Why do I need an attorney for a real estate transaction?
Representation by an attorney in any situation is for the purpose of protecting your interests. With specialized knowledge of the law and potential conflicts, attorneys advise you of possible problems and your consequential rights and options so that you can make informed decisions and minimize risk.
Aren’t most real estate contracts pretty standard?
Most real estate contracts are standardized but one look at the number of court cases involving real estate litigation will prove that problems occur with regularity despite.
What areas of real estate sales can an attorney assist me with?
Buyer’s and Seller’s attorneys have different obligations. But in both cases, it is always best to have your real estate attorney involved before any contract is signed to retain your bargaining power. During the executory period of a contract, the attorney will monitor progress of the transaction and advise you of your options as questions come up about inspections, repairs, disclosures, etc. During the closing, the attorney will review and explain the documents you are signing.
If I have already entered into a contract, what are my options?
The language of the contract will govern unless it is an invalid or voidable contract.
Will having an attorney involved just make the process more difficult?
The process should be less stressful for you when you are represented by an attorney. Sometimes, other parties to the transaction such as realtors, bankers, etc. feel more pressure when an attorney is involved.
Will the other party see my having an attorney as trying to take advantage of them?
In my opinion, when you have attorney representation the perception is that you are protecting your interests.
Can a buyer and seller use the same attorney?
An attorney should not represent two parties where there is a conflict of interest.
What legal issues can come up with buying or selling a home?
There are all sorts of problems that come up when buying or selling a home and the legal question to be resolved is always “Who is going to bear the cost?” Consider these: timing of possession of the home, hidden defects, improper disclosures by the seller, title problems, termites or other pests, earnest money refunds, expectations about what comes/goes with the home, damages to the home due to casualty during the contact period, remodeling work that was never authorized by the municipality or was not done to building code standards, mold, foreclosure. The list goes on and on; all you need to do is read about all the real property cases that backlog the court calendars.
What legal issues can come up with the financing process?
Can you also help with my tax questions during the buying/selling process?
Yes, real estate attorneys are usually sufficiently experienced to answer common tax questions because the same questions often come up over and over again. If your attorney does not know the answer, he or she should tell you that and then offer to get back to you with the answer or at the very least, refer you to someone who can answer your question.
How much will an attorney cost?
Real estate attorneys commonly provide flat fee rates to handle real estate transactions, which usually includes all of the average details of a sales transaction. If there are unusual circumstances or additional services required, there will likely also be additional charges to the initial flat rate. Suburban attorneys in the Chicagoland area range from $500-$800 per real estate transaction. Please see the FAQ on Hiring a Lawyer for more information about fees and rates.
What other areas of real estate law can an attorney help me with?
Buyer’s and Seller’s attorneys have different obligations. But in both cases, it is always best to have your real estate attorney involved before any contract is signed to retain your bargaining power. During the executory period of a contract, the attorney will monitor progress of the transaction and advise you of your options as questions come up about inspections, repairs, disclosures, etc. During the closing, the attorney will review and explain the documents you are signing.
