Whether you are purchasing your first home or moving into a bigger house with your family, the home buying process involves several legalities. Each state has certain rules and regulations in place pertaining to who needs to be involved and what legal requirements must be met in order to complete a real estate transaction. While your real estate agent is capable of handling most aspects of your home buying process, you need an experienced real estate attorney to provide you legal guidance so you do not end up making potential mistakes leading to legal implications.
Situations Requiring the Legal Assistance of an Attorney
Complexities usually arise when making a purchase offer, or carrying out negotiations with the selling party before closing. Here we have compiled a few situations where having a real estate attorney by your side is indispensable:
- You bought a house jointly with one or more people and want to draft a co-buyer agreement to document how the title of the property will be held.
- The seller has allowed you to store some of your belongings in the basement or garage of the home before the closing date, but both parties want to document the terms as to how any damage cause to your property will be dealt.
- You need legal assistance in reviewing community interest development documents and agreements, such as a co-op proprietary lease, CC&Rs, or a new home contract presented by the property developer.
- You want to enter into an arrangement with the seller where you rent the home for a certain period, like a year, before you are obligated to purchase it.
- You need help with structuring a private loan from a friend or a relative to buy the home.
- You want to ensure that any legal claims made on the prospective house are taken care of by the time it is sold to you.
- You want to make sure that a tenant currently living in the prospective house will be moved out before the closing date.
- You would like to draft a contract where you are willing to let the seller to keep the possession of the property after the closing, but want to document that they will pay you a fair rent for that period.
- Issues regarding the title report, where certain aspects are not reflected in the title and need to be sorted out properly.
Most home purchases are straightforward and may not require the involvement of a real estate attorney. But the above are situations where retaining the legal services of an attorney are of utmost importance.
If you want to make sure that your real estate transaction goes smoothly and you stay within the legal boundaries of Illinois law, you should discuss your case with our attorney. Contact our experienced Naperville real estate attorney from the Fitzgerald Law Firm, P.C., to schedule a free consultation today.