Do I Need a Real Estate Lawyer for a Real Estate Transaction in Illinois?
Illinois is considered a lawyer transaction state for real estate, meaning that lawyers are usually the ones conducting a closing in conjunction with a title company. Some states use other intermediaries to complete a real estate transaction, but not Illinois. Here are some of the benefits that having a real estate lawyer in Illinois provides:
- Contract Negotiations. If you are the buyer or the seller for a real estate transaction in Illinois, you will initially submit a contract through your real estate agent. There may be some back and forth regarding the terms, but a real estate agent is only permitted to fill in blanks in the contract, not propose substantive changes to the contract. Instead, the parties are permitted five business days to review the executed real estate contract with their respective lawyers. If their lawyers determine changes should be made to the contract, the lawyers may propose the changes. If the parties cannot come to final agreement, then the contract may be canceled. This is known in Illinois as the “attorney review contingency.” During a real estate transaction your lawyer will make sure the contract is favorable to you and that there won’t be any surprises later on.
- Title Review. If you are the buyer or the seller of real estate, you will need someone to review the real estate title. A title company performs a tract search and supplies such information to the seller’s lawyer if the seller’s lawyer is acting as title agent. The seller’s lawyer will then review all recorded deeds, liens, easements, and other documents on the property record to verify that the seller has the authority to transfer the property with clear title to the buyer. The buyer’s lawyer will review the information as well to make sure his or her client is getting clear title for the property. This is a crucial role and one best left to an experienced Illinois real estate lawyer such as the real estate lawyers at Johnston Tomei Lenczycki & Goldberg LLC.
- Title Clearance. If any problems with title should arise, the seller’s lawyer can work through the problems to make sure the title is clear upon sale. This might include redeeming taxes sold at auction, clearing up any liens on the property, addressing any potential lawsuits filed against the seller, or addressing ownership issues such as a deceased owner or unprobated estate.
- Reviewing the Mortgage. If you are a buyer of real estate and you are taking out a mortgage, your lawyer will review the final mortgage with you during the closing to make sure the terms are as you agreed and that you fully understand what you are signing. Mortgages are complicated legal documents, so it is important to review them with an experienced real estate lawyer.
- Championing Your Rights in Case of Contract Breach. If the opposing party breaches the real estate contract, your lawyer can assist you in championing your rights, whether it be specific performance you are seeking, or compensation for your lost time and expense.
- Addressing Issues Post-Closing. If problems arise after closing, such as if it becomes apparent that the seller committed fraud against the buyer, then a real estate lawyer can review the evidence and determine whether it might be wise to seek recourse through a lawsuit.
Contact the Libertyville and Gurnee Real Estate Lawyers at Johnston Tomei Lenczycki & Goldberg LLC Today
If you are buying or selling a home in Lake County, it is wise to have an experienced real estate lawyer on your side during the transaction. Call the Libertyville and Gurnee real estate lawyers of Johnston Tomei Lenczycki & Goldberg LLC at (847) 596-7494 today to make sure you are properly represented for your real estate transaction.
