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, it is essential you 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 contract is finalized, the buyer and seller 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 is able to 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 is able to 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
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, it is essential you 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.