Whether you are buying or selling a property in Naperville, Illinois, think of it as the biggest transaction you will ever make in your life. Cutting down on expenses should be at the top of your list – in case you find out you must pay for repairs the seller ‘forgot’ to mention before closing the deal.
In this case, there is nothing you can do about it after you have signed the deal. So do the smart thing and hire an attorney who can discover such issues before they become financial liabilities. Here are just some ways a real estate attorney can protect your interests:
- Make Sure That the Deal Is Fair
Before a seller agrees to the purchase price, the realtor prepares a contract which must be signed by the buyer as well. However, you five (5) days to make modifications to the terms in said contract – and even revoke it if they don’t suit your purpose. An attorney can detect potential issues that your untrained eye may miss and will also ensure you have complete understanding of each term.
The aim is to protect your interests if the deal falls through and to uncover unforeseen problems before and after the closing. This includes resolving disputes that may otherwise result in significant financial losses. Hiring a real estate attorney will more than make up for the cost of their services.
- Provide Authentic Legal Advice
A real estate transaction is a legal transaction, so you must get a specializing attorney to draft the legal documents you need. This includes the deed, contract, approval letters and changes to the final contract. While your agent can fill in some areas of the standardized contracts, they cannot write legal terms, which makes the document stand up in court. Only a lawyer can do that.
Additionally, your agent cannot advise you on the legal ramifications of the terms of the contract or your loan documents. Plus, even if your agent is also a licensed attorney, he/she cannot ethically act as both.
- Attends the Closing with You
Even if you think you have everything under control and can sign the closing deal without worry, your attorney may think otherwise. The seller or buyer may include terms at the last minute to try and force you to make quick and costly decisions. With an attorney by your side you can fight for your rights and feel safe knowing you can take the seller to court in case of a dispute. In fact, you may also be advised to walk away from the deal if your attorney thinks it is not worth your time or investment.
Whether you are buying or selling a property in Naperville, Illinois, you need a seasoned real estate attorney in your corner to make an informed decision. This is where Dan Fitzgerald from the Fitzgerald Law Firm can help. He is a member of the esteemed DuPage Bar Association as well as the Illinois Bar Association and can explain all the legal options you have at your disposal.