Full time Realtor available 24/7/365 to address your needs. Licensed Realtor since 1997. Licensed appraiser in Illinois. Straight talk & honest answers. Always working for your best interests. Hundreds of closed transactions=great experience=piece of mind for you. Call me for the service you deserve. Satisfaction guaranteed Tom Lysik 224-800-4731
Every state is different and has its own set of real estate laws. In some states only a lawyer is allowed to prepare the home purchase documents, perform a title search, and close the deal. States like Illinois do not require, at least for now, that the buyer has to be represented by a lawyer in a purchasing transaction. In this case it is a buyer’s choice whether to have his/her own attorney who will represent them in a real estate transaction. Despite this fact I would strongly recommend to always have your own attorney representing you in a purchasing transaction. I’ve been selling real estate since 1996 and I went through hundreds of closings. Based on the experience and knowledge I took from every single closing I can say that spending a few hundred dollars for hiring an attorney is a very good investment. If you decide to do so it is recommended to hire someone who specializes in real estate closings. That person will guide you from the moment the purchase contract is signed by both parties until the closing. There are still a few very important steps to go through before the closing will happen. Here is what your attorney will be doing for you when you hire him/her to represent you in a purchasing transaction:
1. Review of the proposed purchase contract and potential modification to make sure buyer’s interests are protected.
2. Any home inspection issues have to be addressed during the contract approval period (usually 5 business days after a contract is signed).
3. Buyer’s attorney will be monitoring contract contingencies and deadlines to ensure that the buyer’s obligations are timely met or extended accordingly.
4. The attorney conducts due diligence on title matters to make sure the title is clear of any “clouds”.
5. Other matters involve property survey, real estate taxes, and other issues that may affect the buyer in a purchase transaction.
6. The attorney coordinates closing date, explains all documents to the buyer, including the mortgage financing documents buyer has to sign.
7. Buyers are explained how to take the title (the type of ownership that best fit their needs which will affect the ability to transfer the real estate, has tax implications, and decides rights to future claims)
8. He/she also reviews the final settlement statement to ensure appropriate credits and charges are distributed properly.
9. In a condominium unit purchase setting, the attorney is involved in procuring information from the condominium association pertaining to the financial condition of the unit and the association as a whole and also informing the buyer of pertinent information regarding ability to lease, have pets, parking, etc.
In summary it is important to have a peace of mind when it comes to the biggest investment of your life. Things can go wrong in a real estate transaction and it is good to have an attorney who understands real estate law and is on your side when this occurs.
Attorneys role on buyers side