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Buying a home in the Chicago area? You will need an experienced lawyer. Buying a house, condominium or multi-unit residence is not a simple matter of agreeing on a price with the Seller, getting a mortgage and setting a closing date. When you enter into a contract, you take on many obligations which you must fulfill prior to the closing, on a certain timetable set forth in the contract. Knowing and understanding these obligations are critical to a smooth sale without surprises. Your real estate agent is limited in the legal advice she or he can give you. Only a lawyer can fully explain to you the contract and your rights and obligations under it. After reviewing your contract with you, your lawyer can then discuss with the Seller’s lawyer any changes to the contract, ensuring that it is fair and that it represents what both sides contemplated when signing the contract. You also have certain rights under the contract, and your lawyer will make sure your rights are protected. In addition to the contract, your lawyer can advise you on issues which may arise from the professional inspection performed on the property you are hoping to purchase. Your lawyer can work with the Seller’s lawyer to remedy any inspection issues which arise, or get you out of the contract completely if the inspection reveals serious problems with the property. If you are purchasing a condominium, there are many documents and disclosures the Seller is legally required to provide to you. Your lawyer can assist you in reviewing the information and help you make decisions about how to proceed with the purchase. First-time buyers’ excitement at finding the perfect place often turns to confusion when they are bombarded with information in a language they do not understand. Your lawyer is your personal interpreter. Your lawyer will explain why there are unbilled and unpaid property taxes for the home and how to get credit for the future taxes; why you are paying transfer stamps and not a sales tax on the sale; why personal property and fixtures need to be specified in the contract; whether or not you need insurance to close; and what insurance covers. Selling a home in the Chicago area? You will need an experienced lawyer to guide you to closing with as little hassle as possible. As the Seller of real property, you are responsible for the title work which needs to be done to ensure you are providing your Buyer with good title. You are also responsible for providing your Buyer with various documents, such as the Deed, at closing. While it is possible for you to prepare your own documents, the risk of making a mistake is high. In addition, a lawyer who is affiliated with a title company is the person who can perform the necessary title research and clearance for closing. Representing you, the Seller, your lawyer will respond to the demands of your buyer’s lawyer for clarifications in the contract; will address inspection issues; and arrange for the payoff of your mortgage in the proper manner. After consultation with you, your lawyer will respond to the Buyers’ demands in a manner which will protect your interests in closing without unnecessary delays or expenses. If you are selling a condominium, your lawyer should make sure the required documents and disclosures are provided to the Buyers in a timely manner. |
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