I’m Buying a House–Should I Hire an Attorney?

 

[March 12, 2024] 

If you’re in the market for a new home or you’ve just found the perfect place, this is an exciting time. But it’s also a critical time because you are making a major investment that will impact your life for years to come.

So, although Illinois law does not require you to work with an attorney when buying a house, having a legal specialist by your side can provide invaluable peace of mind and protection.

Why a Real Estate Attorney Matters

Real estate transactions involve complex legal documents that trigger significant financial commitments. An experienced real estate attorney can:

● Review and clarify contracts to explain the terms and ensure your rights are protected

● Check the title to ensure the property you’re buying has no encumbrances or liens

● Manage closing documents to prevent errors that could lead to delays and problems with financing

● Advise you on legal issues such as zoning laws or boundary disputes

Your Advocate in Negotiations

Real estate negotiations can be challenging and delve into details that are unique, such as repair obligations after receipt of a wood destroying insect report. An experienced real estate attorney can negotiate advantageous terms not only for the price but also the details that can make a significant difference in the outcome of the transaction.

Understanding Illinois Real Estate Law

A knowledgeable real estate lawyer will understand all the laws that come into play including:

● Property Ownership: Your attorney can explain the implications of sole ownership, joint tenancy, tenancy in common, and tenancy by the entirety.

● Titles and Deeds: The title is a legal concept of ownership and it must be clear for you to take full ownership. The deed must accurately convey your ownership interests.

● Contract Law in Real Estate Transactions: Sellers are legally required to disclose certain information about the property, such as known defects or material facts that could affect the property’s value.

● Real Estate Closing Process: For a sale to be finalized, all parties need to comply with numerous requirements and the new deed must be formally recorded.

● Landlord-Tenant Laws

● Zoning and Land Use Regulations

● Real estate taxes and assessments

● Environmental Regulations

● Dispute Resolution

In addition, an attorney can also facilitate consideration of how your new home fits into your broader estate plan. A legal advisor can help you protect your investment and plan for succession in the future.

Preventing Future Legal Issues

Many real estate issues arise long after the papers are signed. Working with an attorney can help you avoid difficulties such as boundary disputes, usage restrictions, and the discovery of unknown easements.

When you go to sell your home or transfer it to family members in the future, you won’t be plagued by problems with the title or zoning violations. An experienced real estate attorney can foresee potential difficulties and take care of issues before the sale closes so that your investment is protected for the future.

Consider an Attorney Your Partner in Home Buying

When you buy a home, you are laying down roots and building a legacy, but you are also entering into a substantial legal and financial commitment. It is easy to let the excitement and logistical concerns overshadow the legal issues, and that can be a serious mistake.

Talk to an experienced real estate attorney to learn more about how they can help you protect this important investment.
 

[Blinn Bates
Woods & Bates, P.C.
Attorneys at Law]