Why Do I Need an Attorney for Buying a House in Illinois?

 Posted on July 09, 2020 in Real Estate

Some states mandate that home buyers hire an attorney for the real estate closing while others stay silent on the matter. Illinois is one of the states that does require you to have a lawyer review your purchase agreement before finalizing your home purchase. Buying a home is a significant purchase, probably one of the largest purchases you will make in your lifetime. However, that is not the only reason you should consider using a Lake County real estate attorney. Would you not want legal guidance to make sure your rights and investment are protected?

At Newland & Newland, LLP, we have decades of experience helping Illinois home buyers with their real estate needs. We offer top-quality legal services to Lake County residents and the north and northwest Chicago suburbs. If you are looking to buy a home in one of these areas, do not wait until the purchase is nearly complete before hiring an attorney. Let our legal team help guide you through the entire process so you can be assured that there are no legal issues with your dream home.

Do Not Sign a Contract Without Attorney Review

When purchasing a home, the contract should always contain a contingency clause that the purchase contract is subject to review and modification by an attorney. Without a proper contingency clause in place, a legal professional cannot modify the terms of your contract. That means the documents you signed may not adequately protect your rights, and you could be subject to perform outside of the terms you previously discussed.

You should contact a real estate attorney when you first look at houses, even before submitting an offer. Working with an experienced lawyer can help protect you and save you from making expensive mistakes throughout the process. If you feel that immediately submitting an offer is necessary, you should include the attorney contingency clause. This clause will grant your lawyer a reasonable period of time to review and possibly modify the terms — at least several business days is recommended.

What Else Can a Real Estate Attorney Do for You?

You may be wondering what else a real estate attorney is necessary for. Some of the most common legal tasks Illinois real estate attorneys help you with include the following:

• Discussing possession and timing issues; this is especially important if you have a current lease in effect

• Explaining any contract contingencies and monitoring applicable deadlines to ensure all problems are handled

• Negotiating any repair issues that are related to the home inspection

• Discussing your mortgage financing options

• Checking for encumbrances or title defects

• Discussing closing figures and tax prorations

• Being present at the real estate closing to ensure all compliance is in place

• Reviewing the loan documents to ensure everything is in place at the closing

• Recording the deed and final title insurance policy once the closing has taken place

Numerous unforeseen issues can arise during the home buying purchase. This is especially true when you are looking at short sales, commercial property, or a house that is part of an estate sale. Homes in areas that are recognized flood zones or prone to natural disasters can also be problematic. Do not risk hundreds of thousands of dollars without protecting your legal rights.

Contact a Round Lake Real Estate Attorney 

Buying a home is one of the biggest financial purchases one can make. If you need assistance with purchasing real estate in Illinois, let a skilled and conscientious Lake County real estate lawyer help. Contact Newland & Newland, LLP today at 847-549-0000 to schedule a free phone consultation. Let us help make sure your real estate purchase is everything you dreamed of, rather than a financial nightmare. 

Source: https://www.isba.org/sections/realestate