Pumilia Law’s trusted real estate attorneys can guide you through the complex and overwhelming process of buying or selling a home. Purchasing a home is the biggest single investment most people will make in their lifetime. If something goes wrong, it could have disastrous consequences. Our experienced real estate attorneys are here to make sure that does not happen!
Do I need a lawyer for a real estate closing?
Absolutely! While it is not a legally required in Illinois, there is no doubt that every purchaser and seller should have an experienced real estate attorney representing them. You need someone looking out for you! Your real estate attorney may be the only person involved in the process who does not stand to financially benefit from the transaction closing. The real estate agents, the bank, and the other service providers all stand to make money upon the closing of the transaction. Our trusted real estate attorneys are able to give you impartial advice regarding the transaction without it being colored by financial gain. The fee for a real estate attorney is usually only a small fraction of the total purchase price for the largest investment you will ever make. Make sure someone is protecting you throughout the process.
Why should I get a real estate attorney?
TIME, TIME, TIME –
All real estate transactions proceed as though time is of the essence. Nearly every item in a real estate purchase contract has a deadline associated with it. Contract acceptance, attorney review, title search, appraisal, inspection, and financing are just a few of the numerous deadlines contained in every real estate contract. Failing to meet a single deadline can give the other party the means to back out of the contract. This happens more often than you think. A buyer can get cold feet or find another home they like more. A seller may find another buyer willing to pay more or the seller may decide they don’t want to sell their childhood home after all.
More importantly, many of the deadlines have an objection period. A time within which you must object in the manner prescribed in the contract. If you fail to object within the specified time, you have waived the objection and cannot bring it up later. A common example of this is an objection to the title work. The title commitment will show an easement the seller didn’t disclose or some time of restriction on the land (i.e. no fences or sheds). Typically, this objection needs to be raised in writing within 7 days of receipt of the title policy commitment. If you fail to raise it, you can’t use it as a basis to terminate the contract later. Don’t find yourself stuck buying a home that isn’t what you thought when you made an offer. Let our trusted real estate attorneys protect you.
Our real estate attorneys review the realtor’s brokerage agreement to ensure our client’s interests are protected. Brokerage agreements are written by the brokerages to benefit the brokerages, not the customer. Many sellers have found themselves paying a commission to a realtor even if the property does not sell or the seller finds their own buyer that the realtor did not help secure. What if you list the house and then decide to sell to a friend or family member? What if you receive an offer but decide not to sell? If you did not have an attorney review the brokerage agreement, these are both situations where you could end up paying a hefty commission.
The purchase agreement is one of the most important components in the buying/selling process. Our real estate attorneys will make sure that the deal you think you are getting is the deal that you are actually getting. In nearly every real estate transaction, the contract is changed numerous times. Whether it is for repairs, extensions, problems with the title, zoning, or anything else, you need to be sure that the amendments clearly spell out what each party’s obligations are. Otherwise, you may lose the sale, or even wind up in court litigating. Only a licensed attorney can draft the real estate purchase contract or make changes to it. Our real estate attorneys will make sure that your interests are protected throughout the process.
Our real estate attorneys ensure that our clients receive all the documents necessary to make an informed decision, including disclosures. Would you know if the other party has provided you with all of the legally required disclosures? Disclosures are an indispensable tool for both parties to a transaction. Buyers are given information about the property and any important defects. Sellers are given a means to disclose problem areas and limit future liability. Our real estate attorneys can make sure that the disclosures are
Problems with the title to the property are common in real estate transactions. However, if you do not have one of our experienced real estate attorneys representing you, you might not find out about it until it is too late. Most buyers do not read the title search documents. They are based on archaic property law and are not drafted in a consumer-friendly way. However, the title work is the most important component of the real estate transaction. A thorough analysis of the title work ensures that you are getting proper title to the property.
Problems with title include restrictions on the land (you cannot have a shed on the property or a chain-link fence), easements or other encumbrances (the neighbor is allowed to cross your land in his vehicle to get to his farm), chain-of-title (the record of transactions for the property is missing and other people may have rights to the land), liens (the previous owner did not pay the roofer who placed a lien on the property). Let our experienced real estate attorneys make sure you are getting the property that you paid for and expected.