17 Jan Should Home Buyers Work with a Real Estate Attorney?
As you may have already guessed, considering this blog post is written by a real estate attorney, the answer is yes! A real estate transaction is complex and can be difficult for buyers to navigate on their own.
The consequences of not using a real estate attorney to buy a home can be very costly, and below we give the primary reasons why.
Buying a Home is a Complex Purchase
In some counties in Illinois, by local custom, real estate attorneys aren’t typically involved in real estate transactions – big mistake! Instead, realtors and title companies handle the tasks that attorneys will take on here in the Chicagoland area.
It’s tempting to try and save a few bucks by going without an attorney although doing so can be a very costly mistake. Without the guidance of an experienced real estate attorney, it can be all too easy to overlook important details or sign away your rights without even realizing it. An attorney can ensure you are protected throughout the transaction which can save you a lot of headaches down the road.
By not working with an attorney, you run the risk of being your own worst enemy and not protecting yourself.
A Real Estate Attorney Understands Contract Terms
Buying a home is one of the most important financial transactions you will ever make. It’s also one of the most complex which is why it’s important to have an experienced real estate attorney on your side. Without an attorney, you could run the risk of leaving yourself short on tax credits, signing away important rights, or being disappointed when the seller fails to keep promises..
For example, if your property is being reassessed by the County Assessor or has exemptions specific to the seller, your attorney will make sure the seller gives you proper tax credits to compensate you when the increased tax bill (we all know taxes rarely decrease!) shows up in your mailbox. Also, an experienced real estate attorney reviews your contract to protect you in case your appraisal should come in lower than the price you agreed to pay for the home. Lastly, if you have any particular concerns about the property such as the seller promised to leave the washer and dryer, an attorney will ensure the contract language adequately reflects that you get what you were promised.
Issues May Arise During or After the Sale of a Home
Unfortunately, problems can and do come up at any point during the closing process or even after you purchase a home.
For example, at your final walk through of the home just before closing, you first learn that an appliance is not working or the seller took something with them (inadvertently, of course) which they agreed to leave in the home for you. An experienced and knowledgeable real estate attorney will know how to resolve these issues for you.
In addition, there is always the possibility of fraud during the sale of a home. The seller may misrepresent the condition of the property or fail to disclose material damages or defects about the property. A seller’s misrepresentation or failure to disclose may result in serious legal consequences.
If you are concerned about any of these potential issues, it’s important to consult with an experienced real estate attorney before proceeding with the purchase.
There’s too much risk and essentially no reward for attempting to buy a home without an experienced real estate attorney by your side.
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Contact Mages & Price LLC Today
Mages & Price LLC works with home sellers across the Chicagoland area, streamlining the sales process and protecting your investment, time, and home. We understand how stressful selling a home can be and aim to minimize anxiety and maximize profit.