Buying property is often one of the most important transactions of a person’s life. Regardless of whether you are an avid property owner or you are buying a house for the first time, you might be wondering if you need an attorney on your side. Our team at Reno & Zahm LLP explains when you do and don’t need a lawyer when buying property.
Are Lawyers Required When Buying Property?
No, lawyers are not required when buying property in most states, including Illinois. However, having an attorney help you create negotiating contracts or review agreements can be beneficial before purchasing real estate. An experienced attorney can help you draft a sales contract from scratch, can review your contract before you submit it to the seller, and can ensure that your rights are protected and you understand your responsibilities.
In addition, an attorney can make sure there are no judgments or liens that might limit your ownership rights. They can do this with title searches to verify that the seller owns the property and that it is free and clear.
A lawyer can also help explain the documents you’ll be signing and answer any last-minute questions that you may have about the transaction. Plus, they can help you file important paperwork to ensure that mistakes are not made.
Legal real estate representation might be helpful when you’re:
Buying a home in another state
Purchasing a foreclosed, short sale, or estate sale property
Plan to use your home to operate a business
Buying a home with environmental issues
Purchasing a home without an agent
If you have questions about how a real estate attorney might be able to help you, contact us today at (800) 639-1488! We can review your transaction and help you understand the terms and conditions of your real estate transaction.