Buying and selling real estate is serious business. One wrong move and it is possible to lose a substantial amount of money. One way to minimize the risk is to always seek the advice of a Residential Real Estate Lawyer in Chicago before committing to a real estate deal. Here are some of the ways that the lawyer can help.
For Buyers
Buyers want to make sure that there is no question about what each party agrees to do in order to make the sale happen. Far too often, buyers take the word of sellers that they will have the air conditioning system serviced or will replace those loose shingles as part of the deal, but never get it in writing. One of the things that the Residential Real Estate Lawyer in Chicago can do is go over all the documentation related to the sale and make sure all of those verbal commitments are included. Doing so ensures that no one has the chance to come back later and say that taking care of a particular issue was not part of the arrangement.
The lawyer can also conduct a check on the history of the property. That includes making sure prior purchases and sales were properly recorded and were in order. This attention to detail will help prevent issues like disputes over property lines or someone coming along later and laying claim to the property based on defects in a prior sale.
For Sellers
A lawyer can also benefit the seller in multiple ways. This includes making sure that all the proper forms are prepared, so the transfer of ownership is completed in a timely manner. If the owners if financing the sale for the buyer, there is the need to make sure the payment arrangements are spelled out as with any other loans. The sale documents will also include details about what actions the seller can take if the buyer defaults on the loan.
For anyone who is thinking of buying or selling a residential property, contact Starr, Bejgiert, Zink & Rowells today and arrange for a consultation. With a little time and attention to detail, the terms of the sale will be correct, complete, and nothing will be left undone.
