Why should a real estate lawyer look over my contract?

If you’re about to buy or sell a home in McHenry County and Lake County, Illinois, you might be wondering why people choose to work with real estate attorneys. 

Many people mistakenly believe that working with a real estate agent is sufficient for protecting their financial interests. Although real estate agents are dedicated professionals who perform valuable services, there are a number of things that only attorneys can provide. 

Our team at Diamond Real Estate helps people at all stages of the real estate process ensure their contracts are sound and they are ready to move on to the next stage of their lives. Keep reading to learn how working with an Illinois real estate lawyer is beneficial.

Attorneys who practice real estate law are intimately familiar with how contracts are drafted and what important elements should be included to protect the interests of buyers and sellers. 

This knowledge is beneficial for ensuring that contracts are free from expensive errors and for helping clients anticipate expenses if the transaction falls apart. 

A standard real estate contract contains a number of responsibilities that must be executed along with deadlines. One misstep could affect the sale of a property. Missteps can also drive up costs, something no seller or buyer wants. 

Remember: Real estate agents aren’t attorneys.

Although real estate agents are familiar with property contracts, they are not an attorney and cannot give legal advice. Moreover, real estate agents cannot customize contracts on your behalf as an attorney can.

When working with an attorney, on the other hand, clients have access to a level of experience and legal knowledge that can simplify the buying/selling process, avoid costly errors, and protect their financial interests.

1. If the other party changes their mind about the sale: Although it’s rare for the other party to change their mind about buying your house or selling their house to you at the last second, it does happen. If they back out of the deal right before you sign the contract, your attorney can assist you in what to do next.
2. Misunderstanding a contract: Even a small misunderstanding can lead to more than just a minor headache – it can also cost you money. For instance, many buyers might assume that the washer and dryer are included with the sale of the house, but might fail to see that the contract specifies exactly what appliances or personal property is included with the sale. It’s not uncommon for a buyer to move into a home only to realize that they must also buy a washer and dryer at the last minute.
3. Other issues clients might encounter that increase costs include plats of surveys, septic and well tests, appraisals, and home inspections. Even if a sale falls through, the costs associated with these items can be the seller’s responsibility. 

Real estate lawyers can help ensure that all elements of a contract are executed correctly and on time. And in doing so, they can prevent transactions from falling through and prevent avoidable expenses.

These are just a few snags that can cause problems in real estate transactions. Fortunately, working with an Illinois real estate attorney can help minimize issues so that buyers and sellers can move on to the next chapter of their lives with ease. 

Our team at Adam Diamond Law commands over 15 years of experience practicing real estate law. We serve clients in and around McHenry County and Lake County, Illinois. Contact our office to set up a consultation.

Disclaimer: This blog post is for informational purposes and is not intended to be legal advice or to create an attorney-client relationship. Every situation is unique, and it is always best to review your individual situation with a local attorney to understand your options.