Why Should Buyers Hire Their Own Residential Real Estate Lawyers in Chicago?

Posted By : Aubrey mead , on Jun, 2016

 

In Illinois, real estate buyers must navigate through red tape to get the property they want. This process could present them with a multitude of legal challenges. For this reason, they need the representation of an attorney. Residential real estate lawyers in Chicago provide them with the assistance they need the most.

Preventing Issues with the Sales Contract

The sales contract may include terms that are difficult to understand. They include the exact commission acquired by the real estate agent, which could increase the selling price if the agent is unethical. The attorney reviews this value based on the current laws. If it is more than required, they can request modifications.

Equally, the contract states when the buyer has access to the property and which party is responsible for the closing costs. It also lists any contingencies that affect the sale. These contingencies could equate to the buyer acquiring the property once their own home sells. The attorney must help these buyers prevent issues that could lead to financial losses.

Issues with the Title

The title identifies the legal owner of the property. A seller must prove their right to sell the property through a title search. The attorney conducts this search and provides title insurance for the buyer. If the seller isn’t the lawful owner, the contract is void, and the buyer isn’t responsible for any further costs. Additionally, the insurance provides them with a refund of their money.

The Mortgage Loan Contract

The attorney can identify any predatory lending practices conducted by the lender. This includes the need to provide an affordable loan product. If the buyer’s income-to-debt ratio is not appropriate, the lender cannot provide a high-value loan, which could lead to foreclosure in the future. The attorney requests modifications to prevent these circumstances.

In Illinois, real estate buyers need their own attorney to protect their interests and prevent them from a real estate agent taking advantage of them, as well as from a mortgage loan lender from causing a future foreclosure. Buyers who need to hire residential real estate lawyers in Chicago should contact Starr, Bejgiert, Zink, & Rowells right now.

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