Real estate is one of the most significant purchases anyone ever makes in their lifetime. Whether you’re making a short-term decision on where to live or a long-term investment for your portfolio, it’s important to understand that there’s more to buying real estate than paying the asking price. This is why an experienced and knowledgeable Chicago real estate attorney should be a crucial part of the purchasing process.
An attorney will take the legal issues related to the purchase of real estate off your hands. They understand the rules that apply to the transaction, can interpret the contracts and other paperwork quickly and correctly and will prevent you from making a costly mistake. If you’ve never worked with a real estate lawyer before, here are 5 reasons why you should.
- Contract Negotiation Support
Once you reach an agreement with the seller, the terms of the sale need to be translated into a contract in order to be legally binding. A real estate attorney will ensure that the document complies with all local and state laws and addresses your intended use of the property.
- Comprehensive Title Insurance / Commitment Reviews
Title searches confirm that the property you want to buy is free of encumbrances like judgments or liens. The results will indicate whether or not the seller has the legal right to sell the property to you. Real estate attorneys routinely review title insurance commitments and policies, so they have strong working relationships with the title insurance companies. You will get accurate insurance and search results more quickly.
- Professional Assistance with Liens
What if the title review reveals a lien or court judgment that must be paid before the property can legally be sold? Your attorney protect you and also help you overcome this potentially damaging hurdle by:
- Providing the seller with financing options so that they can satisfy those claims and clear the title
- Suggesting that the seller agree to a price reduction for the inconvenience
Once the lien or judgment has been satisfied, your attorney will be able to secure the necessary proof, which is essential should you intend to seek a loan or mortgage against the value of the property.
- Support for Complex Property Transfers
If you or the seller operate as a partnership, trust, or corporation, the negotiations and subsequent contract will be more complicated. A Chicago real estate attorney will be familiar with this type of transaction and how Illinois state law governs them. The result is a legally valid buy-sell contract that also complies with the terms of any business entity’s charter agreements.
- Assistance with Commercial Acquisitions
If you are purchasing commercial property, legal guidance is even more important. Your real estate attorney can:
- Obtain your tax identification number from the state
- Position your sole proprietorship or corporation as a valid entity for the purposes of state tax
- Secure your business license for you through the municipality
Having a single knowledgeable source to guide you through the sale and cut through any government or regulatory red tape can save both time and money.
Real estate transactions have so many actual and potential complexities that having trusted and competent legal counsel makes good business sense. The Auricchio Law Offices will protect your interest and ensure that the terms of your purchase comply with applicable state and municipal rules. To connect with a real estate legal team you can trust, call 312-263-0010 or contact us.
Auricchio Law Offices
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