No Comments

5 Reasons to Retain a Closing Attorney in Chicago

closing attorney in Chicago

Transaction safety should be your top priority

It is estimated that 95 percent of real estate transactions in Cook County are handled by a closing attorney in Chicago. There is no legal requirement to hire one, but with pages and pages of legalese to comb through before finalizing your purchase, you should consider having one on hand in the event the transaction goes sideways.

Apart from the fact real estate agents and title companies cannot interpret contracts in place of a legal professional, five major hiccups can turn your dream purchase into a disaster. Those five areas become legitimate reasons to retain counsel, which we discuss below.

Misinterpretation

A real estate attorney will spend years learning and practicing contract articulation. They continue their education as laws are updated. They write the very purchase contracts buyers and sellers consummate at the end of every sale. Real estate professionals, home inspectors, title agencies and those directly involved with a transaction do not write purchase contracts, nor are these groups of people legally qualified to articulate what specific terminology within said contracts may or may not mean.

Retain counsel to avoid misinterpreting contract language and putting yourself in a (potentially) tortious position.

Encumbrances

Nine times out of ten, Cook County home sellers will disclose issues with their property, such as unresolved easement disputes, aesthetical problems, interior updates needed, and encumbrances that have not been addressed. Every now and then, a seller may not disclose an issue for whatever reason, or they may be clueless that a lien was placed on their property.

Err on the side of caution and retain a closing attorney in Chicago regardless how honorable or popular the seller may be. The goal is to purchase your dream home without encumbrances on the title or property.

Filings

If you polled ten home buyers on how much they love dealing with the Cook County clerk, courts and other offices within the county, the chances all ten will dislike visiting these offices will be great.

Title companies and attorneys record documentation daily. Both are empowered to do so, although allowing the same attorney who just reviewed the transaction to record transactions and deeds would be more prudential.

Negotiations

Many real estate transactions go through a negotiation process. Seller shoots high, buyer shoots low, and several days or weeks of discussions regarding who pays what, when and why will transpire until finally both parties nail down a comfortable number that they can live with. Although real estate agents are working behind the scenes to smooth negotiations, an attorney is imparting wisdom into their respective clients as discussions progress.

Attempting to negotiate without the benefit of an attorney may result in unfavorable contracts, paying a higher than desired price for the home, or buying property that may have more legal issues than advertised.

Peace of mind

Although no law exists promising home buyers peace of mind, they deserve it. They will not find peace of mind written into their purchase contracts, nor will it come with their warranty deed. With an attorney working all angles of the transaction, peace of mind will be delivered in the form of a legitimate sale secured by buyer funds, their signature, and full understanding of the paperwork they just signed.

Buyers are legally safe before, during and after their transaction with an attorney on their side. And that, my friends, is how peace of mind can be had.

Closing attorneys keep buyers safe

Buyers who read, interpret and question the validity of a purchase contract without an attorney could set themselves up for failures down the road. There is no sugar-coating that statement.

A closing attorney in Chicago keeps buyers safe from start to finish. The moment you engage a realtor is the same moment you should engage an attorney to assist with the purchase process if you want your property researched, paid for and deeded with the least amount of hassle.

Comments (0)