Here in Illinois, there are some “unwritten rules” that are nevertheless taken pretty seriously.
For instance, it’s taken for granted that the perfect hot dog comes with mustard, white onions, relish, dill pickle, tomato slices, sport peppers, and celery salt.
It’s widely accepted that, if you’re taking an escalator, you stand on the right side of the stairs and allow people to pass you by on the left side.
And it’s pretty much standard that, if you’re buying or selling residential or commercial property, you’re going to have an attorney on your real estate team.
Even though it’s not strictly required, it’s a safe guess to say that the vast majority of real estate buyers and sellers in Illinois have legal representation. It’s just that important – maybe even more important than getting the right array of toppings on that Chicago dog.
But why are attorneys so vital to the real estate sales process? We could go into a lot of little details here, but the bottom line is that attorneys compile and go through an enormous amount of paperwork, help negotiate contracts and agreements, and have a working knowledge of taxes and real estate law that is vital to making sure that you get the fairest possible deal, whether you’re a buyer or seller.
Or, if it helps, think about it like this. In a real estate transaction, the seller naturally wants to make as much money as possible, while the buyer wants to complete the purchase for as little as possible. Both sides are (typically) represented by a broker, who wants to argue in favor of their client.
At the same time, you have third parties, each with their own special interests. This might include mortgage lenders, condo associations, zoning boards, historical commissions, and so on. Each of these parties is ultimately interested in making sure that their wants and needs are addressed, as well. So, who’s there to mediate between all of these parties? Who’s there to handle the many moving parts as they come in, and to help ensure that the final deal is fair, legal, and as lucrative as possible for you? That’s where an attorney comes in.
Whether you’re trying to buy or sell real property, having an attorney in your corner can ensure that the process moves as efficiently as possible, as fairly and transparently as possible. Whether you’re a purchaser or a seller, your attorney is there to be an advocate devoted to your best interests, who can also bring their extensive knowledge and skill set to bear for many different tasks that can help carry a transaction from contract to closing:
- Processing purchase and sale agreements
- Conducting a title search and examination; ordering title insurance and plat of survey
- Assisting with the proration of property taxes and other important financial matters
- Managing negotiations and contract changes
- Reviewing important documents and paperwork quickly and accurately
- Scheduling and coordinating meetings, including the final closing
- Communicating important updates and details to buyers and sellers
- Tracking and disbursing payments and fees to the appropriate parties
We could go on. Or, we could turn our attention the many ways in which a real estate attorney can continue to be a vital resource after a sale – whether you’re looking to research some of the tax advantages that can come with being a homeowner, or trying to develop commercial property. Whether you need an advocate for matters of condominium law, mortgage conveyance, or asset protection and estate planning.
Mountains of paperwork, back-and-forth-communications, negotiations – these are part and parcel of real estate transactions. A skilled attorney can help you manage these matters and more – as quickly, efficiently, and effectively as possible.
Looking for help with your Illinois real estate transaction? Don’t hesitate to get in touch with the attorneys and staff of the Gunderson Law Firm to get the conversation started.
Whether you are a couple wanting to buy or build a house, a corporation converting commercial properties to residential, or a commercial developer looking to change the Chicago skyline, the Gunderson Law Firm can help you get through the process with the right papers in the right places, addressed by the right people at the right times. Our team possesses unparalleled expertise and insight, reinforced by years of experience and long-term connections throughout Chicago’s real estate, finance, and insurance industries. We’ll be your eyes and ears, allowing you to move your project forward and get all the i’s dotted and t’s crossed correctly, as quickly and smoothly as humanly possible.