WHY HIRE AN ATTORNEY FOR A REAL ESTATE CLOSING?
Buyers and Sellers may question the need of an attorney at a real estate transaction. After all, it can be one of the biggest investments of your life – so you don’t want to take any chances and come to regret not being under protection during the process – especially when you really need it.
For anyone looking to enter the real estate market, it is essential to understand the need for a legal advisor. During contract negotiations and review, an attorney can ensure that the financing terms are correct, possession issues are covered, tax prorations are accurate to what is expected in the county, and all riders align with the individual case.
How about simply, are you buying from the right person? What if it is an estate that’s been passed down? Will the estate need to be probated or will an executor’s deed do the job? Maybe having a document signed by the heir and some valid proof that reveals they are the same person as the legatee will work. It’s even possible an attorney needs to give a title company an affidavit of heirship. A quick inquiry that can have serious repercussions if it isn’t handled with care.
Hopefully, clear title to the property will be passed and no liens will remain on the property. However, when you hire an attorney, you can be assured a closing will not be completed unless a clear title is conveyed. Certainly, a seller will need an attorney to clear the title liens and a buyer will make sure that they are not purchasing any seller liens.
A survey is more than a convenient method of land description. Not only will an attorney explain the building lines and easements, but will make sure that any encroachments are ascertained and insured over. Or how about when your lender informs you that your spouse needs to waive “homestead” at closing. Your attorney will comfortably assure you that this is not a foreign request. Moreover, explain to you what homestead means in Illinois, as well as what it may mean in a foreclosure suit.
Hiring an attorney is one of the best decisions you will make when you decide to make one of the most important investment decisions in your life. Not only is it cost effective, but it is the best and most affordable insurance you may ever buy.
Buyer preferences vary greatly by neighborhood and price range. We can share our insights and offer tips on how to maximize the return on your investment. And if you’re in the market to sell, we can run a Comparative Market Analysis on your home to find out how it compares to others in the area. Contact us to schedule a free consultation!