3 Reasons You Need a Real Estate Attorney in Illinois

You might be thinking, “I have a realtor” or “It can’t be that hard,” but this is where I have seen people end up in horrible situations. Some of the problems I have seen include unexpected closing cost fees, properties that have unresolved code violations, or misrepresentations by the seller. These can result in long, expensive civil lawsuits that cost 75% more money than hiring a Real Estate Attorney at your closing would have cost. So save yourself some money by hiring an experienced Real Estate Attorney for your closing.

Buying a house is one of the largest investments that most people will make in their lifetime. You want to make sure that you are doing everything you can to protect that investment and get the best deal!

Attorneys are there to review contracts, negotiate credits and closing costs, and give you advice about procedures during the closing. Much of the work I do as a Real Estate Attorney is behind the scenes with the Seller’s Attorney. The laws can be complex, you can easily be taken advantage of by a sophisticated Seller’s Attorney. You don’t have to go toe-to-toe with a Seller’s Attorney by yourself. 

Here are 3 reasons that you need a Real Estate Attorney:

1. Peace of Mind

Every real estate transaction that I have negotiated had its own unique challenges. Those challenges included misrepresentations by the seller, horrible inspection reports, and failure to get financing. The buyer does not always have the correct answers to the problem. This is where the right attorney can find tangible solutions to problems and provide answers for the buyer.

2. Negotiations

Everyone wants to get the best deal possible, whether that results in more seller credits or a lowering of the purchase price. A good attorney knows how to leverage certain information to get the best deal possible for their client.

One of the major issues I have during the closing process is what happens if the sale does not happen. While this is a very disappointing time for the buyer and seller, it raises more issues than just walking away from the table. In order to get to the closing table, one major issue that comes up is Earnest Money. Earnest Money is given by the buyer for consideration to purchase the property. But when the sale doesn’t go through, the buyer wants to get that money back. Sometimes the seller is not always willing to give it back, and that is where an experienced Real Estate Attorney can step in and get that money back for you. 

3. The Fine Print

Let’s face it, reading the fine print is boring, but that is my favorite part as a Real Estate Attorney. All the details are in the fine print. However, without an attorney, all that legal jargon can start to look the same, in addition to you having to research the terms. An attorney will be able to review that paperwork and give you a synopsis, so you don’t have to read through every single page and go over every term. Closings can sometimes last for hours depending on the circumstances. There may be different addendums and adjustments that need to be made at the closing table. If that happens, you will want an experienced Real Estate Attorney representing you.

At the end of the day hiring a Real Estate Attorney is the buyer's decision. Whatever you do, make sure that you are doing everything you can to protect your most expensive investment.  

-Edward Speights, Esq.