It’s possible to buy and sell a property without the help of a real estate lawyer in Chicago, but it’s a good idea to hire legal counsel anyway. Routine attorneys’ fees are more reasonable than most people believe, and in cases where a buyer or seller has to pay for title insurance, the agent will typically include basic legal services as part of the settlement fee. A real estate lawyer can help in the ways listed below.
Reading the Fine Print
The documents involved in a real estate transaction are often complex, and it’s easy to make mistakes during their creation. A real estate lawyer can take these documents apart and review them for inaccuracies. Often, buyers of homes in condo complexes and townhouse areas don’t read the conditions, covenants, and restrictions that cover the rules of ownership. A lawyer can point out the most important parts of the CC&Rs to help clients avoid later ownership restrictions.
Ensuring the Transaction Is Legal
Real estate attorneys know when a transaction simply won’t work. While real estate agents can be helpful during a purchase or sale, they cannot offer legal advice unless they’re also a lawyer.
Protecting Clients from Title Issues
If a title officer can’t explain the title report to the client’s satisfaction, they should talk to a real estate lawyer in Chicago for clarification. Title problems can be severe, and the cost of defending the property can be significant. Often, a real estate lawyer will examine the property title as part of the transaction.
Giving Legal Advice on Pending Litigation
When buying or selling a home or property, the client should consult a lawyer who focuses on real estate law. Ask a general attorney or real estate agent to recommend someone in the area. For more information or to schedule a consultation, Visit the website of Starr, Bejgiert, Zink & Rowells.
