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Do I really need a real estate lawyer?

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AHA Rules

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I put an offer on an IL foreclosed house. Do I need a real estate lawyer for the contract? On my direction, shouldn't my realtor be able to communicate my concerns to the seller/listing agent?
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February 14 - Chicago
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Trump Junior

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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. 
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February 14
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Trump Junior

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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.
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February 14
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Thomas McCarey, "Thomas McCarey"

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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

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February 14
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NewHomeNotebook

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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.
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February 15
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Kenneth Kramer, "kramerken"

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I have never been involved in a purchase deal that did not have a lawyer to review the contract.
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March 01
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Roberto Ribas, "azrob"

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we don't use attorneys typically here in AZ. It depends on the state practice where you are. 
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March 01
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K101

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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.

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March 02
 

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