For many of us, the day we buy a home is going to be one of the biggest and most important days we’ll ever have.
Buying a home is one of the biggest financial decisions most of us will ever make. Purchasing a home is a big commitment, and an investment in the future. And as such, it’s important to go into this process with support, guidance, and the right team in place.
When purchasing a home in Chicagoland, a real estate attorney is one of the most important people to have on your side. An experienced real estate lawyer can help handle many of the different moving parts that go into the real estate transaction for buyers, with a focus on protecting your interests, at each step of the way.
One way to think about it? In the typical real estate transaction, you’re dealing with a seller, who naturally wants to make as much money from the sale as possible. This person will likely be represented by a real estate broker, arguing in favor of their client. You’ll most likely have a broker of your own, doing the same for you. And then there’s all the third parties with a special interest in the transaction. This group may include lenders, condo associations and boards, zoning boards, and so on. Ultimately, every single one of these parties is also going to want to make sure that they get what they want out of the sale, as well.
Ultimately, it falls to the attorney to serve as the mediator between all these parties. Your real estate attorney is there to work through the details, and help ensure that the final deal is fair, legal, and as lucrative as possible for you.
So, what are some of the ways that having a real estate attorney on board makes the transaction easier for buyers? An attorney is a vital partner, who can assist when it comes to:
Reviewing and Processing Key Paperwork
One of the most crucial aspects of any real estate transaction is getting the i’s dotted and the t’s crossed. For buyers, getting the right documents in front of the right people at the right time can be key to moving a sale forward, while ensuring that you’re setting up your long-term financial picture, including tax liabilities, cash flow, estate transitions, and more. Throughout the buying process, your attorney will play a vital role in:
- Reviewing important documents and paperwork quickly and accurately
- Processing purchase and sale agreements
- Examining title documents, including title insurance and plat of survey
Your broker will be your representative for many of the negotiations that come when making an offer on a home. But ultimately, they cannot offer legal counsel. Your attorney, on the other hand, may review and inspect all of the documents and contracts that go along with your home purchase, and will most likely play a role in:
- Managing negotiations
- Implementing contract changes
- Scheduling and coordinating meetings between various parties
- Communicating important updates and details to buyers and sellers
Guiding the Closing Process
Generally speaking, attorneys will be the parties to calculate a closing statement, and will assume responsibility for scheduling the details of the closing meeting, including the date, time, and location. In addition, they will be responsible for thoroughly communicating all of the relevant information to their clients, including matters relating to cash flow, closing costs, and more.
At the closing table, the buyer’s attorney will help walk their client through the final aspects of the paperwork, helping to explain and guide the signing of documents, including deeds, notes, settlement statements, loan documentation, and so on.
Attorneys may also help oversee any of the details that remain to be hammered out after closing, including settling reimbursements for property taxes or reviewing any language pertaining to delayed possession, such as a rent-back agreement.
About Gunderson Law Firm
In the end, it’s important not to overlook the many tasks that a real estate attorney will take on – and the breadth of knowledge and experience that they can bring to the table for home buyers.
The attorneys and staff of The Gunderson Law Firm specialize in helping individuals and businesses throughout Illinois with real estate transactions insightfully, promptly, and professionally.
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. 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.
Drop us a line or give us a call today to discuss our full range of real estate legal services, or set up your free initial consultation.