Nobody ever said buying or selling a house was easy, and although the Naperville housing market is vibrant and continually growing, budgets are inevitably stretched thin. Thus, one of the most common questions we receive at the Homer Law Office is, “Why Should I Hire A Naperville Real Estate Lawyer?” You’re already paying your real estate agent a commission, whether directly as a seller or indirectly as the buyer, so this question seems entirely reasonable. With over 30 years of legal experience in Naperville and DuPage and Will counties, the Homer Law Firm enjoys a widespread reputation as a community leader, and our firm is devoted to providing buyers and sellers in the local market with every advantage of Illinois real estate law. Often, a real estate transaction is fairly straightforward, while others can be quite complex. Either way, at any point in the transaction process, complications can occur, and it is during these complications that a prominent Naperville real estate attorneywill make sure that the law is by your side.
What Does a Real Estate Attorney Do?
As the legal field has become significantly generalized and broad, it is important for buyers and sellers to only obtain the legal aid of a lawyer who makes real estate transactions a central part of the practice. When issues arise in these transactions, they are usually due to the multitude of laws governing real estate practice in Illinois, and to smooth these issues and confront them with best practices and thorough guidance, an attorney must have significant prior experience.
Some of the key roles of a real estate lawyer is to:
- Draft documents. This includes deeds for conveyance transactions, leases and rental agreements, financial agreements, purchase contracts, and others.
- Negotiate. Because of extensive experience, many clients ask an attorney to help with negotiating housing and mortgage situations as well as negotiate the terms and conditions of a deal.
- Review Transactions. Review is perhaps one of the most important processes in a transaction. In this stage, a lawyer can help examine legal title issues, environmental issues, reports, and any other documentation involved in the transaction. Unseen legal traps can arise, and it is important to have an attorney who can spot them for you.
- Litigation. If the real estate transaction doesn’t work out, it could end with a lawsuit in court. A real estate lawyer who understands Illinois law can effectively represent clients in these cases, including the drafting of legal pleadings with the judge, participating in trials, and filing any necessary appeals. (Litigation is outside the scope of legal services to be rendered unless expressly agreed by separate retainer agreement.)
Moreover, a real estate attorney serves as guidance throughout the entire transaction, using the full extent of Illinois real estate law to protect the rights and interests of prospective buyers and sellers in Naperville. Other issues a lawyer can help with include inspection items, tax reprobation, escrow monies, and many other considerations.
Common Legal Pitfalls When Buying a Home
When issues arise after the closing of a sale, it can create innumerable headaches for the buyer or seller. And without an eye for legal or other issues, it can be extremely easy to miss critical details. For example, an attorney can work with mortgage loan officers and other attorneys involved in the transaction to ensure a clear timeline for attorney approvals, home inspections, mortgage commitments, and other matters. Delays or missing these requirements could result in extra fees or they could prevent you from backing out of a deal, even if you find something wrong with the property. Another significant legal pitfall involves simple typos and other easily missed details. The legal description of a home is critical, and it must be completed correctly. A wrongly worded legal description could, for example, impact your ability to remodel or add improvements, or even affect your property taxes. Furthermore, if you have found catastrophic problems in a home, an attorney can change the legal language in the purchase contract that lets you back out of the transaction. This is especially useful if an inspection caused significant red flags to arise.
Contact Homer Law Firm Today
Buying or selling a home can be really exciting, but with the abundance of paperwork and legal matters that need to be settled, it can be quite stressful as well. Our main objective in helping you with real estate transactions is to put your mind at ease, letting you focus on packing and starting a new life whether in Naperville or elsewhere. If you decide you need an attorney to oversee the real estate processes, feel free to contact the Homer Law Firm today at (630) 428-3311for a free consultation.