If you’re considering selling your home, or have already begun the process, an attorney can help make the transaction run smoothly. Unlike some states, Illinois does not require hiring an attorney for a home sale, but there are many ways an experienced real estate attorney can assist with what is typically the largest financial transaction you will make during your lifetime. Here are 5 reasons to hire an attorney when selling your home:
1. A real estate attorney can assist with price negotiation and other details of the transaction. If a Buyer hires an attorney, you may not know how to respond to the legal requests that you receive, so it’s important to have a knowledgeable party on your side.
2. Having an attorney review the final contract can help you avoid costly mistakes and oversights. Purchase contracts can be full of legalese that many people tend to skim over when reading through the paperwork, and you don’t want to miss any details that can affect the sale.
3. Your real estate attorney will be able to assist you with unconventional circumstances, including contract disputes, title issues, a lease-to-own contract, or an owner-financed transaction.
4. An attorney can draft a lease agreement if you need to rent the home back for a period of time after the deal closes.
5. Sellers who choose to sell their property without a real estate agent (FSBO, or For Sale By Owner), will benefit from hiring an attorney to draft, review, and respond to legal paperwork.
Hiring a local real estate attorney for a residential real estate transaction is often reasonably priced (usually a flat fee in the Chicago metro area), and is worth the expense.
If you’re looking for assistance with selling or purchasing a home, the Diamond Real Estate Law team is ready to help you move into your next dream home. For more information, please contact:
Adam Diamond, J.D.
Diamond Real Estate Law
(a division of Diamond Legal P.C.)
Source: The Daily Chronicle