binding contract and provide ‘due diligence’ by examining the documents used in the transaction.
Examination and Prep of the Transfer Deed that Makes the Property Change to the New Owner
Real estate attorneys are there to ensure a smooth transaction for both sellers and buyers. Unlike a real estate agent, they are not trying to get anyone the best deal on a property. They are making sure the transaction and exchange of property are legally sound. A real estate attorney can examine the title deed before closing to ensure there are delays due to outstanding claims, liens, or mortgages
Provide Guidance Regarding Title Insurance
Buyers and lenders both require title insurance. This type of insurance protects them from any future problems that can arise regarding the title deed. Having an attorney present at closing means someone will file all relevant documents and ensure that both parties are safe and insured.
Assist with the Closing
The closing of a real estate transaction can be the exciting culmination of a long process or it can be another frustrating stumbling block at the end of an exhausting journey. Working with a real estate attorney increases the odds it will be the former instead of the latter. Real estate attorneys distribute payment to those involved in a transaction, record all of the necessary documents in the public records and check the registry to ensure that the title has been updated and the deed is recorded.
Additionally, real estate attorneys help you with some of these more frequently overlooked issues, such as:
Dealing with Preexisting Conditions
No home is perfect, so it is important to make sure you have the protection you need before buying. It is also important that home sellers not be put on the hook for issues that arise later on. In addition to issues with a home’s title, a real estate attorney can help buyers and sellers negotiate the terms for dealing with issues that are specific to certain properties.
Modifying a Loan
Real estate attorneys can assist sellers with loan modification and work directly with lenders to reduce outside help and give the seller a firm advantage.
Finding the Right Real Estate Attorney for You
Buying or selling a home in Chicago, IL can be a complicated matter. A well-written contract makes the terms of the transaction clear and reduces some of the complexities that can occur. Because the real estate contract is such an important part of any real estate transaction, you must work closely with an experienced attorney during the process of drafting and before signing the contract.
If you are involved in a real estate transaction in the Chicago, IL area, Peter Marx can help.
Peter has more than 20 years of experience representing clients in real estate transactions in Chicago and throughout the Chicagoland area. His practice focuses exclusively on real estate. Peter is a recommended attorney for many of the area’s largest real estate brokerage companies including Coldwell Banker, Baird, and Warner, Koenig, and Strey, @properties, Remax, Century 21 and others. He has appeared as an expert on numerous local real estate radio programs and has been quoted and published in several papers and websites.
Peter and his team have significant experience with foreclosure and short sales but are also able to help buyers and sellers with contract review and modification, multi-unit buildings, tax-exempt exchanges, condo conversions, and any other aspect of a residential real estate transaction.
For more information or to schedule a consultation with Peter, contact him at 773-283-8960.