A Few Basics About Real Estate in Illinois
Real estate law is also known as real property law. It entails the right to own, transfer and use land as well as additions (like buildings) on the land. Real estate is obviously a major part of the economy in the state of Illinois. For that reason, real estate is a significant area in the practice of law.
Basically, there are two types of real estate law practice areas. Typically, a Real Estate Lawyer Elgin IL practices in either transactions or in litigations. However, ASM Law offers expertise in both areas. From assisting clients with buying or selling their home to foreclosure litigation, we’re a full-service firm.
Purchasing residential property in Illinois is more complex than just finding your new dream home and then moving in. Smart prospective buyers take sufficient time to determine what they can afford and in which neighborhood they want to live. In addition, it’s crucial to understand major legal aspects in Illinois like purchase contracts and seller disclosures. Buying and selling residential property is a process that requires careful consideration and informed decisions. State law in Illinois doesn’t require a real estate lawyer to be present at a closings. However, hiring one when buying or selling a home is almost always a smart decision.
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To that end, let’s review some of the main reasons why you should retain a Real Estate Lawyer Elgin IL for your next transaction:
Your Real Estate Lawyer Elgin IL represents your best interests. A lawyer ensures that the transaction is fair to you and could potentially save you some money. Realtors generally prepare a contract when you decide to buy or sell your home. However, these contracts usually provide for a five day modification period. During that time, either side’s lawyer can ask for changes to the form contract. Also, the lawyers may revoke the contract in the event an agreement on the changes isn’t reached.
During this time, your lawyer explains the contract to verify the contract’s terms match with your understanding. Real estate lawyers bring their expertise to ensure that the transaction is a fair one for you. The goal is to safeguard your interests in the event the deal does not proceed or unexpected problems develop. Certainly, issues can arise between contract and the closing or even after the closing.
A Real Estate Lawyer Elgin IL decreases the chances of a deal falling apart. Residential property transactions tend to entail quite a few aspects. In addition, there are many points during the process when certain issues can result in a deal falling through. Without a doubt, when each side has a lawyer the chances of a successful transaction increase significantly. For example, a home inspector may find a problem with the home. Your lawyer negotiates a solution that’s acceptable to you as well as to the other side. Likewise, if issues develop with the chain of title to the property, your Real Estate Lawyer Elgin IL works to resolve them before to the sale.
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Missing a deadline is among the most common causes of transactions falling through. As an example, the failure to provide proof that financing for the mortgage is proceeding in a timely fashion. Missing a deadline also permits the other side to withdraw from a deal. Consequently, that may lead to one side losing their earnest money. An important aspect of a real estate lawyer’s job is to meet deadlines or negotiate for an extension if necessary.
Real estate lawyers lower the risk of litigation after closing. While a real estate lawyer typically charges an affordable, flat fee, litigation lawyers tend to be considerably more expensive. Retaining a real estate lawyer will help reduce the probability of a dispute after a transaction closes. Disputes can stem from errors in the contract, for instance. Other potential issues could be with the title or the condition of the home after the buyer receives it. Real estate lawyers work to confirm the contract is free of errors. They also confirm there are no issues with the title. If they do find something, your lawyer addresses it before the closing. Any agreement in regards to property repairs should be properly documented in writing. Costly post-closing conflicts are far less prone to happen when each side’s lawyer takes the transaction from contract to closing.
A Real Estate Lawyer Elgin IL will save you a lot of time. There are a number of obligations to meet during the course of a real estate transaction. In addition to communicating with each side, there are other parties to consider too. For instance, there are local municipalities, lenders, title companies, homeowners associations and county tax assessors.
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This can take up a lot of time – even for experienced real estate experts who conduct transactions frequently. Most likely, without the services of a lawyer, errors take place that can delay a closing for months. Or, the deal may not proceed at all.
Your real estate lawyer will ensure that the title passes smoothly from seller to buyer. One of the main functions of a seller’s lawyer at a closing is to serve as title agent. They coordinate with the title company, confirming the seller has the right to give full title to the buyer. In the event there’s an issue with this right, the lawyer identifies them and works to resolve it. A buyer’s lawyer reviews the land survey and the deed. This is to verify the buyer receives the complete property he or she wants to purchase. This process can be complex, yet is important for protecting the interests of each party.
Real Estate Purchase Agreements in the State of Illinois
A legal document, a purchase agreement contains important information and conditions relating to real estate transactions. They have to be written documents which both buyer and seller sign. Also, they must include an offer to buy or sell, acceptance of that offer, the selling price and property description.
Illinois is an attorney-review state. This basically means that both parties should a have lawyer review the purchase agreement before proceeding. The agreement will feature terms regarding how much time each side has for their attorney review. Typically this is five days.
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Generally, both sides may walk away from the agreement without risk of penalty during the reviewing
period. The lawyers will review the whole purchase agreement. They may propose changes to any component of it with the exception of purchase price and brokerage fees. A request for modifications usually occurs after the house undergoes an inspection. Consequently, the lawyer review time period and the inspection often take place during the same time frame.
Illinois does not mandate that buyers use a real estate lawyer to prepare a purchase agreement and its accompanying paperwork. However, state custom does mandate that a lawyer reviews the purchase agreement prior to finalizing the transaction.
In addition, it’s advisable to retain a lawyer in other real estate situations too. For example, if buying a house jointly with another party you’ll likely need help structuring that kind of agreement. Also, you may need legal services if problems arise during escrow or the property closing.