Hi – I’m Danielle Colyer an Attorney practicing real estate law.
If you are selling or buying property in Chicago or the in Chicagoland area, here are a few things to think about.
Every real estate transaction will involve a lot of moving parts. Real estate brokers, mortgage lenders, home inspectors, appraisers – these are just a few of the players in the average real estate transaction.
Whether you are selling your home, buying your first home, purchasing investment property, or assisting a family member with the sale of their property, it is a good idea to start by seeking legal assistance early in the process.
With any deal, you will likely have an attorney review period, a home inspection period, and a mortgage contingency period.
Your realtor and your lender are there to help you in their respective roles, but the attorney you choose will manage these periods and their expiration dates, and a good attorney can help make this process go more smoothly.
The last thing you want to do is have all of these items overwhelm you and add unnecessary stress to the process.
No matter if you are buying or selling, this 8 part video series will give you answers to some of the most common questions you have when preparing for a real estate closing.
Question # 1 – Do I really need an attorney?
I have met people over the years who say things like, “I bought a home in California and we didn’t use attorneys there.” Or they say “This is a simple cash transaction. What can go wrong?”
Northern Illinois is an attorney state when it comes to real estate closings. If you are selling your property, most reputable title companies will not schedule your closing unless you are represented by an attorney.
If you are buying property with a loan, the stack of papers waiting for you at the closing table is on average an inch thick. An experienced real estate attorney can help you navigate that pile in less than an hour.
There are a lot of moving parts in every real estate transaction. An experienced attorney can help manage these parts for you so you can focus on other things, such as planning your move.
Many people have very little experience with the documents utilized in the average real estate transaction, or it has been a long time since their last real estate closing.
If you are using a real estate broker, think of it this way – Just like you have hired a real estate broker to help you buy or sell real estate, you should hire an attorney experienced in real estate transactions to help you navigate the next part of the process.
And, if you are NOT using a real estate broker at all, then you are hiring your attorney to do both jobs, therefore you should contact an attorney experienced in real estate transactions even sooner.
Look for someone who understands the local real estate transaction practices where the property is located. Just like in the City of Chicago, each City and Village surrounding Chicago can have their own inspection practices, bill payment requirements, and transfer taxes.
Not all attorneys are the same and randomly picking one can be the equivalent of flipping a coin. You want an attorney who will be honest with you and assist you with what can often be an emotional transition.
Buying and selling property can be very stressful. Having an experienced attorney with you through this process will hopefully ease some of that stress, as well as protect your best interests at the same time.
Speak with a real estate attorney in Chicago right now, click here.