Purchasing a house is no small ordeal. Let’s face it – this is one of the biggest and most expensive investments of your life. Buying a home comes with all types of responsibilities and demands, both socially and financially. This is why so many people take so much time when searching for a house. They do the research, visit potential houses, and oftentimes hire a real estate attorney!
Hiring a lawyer to help you through this purchasing process can take the ease off of some of the more abstract or puzzling aspects of the search and allow you to focus on finding your dream residence.
Complicated contracts and confusing deadlines
There are many, many documents included in a residential real estate transaction. Each transaction may be slightly different, but these documents may include, but are not limited to:
- Buyer’s agent agreement
- Purchase agreement
- Addenda, amendments, or riders
- Seller disclosures
- Home inspection report
- Closing disclosure
- Title insurance policy
- Property deed
It can be difficult to keep track of all these documents, their purposes, and what you need to do with them. Additionally, much of the wording in these documents – and, in particular, any contracts – might be in “legalese,” or lawyer terminology that is more difficult for many of us to understand.
A residential real estate attorney can act as your translator with these documents, making sure you know exactly what is expected of you, and when, in regards to each contract.
The purchase agreement, for example, is an incredibly important step in the residential purchasing process. Having a real estate lawyer who can explain this agreement and make sure all the necessary changes are made is vital to a successful purchase.
And the closing is the final big step in the entire transaction, and one part of the process where it is really beneficial to have someone who knows what they’re doing. The closing includes the deed and other closing papers, passing the title from the seller to the buyer, and the money exchange (which often includes a mortgage).
For each part of the residential transaction – but especially these important steps – having someone on your side ensures that nothing gets in the way of your purchase.
Legal requirements and Northeastern Illinois trends
To be clear, a real estate attorney is not a requirement for buying a home in Illinois. Some people sell or purchase homes without consulting an attorney.
However, in our region of northeastern Illinois, most Buyers and Sellers use an attorney to help them with the contract and the closing to ensure all of their needs are covered and to ensure both parties know what is expected of them.
AT THE VERY LEAST, we recommend that you review your contracts with a local real estate attorney to make sure you understand all the paperwork you have signed and what you need to do next.
In conclusion, here are three of the most important reasons that hiring a real estate attorney for your residential purchase is beneficial:
- Helping you with one of the biggest purchases of your life
- Translating all of the wordy documents and contracts
- Ensuring someone is on your side for the closing