Why you need a real estate attorney when you sell or buy a home in Illinois
By Thomas Haught
Do you need to retain the services of an attorney to sell your house in Illinois? Technically, the answer is “No.” Practically, the answer is “Of course you do!”
When you sell a home in Illinois, your real estate attorney will review the contract, monitor contingencies, order and clear the title, procure the survey and local transfer stamps, prepare closing documents and attend the closing to make sure everything goes off without a hitch. A seasoned real estate attorney in Illinois knows the commonly used real estate contract front to back.
Also, your attorney will diary all the important deadlines so that you do not, unintentionally, breach the contract. Your attorney will order and clear title, which is required for a closing. You would be surprised how often my office must track down a release for a mortgage that our client had paid off years ago. Then there are all the documents required for closing.
My office will prepare the deed, bill of sale, affidavit of title, and other closing documents, and we will make sure state, county and local transfer taxes are paid. We also will order the survey and review the several title documents that the title company will provide for execution. If your home is subject to a homeowner’s association, there is another long list of requirements that my office will handle.
So, what’s my point? For a very nominal fee, why would you not hire an attorney that concentrates his/her practice on real estate in Illinois? You are not just buying a service to ensure your deal closes properly; you are buying peace of mind that you will be properly represented through the entire transaction.
What about when you buy? Same answer. While you do not technically need an attorney, it would be a huge mistake to try to purchase what likely will be the largest asset you will ever own, without the assistance of a trained professional.
Like the sale side, your attorney will review the contract, monitor contingencies and attend the closing. Arguably far more important on the purchase side of the deal, your attorney will make sure you meet all the contract deadlines, such as inspection and financing. Your attorney also will sit next to you at the closing and explain what is customarily hundreds of pages of loan, seller and title documents.
My point of this article is that you certainly would not try to surgically remove your own appendix. Instead, you should put your trust in the hands of an educated and trained professional. So, when is time to sell or buy a house, make sure you put your trust in the hands of an educated and trained professional!
If you have questions about buying or selling a property, contact the attorneys at Gardi, Haught, Fischer & Bhosale Ltd. for advice by clicking on the free case evaluation button below.