For most people, a new home or building is one of the biggest investments they will ever make. Their expectations are high, and so are their anxieties. As a realtor, you work for weeks and even months, sending listings to your client, taking them to view properties, and perhaps even drawing up a few offers before the client finally reaches a mutually acceptable deal with the client.
This is cause for celebration, but you’re not at the finish line yet. Complications can still arise, such as financing problems, contract issues, and closing challenges. Working with a real estate attorney can reduce the likelihood of something going wrong with the transaction and leave you with the ideal outcome: a happy client.
- Assistance with Contracts
A real estate attorney has the qualifications and experience to draw up legally valid contracts for the purchase and sale of residential real estate. They can also review existing contracts, negotiate new ones, and draft clauses that are transaction-specific. If the seller or buyer wants to negotiate a unique event that is not included in a typical contact, a real estate attorney will ensure that your client’s interests are protected and your own liability is limited.
- Representation During Contract Disputes
Contract disputes are always a possibility. They can arise over:
- Contract deadlines
- Condition of title
- Financing contingencies
- Repair requirements
- And more
A real estate attorney will review the contract and advise on the best course of action for your client’s particular situation.
- Closings
Real estate attorneys can handle all aspects of a real estate closing. They will coordinate their efforts with yours to make the closing experience as smooth and stress-free as possible for your clients.
Closing duties that a real estate attorney will typically handle include title examination to ensure the appropriate level of title insurance for the property, obtaining a title opinion for non-standard events when needed, and coordinating with parties such as those below to ensure a timely transaction close.
- Inspectors
- Lenders
- Appraisers
- Attorneys for the other party
- Surveyors
- Insurance providers
- Villages and Municipalities
On closing day, the attorney will review the various documents associated with the real estate and financing. They can also record and disburse all fees associated with the transaction, such as brokerage fees, county taxes, homeowner insurance premiums, and attorney fees.
Although Illinois is not a state that mandates attorney involvement in real estate transactions, working with a real estate attorney will add an extra degree of security to the proceedings and ensure that your client’s rights are protected.
At the Auricchio Law Offices, we have years of experience in advising and representing clients and assisting their realtors in all aspects of the buying and selling process. To schedule a consultation to discuss your legal needs, call 312-263-0010 or contact us.
Auricchio Law Offices
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