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Replies (14)
- Trump Junior
- Contributions:82
Congrats on the offer. If you feel the lawyer is not interested in you or if he has no foreclosure closing experience, then he will probably be a waste of time.
- Trump Junior
- Contributions:82
Darn, I couldn't edit my reply. I want to say that I think you should commjnicate your concerns to the seller. Leaving it to others such as a lawyer or agent may just let things get bogged down.
- Tom McCarey, "Tom McCarey"
- Contributions:306
AHA,
Yes, without reservation you should have an attorney after you execute a contract. A purchase contract is a legal instrument and the activities that occur in the course of its consummation (or possibly its termination) require legal expertise. This relates to inspection items, tax reproration, escrow monies (and the return of such monies should you need to cancel the contract), contingency periods (specifically related to inspection and mortgage) and any other consideration that might lead to the fulfillment or the cancellation of the contract. In addition, your real estate agent is prohibited by case law in Illinois from attempting to provide legal counsel or serve as your legal representative in any manner.
Every real estate purchase has four components that require your being represented by a professional - 1) an expert real estate professional to assist with your search, your find, your negotiation and the completion of your transaction, 2) a mortgage professional to facilitate your getting the best terms available and ensuring the completion of funding tasks associated with the timing of your transaction, 3) a professional home inspector to ensure that you are edified as to the true state of the residence that you seek to purchase, and 4) an attorney to protect and preserve your legal rights as related to this purchase agreement.
Typically a real estate attorney will run you from $500-$750. An attorney's role is to protect you. To not have an attorney would be terrible decision that, should anything go wrong in the course of this contract, cause you profound remorse and possible grave economic repercussions. In other words, the cost of an attorney in a real estate transaction is among the better investments you will make.
All the best,
Thomas McCarey
Luxury Home Marketing Specialist
Accredited Buyers Representative
The Real Estate Lounge Chicago with @properties
Yes, without reservation you should have an attorney after you execute a contract. A purchase contract is a legal instrument and the activities that occur in the course of its consummation (or possibly its termination) require legal expertise. This relates to inspection items, tax reproration, escrow monies (and the return of such monies should you need to cancel the contract), contingency periods (specifically related to inspection and mortgage) and any other consideration that might lead to the fulfillment or the cancellation of the contract. In addition, your real estate agent is prohibited by case law in Illinois from attempting to provide legal counsel or serve as your legal representative in any manner.
Every real estate purchase has four components that require your being represented by a professional - 1) an expert real estate professional to assist with your search, your find, your negotiation and the completion of your transaction, 2) a mortgage professional to facilitate your getting the best terms available and ensuring the completion of funding tasks associated with the timing of your transaction, 3) a professional home inspector to ensure that you are edified as to the true state of the residence that you seek to purchase, and 4) an attorney to protect and preserve your legal rights as related to this purchase agreement.
Typically a real estate attorney will run you from $500-$750. An attorney's role is to protect you. To not have an attorney would be terrible decision that, should anything go wrong in the course of this contract, cause you profound remorse and possible grave economic repercussions. In other words, the cost of an attorney in a real estate transaction is among the better investments you will make.
All the best,
Thomas McCarey
Luxury Home Marketing Specialist
Accredited Buyers Representative
The Real Estate Lounge Chicago with @properties
- Joe Zekas, "NewHomeNotebook"
- Contributions:362
You absolutely need an attorney before signing a contract far more than you generally need one afterwards.
If you're considering signing a buyer's agency agreement or a listing agreement, you should have it reviewed by an attorney.
Once you've signed a contract your rights and responsibilities are largely locked in and the process is often - though not always - straightforward.
As an aside, I practiced law in a large Chicago law firm for 5 years before leaving to become a real estate developer. Don't pick just any attorney. Find one whose practice has been concentrated on real estate for at least 5 years.
If you're considering signing a buyer's agency agreement or a listing agreement, you should have it reviewed by an attorney.
Once you've signed a contract your rights and responsibilities are largely locked in and the process is often - though not always - straightforward.
As an aside, I practiced law in a large Chicago law firm for 5 years before leaving to become a real estate developer. Don't pick just any attorney. Find one whose practice has been concentrated on real estate for at least 5 years.
- Kenneth Kramer, "kramerken"
- Contributions:24
I have never been involved in a purchase deal that did not have a lawyer to review the contract.
- Roberto Ribas, "azrob"
- Contributions:10236
we don't use attorneys typically here in AZ. It depends on the state practice where you are.
- K101
- Contributions:6572
It is prudent to consult a RE attorney. If the deal is ordinary/straightforward, using one may slow things down a bit, but is well worth it given the relatively small expense compared to the contract amount involved. However, you state that this is a foreclosure property. A bit more complicated and further reason to use an attorney - especially if you are not already using a buyers' agent. As was already stated, find one that specializes in real estate.
- Michael Vrielink, "mvrielink"
- Contributions:28
Absolutely.
Before you sign any real estate contract do verify (with an attorney) that there is an attorney review period that kicks in once the contract is signed by both parties.
If an attorney review clause is not in the contract, then you need to review the contract thoroughly before you sign and understand your risks and liabilities for default. If the contract gives an attorney review period then you will have an opportunity to review and/or re-negotiate certain terms and/or cancel during the period therein.
Before you sign any real estate contract do verify (with an attorney) that there is an attorney review period that kicks in once the contract is signed by both parties.
If an attorney review clause is not in the contract, then you need to review the contract thoroughly before you sign and understand your risks and liabilities for default. If the contract gives an attorney review period then you will have an opportunity to review and/or re-negotiate certain terms and/or cancel during the period therein.
- Michael Emery, "MikeEmery"
- Contributions:6892
Seriously?
Answering a question that is nearly two years old?
Seriously?
Answering a question that is nearly two years old?
Seriously?
- Michael Vrielink, "mvrielink"
- Contributions:28
My apologies, Michael . I should have looked closer at that original post date before responding! Thanks for pointing it out.
- sunnyview
- Contributions:24017
No worries. It is a pretty common mistake when people first start posting on Advice and no one will hold it against you. :) I would love to hear more about your market in Chicago so I hope you post again soon. Welcome to Zillow!
- Mark Malave, "Mark Malave"
- Contributions:172
Yes. You are not buying a loaf of bread, it is worth the small amount of money for the piece of mind.
- tina marie mateja, "tinamariemateja"
- Contributions:356
Illinois uses real estate attorneys for real estate transactions. The seller will have an attorney as well. While your agent can defintiely negotiate for you , etc, he/she is not a real esate attorney and if anything goes wrong near the end of the transaction or with negotiations once the contract is signed you'd be best protected by using a local highly repected real esate attorney. One of my favorites in this area is Hawbecker and Garver in Hinsdale.
- Bob Brandt, "BobBrandtRealtor"
- Contributions:963
Some buyers do not use lawyers or inspectors or lenders.
It mostly depends on your comfort factor and risk tolerance.
It mostly depends on your comfort factor and risk tolerance.
Do I really need a real estate lawyer?
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