10 Reasons For Home Sellers To Hire A Real Estate Attorney
While Illinois law does not legally mandate hiring a real estate attorney to review the purchase agreement, state real estate custom makes having legal counsel highly essential during the standard five-day Attorney Review Period. Contract review is not the only reason you should hire a real estate lawyer when selling your home.
1. Contract Drafting
Every real estate selling transaction is dependent on a contract called a real estate purchase agreement. As with any contract, a real estate purchase agreement is a binding document with legal repercussions for both parties. As your real estate lawyer, we will draft a real estate purchase agreement that is valid, accurate, and represents your best interest.
2. Contract Review
As noted above, real estate purchase agreements have severe implications for both the selling and buying parties. As your real estate attorney, we would consistently conduct a contract review every negotiated term to ensure that the contract remains valid, accurate, and represents your best interest.
3. Contract Tracking
Real estate transactions may require parties to go back and forth regarding the contract’s terms. Having a reliable real estate agent can help you track the real estate purchase agreement terms stay consistently valid and accurate throughout the negotiation process.
4. Administrative Tracking
Real estate transactions are generally under time constraints, especially when banks are involved. As your real estate attorney, we will keep track of the administrative process by coordinating with all the parties to elevate any issues that may arise.
5. Scheduling
Related to the administrative task of keeping track of the process. Our team will also
coordinate with all key parties to schedule the closing date of the transaction.
6. Legal Title Search Review
Generally, the buyer and their representative, whether their lawyer or a title search company they had retained, will conduct a legal title search during a real estate transaction process. However, a real estate lawyer for a home seller can provide value if an issue arises during the title search. As your real estate lawyer, we will review any problem found during the title search and advise you on any action you may have to take to resolve it or negotiate with the other party based on the information found in the title search.
7. Legal Advice
As with any legal transaction, real estate transactions are full of legal jargon that has severe implications once a party has signed the purchase agreement. Issues may also arise after the contract has been signed. As your real estate lawyers, we will help you navigate the legalities of the real estate purchase agreement before and after both parties have signed it. We will provide legal advice to empower you to make the best legally sound decision you may take throughout the real estate transaction process.
8. Negotiation Management
As both buyers enter a contract, each party can review and negotiate each term of the document. By having us as your legal representation, we will effectively negotiate the terms of the real estate purchase agreement to reflect your interest.
9. Real Estate Closing Representation
Real estate closing is when all parties formally meet to sign all the necessary documents. Having a real estate lawyer by your side during the real estate closing can be valuable as they can double-check that every document you sign is correct and valid. We will also help manage the closing transaction to ensure that all the right payments are made to the correct parties. Moreover, we can represent and sign on your behalf during the real estate closing if you are not physically able to do so.
10. Cost-Effectiveness
Issues that may arise during the contract phase of the real estate transaction may cause a delay in the closing, allow the transaction to fall through, or even result in litigation pursued by the other party. Any of these, unfortunately, consequences are costly and time-consuming. These expensive contract issues may have been avoidable by having a reputable real estate lawyer by your side.
If you are purchasing or selling residential real estate property, please call us at (855) 316-8045 or visit our website at shawnmbolgerlaw.com for a consultation. We represent and protect your interests in your real estate closing.
Why Choose Shawn Bolger Law?
Hiring a real estate attorney when selling your home is essential to protect your interests and ensure a successful real estate transaction. We’ve highlighted the importance of having a knowledgeable and experienced attorney who can assist you with drafting and reviewing the real estate purchase agreement, managing negotiations, tracking administrative and contractual issues, scheduling, conducting legal title searches, providing legal advice, and representing you during the real estate closing. Without a real estate attorney, costly and time-consuming consequences may arise, such as transaction delays, failed transactions, or litigation. At Shawn Bolger Law, we understand the complexities of real estate transactions and have the expertise to protect your interests.