Real Estate Law
Depending on its location, type, and size, buying or selling a house can involve a substantial amount of money. Regardless if you are the seller or buyer, there are important, often complex documents that must be executed. There are also important procedures that must be conducted before the title is transferred.
Three Major Stages Of A Residential Real Estate Transaction In Illinois
The assistance of an attorney who has a thorough knowledge of residential real estate law is extremely important. A real estate lawyer will understand the documents involved and how to protect your interests as a seller or buyer during all of the major phases of a real estate purchase, including:
1. Execution Of A Purchase Agreement
Residential purchase agreements are real estate contracts that outline the terms regarding the conveyance of property between two parties, the buyer and seller.
Some use a standardized form, however, an attorney with knowledge in this area can alter the document to address issues relating to individual circumstances relating to the property, such as a contingency plan in the event of any of the following:
- Asbestos, lead based paint, or toxic substances are found exposed on the property
- Termites or other dangerous insect infestations are discovered
- Property defects from home improvements
- The closing fails to take place and the buyer’s down payment is left in escrow
- The buyer fails to obtain proper financing
2. Conducting The Title Search
Before the property can be conveyed to the seller, a title search must be conducted.
A title search is a method to determine that the seller of the property does in fact have title to the property as described in the property’s legal description, and those rights will pass in full to the buyer.
A real estate lawyer can help determine whether the legal description is correct and whether there are any liens, easements, or zoning conditions involved.
3. Signing Closing Documentation
The closing is the final stage of a residential purchase agreement. In basic terms, the title of the property passes to the buyer. With personal funds and mortgage proceeds, the buyer pays for the property, and the seller provides a deed of clear title to the buyer.
Parties will sign documents outlining the fees involved in the transactions as well as documents regarding the mortgage note.
Having an attorney by your side during the closing day can make sure the documents are prepared correctly and the fees are calculated properly. The buyer closing documents outline closing fees and mortgage loan information.
Turning To Our Team At Diaz Case Law For Your Real Estate Purchase Needs
At Diaz Case Law, our lawyers in Berwyn are fully equipped to handle real estate transactions for both buyers and sellers of property located all throughout Cook County.
With a team of experienced attorneys and a real estate agent at our office, our firm can be the advocate you are seeking during this exciting time.
Contact Our Office Today To Learn More
We invite you to schedule a free consultation at our office in Berwyn to discuss your goals and find out how we can make sure your rights are protected, whether you’re buying or selling a property. We can help you with your first home purchase, your next investment property purchase, or the successful sale of your personal or investment property, among other transactions. Our real estate legal team is here to ensure that your transaction runs as streamlined as possible.
Call (708) 665-4500 today. You can also send an email to our office. Hablamos español.
We also handle foreclosure assistance for individuals who are facing home foreclosure. We can serve as your foreclosure attorney and represent you during court proceedings. We can also handle negotiations with lenders and other third parties. If you’re facing possible foreclosure, reach out to our legal office today!
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