Real estate purchases and sales can be difficult to handle without the help of a real estate lawyer in Chicago. An attorney can walk homebuyers and sellers through the process of transferring property ownership. While some lawyers charge hourly rates, others can handle certain tasks on a flat fee basis. Read on to learn how a real estate attorney can help both parties in a real estate transaction.
The Lawyer’s Function
Real estate lawyers supervise the legalities of selling and buying property to protect their clients’ rights and interests. A buyer’s lawyer reviews sales contracts, titles, and mortgage loan documents before filing them. Sellers’ attorneys check sales contracts and address title issues, arrange to pay off existing loans and prepare ownership transfer documents.
It’s Important to Choose a Lawyer with a Focus on Real Estate
An attorney who isn’t well acquainted with the real estate field may find it hard to supervise property transfers. While they may work in other legal areas as well, a real estate lawyer in Chicago focuses primarily on real estate issues.
Different areas of real estate require certain forms, and failure to file the correct paperwork can result in loss of money and time. A mortgage lender may require a buyer to hire a real estate lawyer to prevent such mistakes.
Banks and mortgage lenders have their own attorneys, and buyers’ and sellers’ lawyers will work with them to ensure that loan documents are filled and filed properly. Not all real estate lawyers evaluate titles or verify the chain of ownership–some outsource these duties to third parties like title agencies.
A real estate attorney can prevent a buyer or seller from suffering financial losses. Sales contracts that don’t include clauses allowing termination upon a failed inspection can cost a buyer hundreds, or even thousands of dollars. When a seller uses a real estate lawyer, they don’t have to handle title issues alone. Buyers and sellers who hire lawyers are assured their rights and interests will be protected throughout the process. Visit the website of Starr, Bejgiert, Zink & Rowells to schedule an initial consultation.